The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Laboratory Temperature Control Units Market.
It was estimated prior to this unanticipated outbreak that the Laboratory Temperature Control Units Market will reach CAGR of 5.1 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Laboratory Temperature Control Units Market Insights
Laboratory Temperature Control Units Market is likely to witness an impressive CAGR of 5.1% during the forecast period. The COVID-19 impact is playing a crucial role in driving the growth of the laboratory temperature control units’ market, as various manufacturers operating in the laboratory temperature control units are introducing innovative solutions with the intention of providing better as well as more effective patient care. For example, Huber’s temperature control technology is being widely used to produce protective equipment and medical devices, for material & functional tests, and for quality assurance. Likewise, Huber’s temperature control units accounted for a major contribution to the production facilities of chemistry and research laboratories along with the medical and pharmaceutical technology.
Market Share Analysis
Laboratory Temperature Control Units Market Share: By Product Type
Based on the product type, the market is segmented as laboratory temperature controllers, laboratory thermostats, laboratory chillers, laboratory circulators, and others. Laboratory chillers are air-cooled or water-cooled and are widely used in laboratories and medical research institutions for different kinds of applications including the blood cooling system and radiation therapy machines among others that anchor the progress of the market. Also, for the accuracy of temperature controlling, chillers used in laboratories can be customized to achieve the target of meeting the exact specifications as well as requirements that eventually bolster the growth of the overall market.
Furthermore, various types of laboratory temperature control units are used in scientific research centers and universities on regular basis, which further ensure reliable results in laboratory procedures when used as a quality lab equipment. Moreover, these laboratories are well equipped with laboratory chillers and laboratory thermostats that secure the overall growth of the market. On the other hand, the shortage of skilled healthcare professionals in both of the developing and underdeveloped economies can hamper the growth and development of the laboratory temperature control unit industry during the forecast period.
Laboratory Temperature Control Units Market Share: By Modality Type
Based on the modality type, the laboratory temperature control units market is segmented as standalone/benchtop and portable/handheld. The standalone/benchtop segment accounted for the larger share of the market in the year 2019. A standalone device can perform its function and complete the task without being needy for any other device or connection. Furthermore, the growing demand for standalone equipment in laboratories offer various profitable features including stability that would be able to boost the expansion of the market during the forecast period. Also, various manufacturers operating in this industry offer several standalone devices that are being widely utilized in the laboratories, fueling the overall growth of the segment in the market.
Laboratory Temperature Control Units Market Share: By End-Use Type
Based on the end-use type, the market is segmented as hospitals, pharma & biotech industry, chemical industry, food & beverage industry, and others. The hospital segment held more than 20% share of the revenue in 2019, and is expected to witness a significant growth rate during the forecast period. Factors such as growing number of patient samples which require critical diagnosis in hospitals coupled with the accessibility of sophisticated healthcare infrastructure, increase in incidents causing various diseases are likely to fuel the demand for laboratory temperature control units in hospital settings of the market during the forecast period.
Laboratory Temperature Control Units Market Share: By Region
In terms of regions, Asia-Pacific is estimated to witness the highest growth during the forecast period, with China and Japan being the major countries with increase in R&D activities’ investment for introducing innovative laboratory equipment along with the increasing healthcare expenditure. The presence of key players of the industry coupled with surging healthcare facilities in China along with the rise in awareness and support from the government sector for better and improved R&D facilities is expected to ramp up the growth of the regional market during the forecast period. Europe and North-America are also expected to offer substantial growth opportunities during the forecast period.