(IT-NEWSWIRE.COM, March 25, 2020 ) Increasing research activity in the pharmaceutical and biotechnology industries is the major factor driving the growth of laboratory mixer market. However, the high cost of advanced laboratory mixers and long equipment lifespans are expected to restrain the growth of this market during the forecast period.
The laboratory mixer market is expected to grow from USD 1.1 billion in 2018 to USD 1.4 billion by 2023, at a CAGR of 4.4%.
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The research laboratories and institutes segment is growing at the highest rate.
The research laboratories and institutes segment is projected to grow at the highest rate in the market, by end user. Life sciences form the largest application of academic research, accounting for more than 56% of all academic R&D funding. The availability of funding for life science research from government and non-profit organizations is expected to drive the demand and adoption of life science instruments and general laboratory equipment, including laboratory mixers and shakers, in research laboratories and institutes.
Geographical Growth Analysis:
The laboratory mixer market is divided into four major regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2018, North America is expected to account for the largest share of this market, followed by Europe. The large share of this regional segment is attributed to the increasing demand for biopharmaceuticals and rising R&D expenditure by biopharmaceutical companies.
On the other hand, the market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period. The presence of emerging economies such as China and India and the increasing R&D investments by pharmaceutical and biotechnology companies in this region are major factors supporting the growth of the Asian market.
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Key Market Players:
Major laboratory mixer vendors include Thermo Fisher Scientific (US), Eppendorf (Germany), Corning (US), Scientific Industries (US), Bio-Rad Laboratories (US), Cole-Parmer (US), Avantor Performance Materials (US), IKA Works (Germany), Benchmark Scientific (US), REMI Group (India), Sarstedt (Germany), and Silverson Machines (UK).
IKA Works is one of the major players operating in the laboratory mixer market. The company has a wide range of product offerings. In order to maintain its market position, the company mainly focuses on product launches and expansion. In 2017, the company launched its magnetic stirrer IKA Plate (RCT Digital) and a series of overhead stirrers, MICROSTAR and MINISTAR. In addition to this, in 2016, the company expanded its branches in the UK, Poland, and the US.
Mr. Sanjay Gupta