Segments - Global Cooled Incubators Market By Capacities (Below 50 L, 51 L to 100 L, and Above 101 L), Modalities (Benchtop and Floor standing), Interfaces (Digital and Analog), Applications (Hematology, Histology, Microbiology, and Others), End-users (Research Laboratories, Academic Institutes, Pharmaceutical & Biotechnological Companies, and Others), and Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021-2028
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.
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.
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.
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.
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.
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.
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.
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.
Additional company profiles can be provided on request
According to this Growth Market Reports report, the Cooled Incubators market is likely to register a CAGR of 7.9% during forecast period 2020-2027, with an anticipated valuation of USD 234.8 Mn by the end of the 2028.
In addition to market size (in US$ Million), Company Market Share (in % for base year 2019), and quality parameter overview is provided.
Technological advancements, growing research sector, rising prevalence of infectious diseases in Asia Pacific, and improved funding by governments to promote research & development is expected to drive the market growth during forecast period.
The major applications of cooled incubators are hematology, histology, microbiology, and others.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The market is expected to witness a significant in growth between 2019 and 2020 owing to the COVID 19 pandemic on the Cooled Incubators market.
The base year considered for the global cooled incubators market report is 2020. The complete analysis period is 2018 to 2028, wherein, 2018, and 2019 are the historic years, and the forecast is provided from 2021 to 2028.
Factors such as growth of Growth of Pharmaceutical & Biotechnological Companies, Growing R&D in various Industries, Technological advancement, and Government regulations are analyzed in the final report.
Major Manufacturers Amerex Instruments, Inc, Andreas Hettich GmbH & Co. KG, BINDER GmbH, Eppendorf AG, Esco Micro Pte. Ltd., and others.