Laboratory Temperature Control Units Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
Laboratory temperature control unit market is poised to be driven by extensive usage of the product in laboratories for accurate temperature control applications in healthcare, pharma & biotechnology sector. Most of the laboratory equipment are made of temperature-sensitive materials, and irregular or imprecise temperature control can disintegrate samples, experiments or devices.
In the medical landscape, where the emphasis is on developing life-saving drugs, pioneering technology or storing biological material, temperature control units become a must. These units aid in preservation of important substance and devices through accurate temperature management and dehumidification. Increasing focus of pharmaceutical and biotechnology companies on research and development of novel drugs to cater the unmet medical conditions will accelerate adoption of temperature control units.
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Several potential novel drug candidates have entered the development pipeline over the past few years. Moreover, the COVID-19 outbreak has fueled continuous research into development of effective vaccines and medicines to save millions of people affected by the virus. Exponential rise in drug R&D and demand for effective patient care due to the pandemic will foster the adoption of lab temperature units in the coming years. Reports suggest that global laboratory temperature control units market size will exceed USD 800 Million in terms of annual remunerations by 2026.
Benchtop/standalone equipment are gaining popularity in the medical sector as they can function independently. In 2019, benchtop/ standalone equipment models accounted for over USD 400 Million in terms of revenue. Several industry players offer variety of devices as per specific requirement of research laboratories. For instance, Thomas Scientific, a leader in laboratory supplies, equipment and instruments, offers upright Controlled Room Temperature Cabinets for customized medical applications. These units showcase a digital microprocessor temperature controller enabling precise temperature management required for medication storage at room temperature
Laboratory thermostats are witnessing high demand on account of effective heating and cooling capabilities. The product is extensively used in biotechnology and pharmaceutical sector as well as in academic & research institutes to efficiently control and maintain temperature of medical devices. In 2019, laboratory thermostats accounted for more than 30% of the global market share.
In 2019, chemical industry accounted for 10% of the laboratory temperature control unit industry share. These units are extensively used in various industries to manage manufacturing operations and processes efficiently. Temperature control applications are vital in the chemical industry to increase the accuracy of experiments and drug development. Growing demand for incubators and laboratory test equipment from chemical industry will create lucrative opportunities for industry players.
North America laboratory temperature control units market showcased growth rate of 4.5% through 2019 and is estimated to witness substantial growth over 2020-2026. Favorable government initiatives in the U.S. and robust spending for the development of innovative laboratory products is likely to aid industry growth. The increasing spending on R&D in pharmaceutical and biotechnology field will further boost regional market growth.
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Partial Chapter of the Table of Content
Chapter 2. Executive Summary
2.1. Laboratory temperature control units industry 3600 synopsis, 2015 – 2026
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Modality trends
2.1.4. End-use trends
2.1.5. Regional trends
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
22.214.171.124. Increasing demand for temperature control devices in various industries
126.96.36.199. Technological advancements
188.8.131.52. Rising R&D expenditure across the globe
184.108.40.206. Focus of industry players on developing novel laboratory products
3.3.2. Industry pitfalls and challenges
220.127.116.11. 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