(EMAILWIRE.COM, February 28, 2020 ) The report "Laboratory Centrifuge Market by Product (Equipment (Multipurpose, Ultracentrifugation), Accessories (Rotor, Tube, Bucket, Plate)), Model (Benchtop, Floor standing), Application (Microbiology, Proteomics) & End User(Hospitals) - Global Forecast to 2023", The laboratory centrifuges market is expected to reach USD 1.2 billion by 2023 from USD 1.1 billion in 2018, at a CAGR of 2.8%.

Market growth is primarily driven by factors such as technological advancements, increasing research, and a high prevalence of target diseases.

However, the market faces major challenges in the form of mechanical failure of equipment (caused due to improper maintenance of rotors) and the release of harmful chemicals in the centrifugation of certain substances. The low replacement value of centrifuges (due to their long lifespans) may hinder market growth.

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Key Questions addressed by the report:

# Where will all these developments take the industry in the mid to long term?
# Which are the key players in the market and how intense is the competition?
# Which are the recent contracts and agreements key players have signed?

The study involved four major activities to estimate the current market size for laboratory centrifuge market. Exhaustive secondary research was done to collect information on market, peer market, and parent market.

The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation was used to estimate the market size of segments and subsegments.

Asia to grow at the highest CAGR during the forecast period

The laboratory centrifuges market has been segmented into four major regions, namely, North America, Europe, Asia, and the Rest of the World (RoW). Currently, North America dominates the global laboratory centrifuges market, and this trend is expected to continue during the forecast period. However, the market in Asia is estimated to grow at the highest CAGR during the forecast period. The presence of emerging economies such as China and India and the increasing R&D investments by pharmaceutical and biotechnology companies in this region are the major factors supporting the growth of the Asian laboratory centrifuges market.

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Key players in the laboratory centrifuges market include Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Eppendorf AG (Germany), Sigma Laborzentrifugen GmbH (Germany), Andreas Hettich GmbH & Co. KG (Germany), Kubota Corporation (Japan), Koki Holdings Co., Ltd. (Japan) (previously Hitachi Koki Co., Ltd.), QIAGEN N.V. (Netherlands), NuAire (US), Sartorius (Germany), HERMLE Labortechnik GmbH (Germany), and Becton, Dickinson and Company (US).

These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the laboratory centrifuges market. Product launches have been the key growth strategies adopted players from 2016 to 2018, which helped them to innovate on their offerings and broaden their customer base.

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