Selbyville, Delaware, June 03, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on laboratory temperature control units market which estimates the global market valuation for laboratory temperature control units will cross US$ 800 million by 2026. The growing focus on research activities for the development of novel products will accelerate adoption of temperature control units in the forthcoming years.
The increasing focus of pharmaceutical and biotechnology companies on novel drug development for the treatment of various diseases is one of the major factors driving business growth. The pharmaceutical industry has one of the highest R&D expenses to measure globally. Thus, R&D remains at the core of innovation. A significant decline in R&D performance was observed in 2014, but recent advances in basic science have ultimately inversed that trend. This was possible due to the progress of novel drugs developed for the treatment of various diseases.
Furthermore, new drug consents might upsurge owing to an increasing number of potential novel drug candidates that have entered the development pipeline over the recent years. Also, the commercialization of R&D occurred in the drug industry will increase its productivity, thereby propelling the market growth.
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Furthermore, the COVID-19 pandemic will have a significant impact on the overall laboratory temperature control units market. The corona pandemic poses great challenges to the healthcare facilities across the globe. Continuous research into effective vaccines and medicines against the COVID-19 is one of the top priorities for the medical facilities. Different manufacturers operating in the laboratory temperature control units are aiming at introducing innovative solutions for better as well as effective patient care. Therefore, the COVID-19 impact is expected to drive the adoption of laboratory temperature control units, thereby boosting the industry progression.
Laboratory thermostats segment accounted for over 30% market share in 2019. A laboratory thermostat controls the cooling or heating of a substance. Laboratory thermostats are widely utilized in pharmaceutical and biotechnology industries along with academic and research institutes to effectively maintain the temperature, that fosters the overall segmental growth.
The standalone/benchtop segment will witness around USD 400 Mn in 2019. A standalone/benchtop equipment device can function independently that surges the overall segmental demand over the forecast period. Moreover, several players operating in the market offer various benchtop or standalone devices that are widely used in the research laboratories thereby fuels the overall segmental market growth.
The chemical industry segment accounted for around 10% market share in 2019. Laboratory temperature control units are widely used in various industries to manage manufacturing processes or operations. Temperature controllers are used in the chemical industry to increase the accuracy of temperature control. Common equipment including laboratory and test equipment and incubators are used in chemical industry, that surges the segmental expansion.
Browse key industry insights spread across 204 pages with 240 market data tables & 17 figures & charts from the report, “Laboratory Temperature Control Units Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/laboratory-temperature-control-units-market
North America laboratory temperature control units market witnessed around 4.5% CAGR and is projected to witness substantial growth during the analysis period. Increasing government support for the development of innovative laboratory products is likely to help the market gain significant momentum. Furthermore, robust R&D expenses in pharmaceutical and biotechnology field will further boost the regional market growth.
Some major findings of the laboratory temperature control units market report include:
- Growing focus of industry players on introducing efficient and affordable equipment that will eventually drive the market demand.
- The COVID-19 impact is expected to drive the adoption of laboratory temperature control units, thereby boosting the industry progression.
- Continuous innovations and technological advances specifically in the medical field has given rise to constant demand for extremely skilled professionals.
- Several industries including healthcare and pharma & biotechnology industries are extensively using the laboratory equipment to maintain the accurate temperature for processes to work successfully.
Some of the prominent business players operating in laboratory temperature control units include Thermo Fisher Scientific, IKA, Polyscience, Lauda, Huber, JULABO, Delta Electronics and Bio-Rad among others. The business players are continuously focusing on introducing efficient and affordable equipment that will eventually drive the market demand. These manufacturers focus on developing a range of laboratory product series that are used in research centers and pharma industries for controlling the temperature throughout the processes.
Similarly, these equipments have wide variety of applications. Hence, the increasing demand for laboratory temperature control units for maintaining the temperature stability in various industries will impel the industry players to develop innovative and affordable laboratory products, thereby supporting the market growth.
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Partial chapters of report table of contents (TOC):
Chapter 3. Laboratory Temperature Control Units Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Increasing demand for temperature control devices in various industries
3.3.1.2. Technological advancements
3.3.1.3. Rising R&D expenditure across the globe
3.3.1.4. Focus of industry players on developing novel laboratory products
3.3.2. Industry pitfalls and challenges
3.3.2.1. Lack of skilled healthcare professionals in developing and underdeveloped regions
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By modality
3.4.3. By end-use
3.5. COVID-19 impact analysis
3.6. Porter’s analysis
3.7. Competitive landscape, 2019
3.7.1. Competitive matrix analysis, 2019
3.8. PESTEL analysis
Browse complete report table of contents @ https://www.gminsights.com/toc/detail/laboratory-temperature-control-units-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports, along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.