The global sales of BOD incubator are estimated to be worth USD 159.5 million in 2021 and are anticipated to reach a value of USD 289.7 million by 2031. Sales are projected to rise at a CAGR of 6.2% over the forecast period between 2021 and 2031. The revenue generated by BOD Incubator in 2020 was USD 150 million.
The booming healthcare industry is expected to drive the industry optimistically with the demand swelling in the forthcoming year. The market's growth curve is likely to be augmented by increased investment in the pharmaceutical and biomedical industries.
Growing demand for high levels of accuracy and reliability in environmental monitoring across industries like pharmaceuticals, food & beverages, and biotechnology drives the BOD incubator market. On account of the ever-tightening regulatory framework, increased demand for incubation solutions that are technologically more advanced and support conformity and accuracy in testing processes is witnessed.
The automotive and integrated trend of IoT technology also catalyses market growth by ensuring remote monitoring and better data management, hence improving the overall effectiveness and efficiency of BOD incubators in the laboratories.
Global BOD Incubator Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 150 million |
| Estimated Size, 2021 | USD 159.5 million |
| Projected Size, 2031 | USD 289.7 million |
| Value-based CAGR (2021 to 2031) | 6.2% |
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BOD Incubators are the biological oxygen incubators used for the growth of culture in any scientific lab or research lab. The inflation in the demands of products is seen due to a heightening case of microbial infection among humans.
The medicinal industry has witnessed a noteworthy investment in the past few decades for the development of economic and fast replicating organisms to develop medicines. Howbeit, the high cost of the device which is larger than maintenance cost and acquisition cost has led to an overall increase in device cost and ownership.
The diversified application of incubators for preserving the vaccine, for life cycle testing, refrigeration and storage of microorganisms has increased its deployment in hospitals and research centres.
The advancement of technology in the healthcare industry is expected to become a significant market growth factor. Increased consumer discretionary income, cost benefits, and an ageing population base are all anticipated to bode well for the global healthcare equipment industry in the near future.
Expected growth in end-use sectors would undoubtedly boost demand, resulting in rapid penetration. The market is expected to open up significant potential opportunities as a result of the aforementioned considerations.
The prominent region included in the report is North America, Latin America, Europe, East Asia, South Asia and MEA. North America is the leading region in the field of healthcare and research spending.
The USA is the highest spending on healthcare per person, making it the world leader. The health consumption expenditure per capita, in the USA in 2019 was USD 10, 966. The USA is holding approximately more than 65% of the market share in North America.
Following North America is Europe and East Asia. Switzerland in Europe is having USD 7,732 for health consumption expenditures per capita. Another reason for the rising demand in the region is the growing old age population which are prone to various diseases.
South Asia and Latin America are expected to gain market share due to the rise in government spending and growing biotech industries in the region.
Whereas the Middle East and Africa show stringent growth due to more adoption of other industries in the region.
Principal Consultant
USA and Germany are considered smart economies having huge investments in constructing new medicines. According to the National Science Foundation USD 51 billon is being spent on the R&D sector in the USA The same trend has been noticed in Germany according to the Federal Statistical Office USD 129.8 Mn was been spent in the 2019 R&D sector of Germany.
This is due to an increase in chronic diseases in this region, such as asthma, high blood pressure, diabetes, and others. However, due to an increase in disposable income and increased public knowledge of new medicines, these nations are expected to grow at the quickest rate during the projection period.
According to the National Diabetes Statistics Report 2020, 34.2 million people in the USA of all age groups have diabetes. This has increased the demand for insulin which can be easily obtained from the bacteria which are being cultivated in the labs.
The key players in the market are
The market is estimated to be top consolidated and bottom fragmented only too few prominent players in the market. The players are opting for organic and inorganic growth strategies such as acquisition, merger, product launch and regional expansion.
However, the regional player in the industry will be facing huge competition from the leading players due to the amalgamation of new technologies for the enhancement of the product.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Analysis and Forecast 6.1. Number Of Trays 6.2. Operation Type 6.3. Volume 6.4. End-User 6.5. Sales Channel 7. Global Analysis and Forecast, By Number Of Trays 7.1. 2 7.2. 3 7.3. 4 7.4. 5 7.5. 6 7.6. 7 7.7. 9 7.8. 11 8. Global Analysis and Forecast, By Operation Type 8.1. Digital 8.2. Manually 9. Global Analysis and Forecast, By Volume 9.1. 50-100 liter 9.2. 100-500 liter 9.3. 500-1000 liter 9.4. 1000 Above liter 10. Global Analysis and Forecast, By End-User 10.1. Research and Development labs 10.2. Educational Institute 10.3. Hospitals 10.4. Food and Beverage 11. Global Analysis and Forecast, By Sales Channel 11.1. Modern Trade 11.2. Franchised Outlets 11.3. Online Channel 12. Global Analysis and Forecast, By Region 12.1. North America 12.2. Latin America 12.3. Europe 12.4. South Asia 12.5. East Asia 12.6. Oceania 12.7. Middle East & Africa 13. North America Sales Analysis and Forecast, by Key Segments and Countries 14. Latin America Sales Analysis and Forecast, by Key Segments and Countries 15. Europe Sales Analysis and Forecast, by Key Segments and Countries 16. South Asia Sales Analysis and Forecast, by Key Segments and Countries 17. East Asia Sales Analysis and Forecast, by Key Segments and Countries 18. Oceania Sales Analysis and Forecast, by Key Segments and Countries 19. Middle East & Africa Sales Analysis and Forecast, by Key Segments and Countries 20. Sales Forecast by Number Of Trays, Operation Type, Volume, End-User, and Sales Channel for 30 Countries 21. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 22. Company Profile 22.1. KESAR CONTROL SYSTEMS 22.2. Thermolab Scientific Equipments 22.3. SAKAV OVENS DRYERS & FURNACES 22.4. MRC 22.5. DRAGLAB 22.6. HMG ® India 22.7. Yatherm Scientific etc.
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BOD Incubator Market
