June 13, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Biological Safety Cabinets Market.
It was estimated prior to this unanticipated outbreak that the Biological Safety Cabinets Market is expected to grow from USD 163.5 million in 2020 to USD 255.4 million by 2026 at a CAGR of over 7.7% during the forecast period. Biological Safety Cabinets, also known as biosafety cabinets (BSC) or microbiological safety cabinets that are ventilated laboratory workspace for working safely at a defined biosafety level, with the materials contaminated by pathogens.
The major purpose of biological safety cabinets is to protect the laboratory worker as well as the surrounding environment from harmful pathogens. It predominantly is used for the containment of infectious pathogens and hazardous chemicals while working on research.
Market Dynamics
The rising number of R&D activities in both pharmaceutical and biopharmaceutical companies further bolsters the product demand.
- The market growth is primarily driven by favourable regulations augmenting the use of biological safety cabinets in the healthcare industry coupled with an increased risk of pandemics and communicable diseases.
- Moreover, the rapid growth in the number of biologics increased investment in healthcare infrastructure in growing economies, further proliferate the market growth.
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Segment Analysis
Based on type, the biological safety cabinets market has been categorized into Class I, Class II, and Class III.
- Among these, the Class II garnered the highest market share of over 40% in 2020 and is projected to register a healthy CAGR during the forecast period.
- It offers complete protection and are mainly used in basic research activities.
- Moreover, it offers protection for product, personnel, as well as the environment.
Geographically, North America witnessed the largest market share of around 34% and is estimated to grow at a robust CAGR during the review period. This is mainly attributed to the presence of well-established healthcare companies, strong funding for R&D activities, a strong base of vaccination and epidemiology centres, and the rising prevalence of epidemics. In addition, rising incidences of chronic diseases and the quick adoption of advanced technologies, in the region further contribute to the regional market growth.
Key Players:
The key players in the market are:
- Thermo Fisher Scientific, Inc. (The U.S),
- Laboconco Corporation (The U.S),
- Nuaire Inc. (The U.S),
- The Baker Company (The U.S),
- Azbil Telstar (Spain),
- Jinan Biobase Biotech (China),
- Germfree laboratories (The U.S),
- Air science Inc. (The U.S),
- HAIER BIOMEDICAL (The U.S),
- CRUMA S.A (Spain).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Biological Safety Cabinets analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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