Market Challenges And Opportunities

Increasing demand for multifunction, reliable and durable laboratory centrifuge equipment to conduct variety of laboratory work as mentioned above is driving growth of the laboratory centrifuge equipment market.

Increasing diagnostics and research and development activities to fuel the growth of laboratory centrifuge equipment market

According to the World Health Organization (WHO) fact sheet, in 2017, 70% of deaths worldwide were due to non-communicable disease (NCD) such as cardio-vascular disease, cancer, diabetes, which is influencing pharmaceutical companies to invest more in research and development of cost-effective therapies, ultimately increasing demand for essential lab equipment such as centrifuge. According to World Economic Forum 2015 statistics, pharmaceutical companies invest majorly on research and development (Astra Zeneca tops the list with investment of 25.5% of its total revenue of financial year 2014-15). Increasing health awareness among population is propelling the growth of diagnostic market for which laboratory centrifuge equipment is essential. North America region is leading the centrifuge equipment market. According to Organization for Economic Co-operation and Development (OECD) report, North America spends 2.5% more than rest of OECD countries on health in which diagnostics holds a major share. The recent past has witnessed a significant increase in number of clinical trials for generic products (Bioequivalence safety and efficacy) due to off patenting of novel drug molecules, which in turn is increasing the demand for centrifuge equipment. There is a very positive environment even at supranational union level where group of countries coming together to achieve common development goals like health through collaborative efforts e.g. United Nations has declared Healthy lives and promoting well-being for all at all ages as its Sustainable development goal no. 3 which nations has committed to achieved by 2030 through their individual effort.

Technological advancement and development of new medicinal approaches such as personalized medicine and pharmacogenomics are propelling growth of the laboratory centrifuge equipment market. This is owing to increasing adoption of gene testing and associated procedures that extensively requires efficient and high precision centrifuge equipment. The market has witnessed major technological advancements, with market players focusing on differentiating their products by integrating latest technologies. In November 2017, Beckmann Coulter launched Avanti J-15 series laboratory centrifuge equipment, which runs on harmonic technology that reduces time by 10% for centrifugation, improves operational efficiency, and performs different functions (Blood sample processing, nucleic acid purification, Cell Culturing, protein concentration, and assay) that otherwise requires different centrifuge equipment.