Market Trends of Laboratory Mixer Industry
This section covers the major market trends shaping the Laboratory Mixer Market according to our research experts:
Magnetic Stirrers in Laboratory Mixer Market is Estimated to Witness a Healthy Growth in the Future.
Magnetic stirrers are required in chemical and biological laboratories, pharmaceutical and biotech companies, and academic institutes. The development of new designs provides multiple stirring positions on a single platform, which reduces time and improves work efficiency. Properties such as the minimized risk of contamination and time efficiency have increased demand for the product among scientists worldwide.
Growing pharmaceutical and biotechnology industries in developing economies such as India, China, Brazil, and Malaysia are likely to boost market growth during the forecast period. For instance, as per invest 2022, the Indian biotechnology industry is targeted to reach USD 150 billion by 2025 and USD 300 billion by 2030. Thus, Indian biotechnology is growing and is likely to generate demand for the product, thereby contributing to market growth.
The growth of the Indian biotechnology sector is fuelled by rising demand at domestic and international levels. The rise in domestic demand is fuelled by initiatives such as Aatmanirbhar Bharat and Make In India, while overseas demand for Indian vaccines and biopharmaceuticals is due to the globally competitive efficacy of Indian products. India exports vaccines to over 150 countries and is a leading destination for contract manufacturing and clinical trials.
Furthermore, the advantages associated with magnetic stirrers are driving the market growth. For instance, as per the NLM article published in October 2021, magnetic stirrers are relatively reliable, easy to use, and aid in meeting the required safety standards. They are preferred over gear-driven motorized stirrers as they are more efficient and have no moving external parts that can break or wear out. The demand for dissolving nutrients and solids, growing microorganisms, and preventing suspended matter from settling is increasing for a variety of chemical, pharmaceutical, microbiological, biotechnological, and medical applications. Further, these stirrers are used in dialysis, extraction, oil analysis, soil suspension, organic synthesis, pH measurement, and sample preparation.
Thus, the aforementioned factors are propelling segmental growth.
North America is Expected to Hold a Significant Share in the Market
North America is expected to hold a significant market share in the global laboratory mixer market due to increasing R&D expenditure, rising demand for biopharmaceuticals, growing prevalence of infectious and chronic diseases, and demand for early diagnosis. For instance, in April 2022, the NCSE Statistics, part of the NSF, published the FY 2020 Federally Funded Research and Development Centers (FFRDC) Research and Development Survey Report. In total, the nation's 42 FFRDCs spent USD 23.5 billion on R&D in 2020, an annual 3.4% increase. Thus, increasing R&D expenditure will help facilitate product expansion, which will drive market growth.
The surge in the number of biopharmaceutical-related clinical trials is expected to boost the North American market. According to PhRMA, as of January 2021, nearly 1,750 clinical trials were in progress for the development of vaccines and drugs for the treatment of chronic diseases. Among these, 420 clinical trials are registered in the United States. Thus, the increasing development of biopharmaceuticals is likely to generate demand for the laboratory mixer market.
Additionally, as per CDC data, around 12,151 tuberculosis cases were reported in the United States in 2020. Laboratory mixer is essential in the process of diagnosing diseases, which further promotes the growth of the laboratory mixer market in this region. Thus, all the aforementioned factors contribute to market growth.
