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Global Biological Safety Cabinet Market at a Compound Annual Growth Rate (CAGR) of 7.4%

 



(IT-NEWSWIRE.COM, September 16, 2020 ) According to a new market research report “Biological Safety Cabinet Market by Type (Class I, Class II (Type A, Type B), Class III), End User (Pharmaceutical & Biopharmaceutical Companies, Diagnostic & Testing Laboratories, Academic & Research Institution) – Global Forecast to 2022″, published by MarketsandMarkets™, the market is projected to reach USD 205.9 Million by 2022 from USD 144.3 Million in 2017, at a CAGR of 7.4%.



Growth in the Biological Safety Cabinets Market is primarily driven by factors such as favorable regulations driving the use of biological safety cabinets in the healthcare industry, increased risk of pandemics and communicable diseases, increasing number of R&D activities in biotechnological and pharmaceutical companies, and rapid growth in the number of biologics.



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The Class II biological safety cabinets segment accounted for the largest share of the market



On the basis of type, the Biological Safety Cabinets Market has been segmented into Class I, Class II, and Class III biological safety cabinets. The Class II biological safety cabinets segment accounted for the largest share of the biological safety cabinet’s market in 2017. The large share and high growth of this segment can primarily be attributed to the high level of protection offered by these cabinets.



Pharmaceutical & biopharmaceutical companies held the largest share of the market



On the basis of end user, the Biological Safety Cabinets Market has been segmented into pharmaceutical & biopharmaceutical companies, diagnostic and testing laboratories, and academic & research institutions. In 2017, the pharmaceutical & biopharmaceutical companies segment accounted for the largest share of the Biological Safety Cabinets Market. This segment is also projected to grow at the highest CAGR during the forecast period. The large share and high growth of the market can be attributed to the increasing demand for drug development and the need to ensure the safety of laboratory personnel.



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North America to dominate the Biological Safety Cabinet Market



In 2017, North America accounted for the largest share of the Biological Safety Cabinets Market, followed by Europe. The large share of the North American region can be attributed to the increasing biomedical research and R&D by pharmaceutical companies in the region, growing stem cell research, government support for research in the US, and government support for the development of protein drugs in Canada, which increases the need for biological safety cabinets.



Leading Companies



The major market players in the Biological Safety Cabinets Market include Thermo Fisher Scientific (US), Esco Micro (Singapore), Labconco (US), The Baker Company (US), Kewaunee Scientific (US), NuAire (US), Germfree Laboratories (US), EUROCLONE (Italy), Cruma (Spain), Air Science (US), Berner International (Germany), and BIOBASE (China).

MarketsandMarkets™

Mr. Aashish Mehra

1-888-600-6441

raviraj.tak@marketsandmarkets.com

Source: EmailWire.Com



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