The global sales of centrifuge tubes are estimated to be worth USD 689.8 million in 2021 and are anticipated to reach a value of USD 1,229.6 million by 2031. Sales are projected to rise at a CAGR of 6.0% over the forecast period between 2021 and 2031. The revenue generated by centrifuge tubes Market in 2020 was USD 650.0 million.
The increasing demand for accuracy in laboratory experiments and diagnostics raises demand for premium centrifuge tubes. Advances in medical research and biotechnology are widening the scope of application for these tubes in research and clinical laboratories. Growth in the pharmaceutical and healthcare industries further promotes the demand for centrifuge tubes.
This will be further driven by an increasing prevalence of chronic diseases and a growing demand for advanced diagnostics. Innovations in tube design and materials improve performance, enhancing the prospects for its adoption. Growing investments in laboratory infrastructure and research facilities globally fuel market growth.
Global Centrifuge Tubes Market Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 650 million |
| Estimated Size, 2021 | USD 689.8 million |
| Projected Size, 2031 | USD 1,229.6 million |
| Value-based CAGR (2021 to 2031) | 6.0% |
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In 2008, global government health-care spending was assessed at USD 886.7 per capita, and by 2016, it had risen to USD 1,437.7 per capita. The United States, Germany, France, and Asian countries are among the top countries in terms of per capita income.
Due to the large number of R&D testing labs, hospitals, academic laboratories, and research institutes with superior state of the art facilities and technology, these countries have a promising demand of centrifuge tubes. Other aspects that may contribute to the market's growth include globalization, rising chronic disease prevalence, and increased need for disposable tubes in academic research.
At a CAGR of 5%, the global clinical laboratory services market is expected to reach USD 150 billion by 2022. The increased demand for early and accurate illness detection, growing public-private investments, and research funding and grants to create innovative laboratory testing equipment, as well as developments in clinical diagnostic techniques, are all propelling the market forward.
In every academic or scientific institute, centrifuge tube is one of the most crucial devices. They're utilized to separate biological fluids, cells, and other materials for a range of applications, including diagnosis and treatment. Academic institutions have embraced centrifuge tubes because they are cost effective and less time-consuming & easy cleaning processes.
In hospitals, disposable centrifuge tubes are used to collect blood samples. It's a one-time-use tube that doesn't require any pre- or post-use cleaning or sterilization. Owing to above mentioned factors the market for centrifuge tubes is expected to reach heights to high investment from government for enriching research and development.
Manufacturers of centrifuge tubes confront a number of problems, including:
Furthermore, due to protracted lockdowns and a scarcity of raw materials and labour, the emergence of coronavirus in 2020 has hindered industrial units, while the financial crisis slowed industry expansion even further.
Despite several challenges, the sector is improving, and new innovations, together with the recovery of end use industries, are projected to support demand growth in the near future.
Principal Consultant
Key industry participants from all over the globe are watching the United States, which is the prime country in North America's centrifuge tubes market. The United States is expected to maintain its lead over the predicted period, owing to its strong biotechnology and pharmaceutical sectors.
The global healthcare sector increased at a 7.3 percent compound annual growth rate (CAGR) to almost USD 8,452 billion in 2018, and is expected to grow at an 8.9 percent CAGR to over USD 11,908.9 billion by 2022. The United States presently tops the world in overall healthcare spending. In 2019, the United States spent USD 3.8 trillion for healthcare, accounting for 17.8% of its GDP.
Between 2017 and 2018, the United States spent USD 194.2 billion on medical and health research and development, up 6.4 percent. For the third year in a row, investment in medical and health R&D outpaced overall health spending. The aforementioned causes have fueled significant growth in the North American region over the evaluation period.
Some of the prominent players in the Centrifuge Tubes are
These players holds the substantial share of global centrifuge tubes market.
To supplement their product variety and create viable variants, players are turning to mergers and acquisitions and purposeful alliances as inorganic growth options.
Eppendorf AG and Koki Holdings Co., Ltd., for example, have agreed that, Eppendorf acquiring Koki's centrifuge business, which includes the premium Himac brand. Both corporations signed a comparable agreement in Tokyo.
Across the regional players, common organic growth tactics of enhancing centrifuge tubes efficiency, reliability, and other related applications have been observed. Moreover, the market for centrifuge tubes, appears to be comparatively open for business, as considerably more research is currently being undertaken, paving the way for the product's innovative growth.
Across the globe, key players are investing in and improving the durability of centrifuge tubes leading to gain potential market over the long run.
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 by product type, by end use industry type and by geographies.
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Centrifuge Tubes Market
