Future Market Insights (FMI) has recently published a report titled “Laboratory Ovens Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2027.” Laboratory ovens find applications in general laboratory work and routine heat application. Laboratory ovens are generally used for high-forced volume thermal convection applications. Laboratory ovens provide excellent temperature uniformity. Furthermore, laboratory ovens are widely used in most of the research, clinical and forensic laboratories.
In the laboratory ovens market, most of the well-established and growing vendors are offering laboratory ovens in multiple sizes and styles, which include advanced features such as high- temperature, vacuum and microprocessor controls. In addition, laboratory ovens are used for sample drying, baking, annealing, conditioning, sterilising, evaporating, dehydrating, and other laboratory work. The global laboratory ovens market is expected to grow at a CAGR of 4.4% during the forecast period. The laboratory ovens market was valued at US$ 431.9 Mn in 2017, and is projected to grow significantly to reach US$ 661.5 Mn by 2027 due to the increasing adoption of laboratory automation equipment and increasing adoption for melting & sample drying in laboratories.
In this report, FMI has segmented the global laboratory ovens market by oven type, by capacity, by end-user and by region. By oven type, the laboratory ovens market is sub-segmented into gravity convection, mechanical convection, vacuum ovens, cleanroom ovens and others. The increasing demand for high-temperature ovens for delicate drying processes, such as drying tiny parts or removing flammable solvents, is encouraging laboratories to adopt laboratory ovens. Owing to such factor, the vacuum ovens sub-segment of the global laboratory ovens market is projected to register a 25.4% market share at the end of 2018. In addition, in terms of volume, the vacuum ovens sub-segment is also expected to register a CAGR of more than 5.0% during the forecast period. Due to the rising adoption of advanced laboratory equipment, the mechanical convection sub-segment is estimated to register a moderate growth rate during the forecast period of laboratory ovens market.
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Based on capacity, the laboratory ovens market is sub-segmented into small capacity (Under 2 cu. Ft.), standard capacity (2 cu. Ft-6 cu. Ft.) and large capacity (Above 6 cu. Ft.). Due to the increasing demand from research laboratories, the standard capacity (2 cu. Ft-6 cu. Ft.) sub-segment is expected to register a high CAGR of 4.9% during the forecast period of laboratory ovens market. In the recent years, laboratory ovens have gathered more interest as the demand for laboratory systems is getting stronger in most of the developing and developed economies. It has been observed that a number of laboratories and research institutions are increasingly becoming dependent upon the installation of laboratory ovens for better laboratory management. Due to these factors, the standard capacity (2 cu. Ft-6 cu. Ft.) sub-segment is projected to create potential growth opportunities for the manufacturers of laboratory ovens.
By end-user, the global laboratory ovens market is segmented into biosafety laboratories, clinical & medical laboratories, incubator laboratories, production laboratories, research & development (R&D) laboratories and others. In terms of value and volume, the clinical and medical laboratories sub-segment is projected to create a CAGR of more than 4.0% during the forecast period. In addition, growth in the number of healthcare initiatives in BRICS countries, coupled with rising population, is expected to remain among the key factors that are expected to boost the market throughout the forecast period. Owing to these factors, the others sub-segment of the global laboratory ovens market is projected to register a 29.0% market share at the end of 2018.
On the basis of geography, North America is expected to dominate in the global laboratory ovens market due to the advent of next-generation technological advancements in the U.S. and Canada. The APAC (Asia Pacific excluding Japan) laboratory ovens market will be a target market for market participants because governments in India and China are promoting and supporting the development of healthcare infrastructure. Moreover, the laboratory ovens market has high potential in China owing to major healthcare developments by the government of the country. Latin America is estimated to grow with a moderate CAGR over the forecast period. Furthermore, Japan is projected to exhibit a single digit-growth rate during the forecast period.
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According to FMI analysis, long-term contracts and business partnerships are expected to help increase revenue as well as new innovation strategies, which is likely to enable the vendors of laboratory ovens to reach new growth markets. In addition to this, Thermo Fisher Scientific is one of the prominent vendor in laboratory ovens market. The company is offering laboratory ovens in each and every segment of the laboratory ovens market. As per FMI analysis, Thermo Fisher Scientific is expected to hold more than 15.0% market share at the end of 2018. The company focuses on launching new products and upgrading its existing products in order to enhance its user experience and customer base. Some of the market participants featured in the global laboratory ovens market report are InterFocus Ltd., Carbolite Gero Limited, JIM Engineering Ltd., SciQuip, Terra Universal, Inc., Thermo Fisher Scientific, Ted Pella, Inc., BINDER GmbH, BMT Medical Technology s.r.o., Agilent Technologies, Panasonic Biomedical, VWR (Avantor), Yamato Scientific America Inc. and Sheldon Manufacturing, Inc., BIONICS SCIENTIFIC TECHNOLOGIES (P) LTD.