Global Biological Safety Cabinets Market To Reach Worth USD267.2 Mn By 2023: Rising R&D Funding Worldwide To Augment Demand
According to the latest report published by Credence Research, Inc. “Biological Safety Cabinets Market (Class I, Class II – type A1, type A2, type B1, type B2; & Class III): Growth, Future Prospects and Competitive Analysis, 2016-2023,” the biological safety/biosafety cabinetsmarket was valued at USD151.4Mn in 2015, and is expected to reach USD267.2 Mn by 2023, expanding at a CAGR of 7.4% from 2016 to 2023.
Browse the full report Biological Safety Cabinets:Market Growth, Future Prospects and Competitive Analysis, 2016-2023report at http://www.credenceresearch.com/report/biological-safety-cabinets-market
Investments in R&D initiatives in research, academia and industrial applications due the growing need introduce novel products in the market and handling of critical and bio-hazardous elements has led to growth in demand for biological safety cabinets. Rapid development of biotechnology and research sectors in Asia Pacific on the grounds of government initiatives and outsourcing activities is the key driver of the global biological safety cabinets and laboratory equipment market.
The need to safeguard product, agent, personnel and environment from biohazard exposure and cross-contamination during procedures is on a gradual rise due to growth in handling of critical agents. Biosafety cabinets are designed for safe handling of such products and are particularly designed for such applications in pharmaceutical, industrial, clinical and life science laboratories. Decision to purchase a particular type of is critical for any laboratory and must be taken based on desired use and capabilities. Biosafety cabinet’s inn varying degrees offer personnel protection, environmental protection and product protection.
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Based on the degree and type of safety provided, the scientific community has established classification criteria to categorize biological safety as class I, class II (type A1, type A2, type B1 and type B2), and class III biosafety cabinets. At present class I cabinets are the most purchased product option in the global marke.t However, with the burgeoning and shuffles occurring in the life sciences industry, the demand for class II biological safety cabinets is the highest and will continue through the forecast period.
Based on geographical distribution, North America is the largest regional market for biological safety cabinets. The region contributed over 30% of the total market revenue in 2016. Flourishing biotechnology, life science and pharmaceutical industries in Asia Pacific will make the region the fastest growing region through 2023 and will closely challenge the dominance of North America and Europe markets. However, high costs of equipment and any possible slag in infrastructural development owing to budget challenges may hold back the growth of this market.
The biological safety cabinets market is highly fragmented considering the presence of a multitude of large- and small-scale market players. The multi-national market players always face challenge from small local players, as the later efficiently compete in terms of product pricing. Rapid introduction of new products, applications and flourishing Asian markets will further intensify the market competition through the forecast period.
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