Cooled Incubators Market Outlook
The global cooled incubators market was valued at USD 128.3 Mn in 2020 and is anticipated to reach USD 234.8 Mn by 2028, expanding at a CAGR of 7.9% during the forecast period. Incubators are used to keep biological samples such as cell lines or microbial cultures at optimal temperatures and environments.
Primary function of an incubator is to maintain sufficient levels of oxygen, carbon dioxide, humidity, temperature, and carbon dioxide. A cooling incubator is a cabinet with an interior temperature, which is kept below or at room temperature. In various fields of microbiology, basic research, and the food industry, these incubators are used to incubate microbiological cultures.
Cooled Incubators Market Dynamics
Technological Advancements
Technological developments resulted in a paradigm shift from the use of traditional equipment towards advanced technology-based equipment, which consumes less energy. Cooling incubators with innovative add-on technology significantly reduces energy usage and uneven temperature distribution. For instance, BINDER GmbH created the world's only thermoelectric cooling incubator with 170L of internal volume to strike a compromise between size and useful area.
Introduction of new technologies is projected to result in a high acceptance rate, which in turn, is expected drive the demand for cooled incubators during the forecast period. Peltier technology used by Thomas Scientific comprise innovative thermoelectric cooling technology, which excludes the requirement for a refrigerated compressor.
Growing Research Sector
Cooled incubators are extensively used in incubation of microbes and storing blood and other samples. Growing research sector in industries such as pharmaceutical, biotechnology, hospitals, clinical trials, and research institutes fuels the cooled incubator market. Growing clinical trials to estimate the efficacy and safety of drugs is expected to drive the demand for cooled incubators.
Rising spending on research & development by pharmaceutical industries is projected to propel the cooled incubators market. For instance, according to CBO, in 2019, the pharmaceutical industry spent nearly USD 83 billion on research & development.
Rising Prevalence of Infectious Diseases in Asia Pacific
Viruses, bacteria, fungus, and parasites cause infectious illnesses. Several factors contribute to the re-emergence and emergence of infectious diseases; however, the majority are associated increasing population, rapid international travel, overcrowding in cities with poor sanitation, and changes in processing and handling of large amounts of food.
Rising prevalence of infectious diseases in Asia Pacific is expected to increase research activities in pharmaceutical and healthcare sectors, which in turn, is projected to increase the demand for cooled incubators in these sectors, as these incubators are used for storing blood samples.
Increasing Use of Refurbished Equipment
Increased usage of refurbished equipment is projected to restrain the global expansion of the cooling incubator market. Various medical professionals voiced concerns about the safety, quality, and efficacy of refurbished medical equipment, according to the US Food and Drug Administration (FDA).
Large inventory of old or used medical devices, cost containment pressure on healthcare organizations, increasing investments by private healthcare institutions, and the rising trend of medical tourism are some of the major factors driving the demand for refurbished equipment and impeding the growth of the cooled incubators market.
Increasing research and development activities by key companies
Manufacturers are currently directing their resources on research and development to offer a low-cost, high-tech cooling incubator. Increased R&D activity by major firms is expected to result in the launch of new technologies in the near future. For instance, in April 2019, Esco Philippines, Inc. collaborated with the Philippine Society for Microbiology, Inc. (PSM) to promote research papers of graduate and undergraduate students in the area of microbiology. These factors are expected to improve the acceptability and implementation of cooling incubators, providing market possibilities.
Cooled Incubators Market Segmental Outlook
The global cooled incubators market is segmented on the basis of capacities, modalities, interfaces, applications, end-users, and regions.
Based on capacities, the global cooled incubators market is divided into below 50L, 51L to 100L, and above 101L. In terms of value, the 51L to 100L segment is expected to expand at a CAGR of 7.2% during the forecast period, owing to the benefits of 51L to 100L cooled incubators such as reproducible and safe incubation settings in various environmental conditions, environment-friendly, energy-efficient, and security.
In terms of modalities, the global cooled incubators market is bifurcated into benchtop and floor standing. The floor standing segment is anticipated to expand at a CAGR of 7.0%, in terms of value, during the forecast period, due to growing need of storage for samples in research laboratories and pharmaceutical & biotechnological companies.
Based on interfaces, the global cooled incubators market is classified as digital and analog. The institution of technologically advanced laboratory equipment by major companies is anticipated to augment the digital segment growth. Moreover, these incubators are compact cooled incubators used in laboratories, due to their small footprint and low noise characteristics.
On the basis of applications, the global cooled incubators market is divided into hematology, histology, microbiology, and others. Rapid rise of diseases, growing rate of infectious illnesses, increasing clinical research in clinical microbiology, research grants, increased financing, and public-private partnerships are some factors driving microbiology testing, which is driving the demand for cooled incubators in microbiology.
Based on end-users, the global cooled incubators market is categorized as research laboratories, academic institutes, pharmaceutical & biotechnological companies, and others. The pharmaceutical & biotechnological companies segment is expected to account for a significant market share during the forecast period.
Rapid growth in the drug development process, owing to an upsurge in support for NDD applications by the U.S. FDA, is one of the major factors expected to boost the pharmaceutical & biotechnological companies segment.
Cooled Incubators Market Regional Outlook
Based on regions, the global cooled incubators market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are projected to account for a major share of the global cooled incubator market during the forecast period, due to the presence of a large number of research and development institutes, highly developed healthcare infrastructure, and high adoption rate of advanced technologies.
The market in Asia Pacific is projected to expand at a CAGR of 12.5% during the forecast period, owing to various factors such as investments by global biopharmaceutical companies and strong economic growth in the region. Contract manufacturers are focusing on exploiting growth opportunities in the region.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the global Cooled Incubators market
- Historical, Current and Projected Market Size in terms of Value and Volume
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Cooled Incubators Market Performance
Segments
By Capacities
- Below 50 L
- 51 L to 100 L
- Above 101 L
By Modalities
By Interfaces
By Applications
- Hematology
- Histology
- Microbiology
- Others
By End-users
- Research Laboratories
- Academic Institutes
- Pharmaceutical & Biotechnological Companies
- Others
By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
- Amerex Instruments, Inc
- Andreas Hettich GmbH & Co. KG
- BINDER GmbH
- Eppendorf AG
- Esco Micro Pte. Ltd.
- FRANCE ETUVES
- Gilson, Inc.
- LEEC Limited
- Memmert GmbH + Co.KG
- PHC Corporation
- Scientific Industries, Inc.
- Sheldon Manufacturing, Inc.
- Thermo Fisher Scientific Inc.
- Thomas Scientific
- VWR International, LLC.
Competitive Landscape
- Top players in the market include Amerex Instruments, Inc, Andreas Hettich GmbH & Co. KG, BINDER GmbH, Eppendorf AG, Esco Micro Pte. Ltd., FRANCE ETUVES, Gilson, Inc., LEEC Limited, Memmert GmbH + Co.KG, PHC Corporation, Scientific Industries, Inc., Sheldon Manufacturing, Inc., Thermo Fisher Scientific Inc., Thomas Scientific, and VWR International, LLC.
- These companies are considered as key manufacturers of piezoelectric element based on their revenue, product offerings, regional presence, and supply chain management system.
- The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunity for the Cooled Incubators market.