CHICAGO, June 6, 2023 /PRNewswire/ -- According to Arizton's latest research report, the biosafety cabinet market will grow at a CAGR of 7.36% during 2022-2028.
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The recent outbreak of the infectious disease COVID-19 has had a profound impact worldwide, prompting heightened awareness of hygiene practices and safety measures. By 2021, the infection had affected over 663 million individuals globally, resulting in the tragic loss of over 6.7 million lives. This alarming situation has underscored the critical need for safety precautions and the establishment of facilities capable of handling testing samples and facilitating the production and distribution of vaccines.
Given the imperative of conducting tests in a secure and controlled environment, appropriate equipment is crucial for handling such samples. Among the essential equipment, biosafety cabinets play a vital role in safeguarding the operator, the samples, and the surrounding environment. These cabinets provide a protective barrier that ensures the safety of personnel, maintains sample integrity, and prevents contamination.
As a result, the demand for biological safety cabinets is anticipated to experience substantial growth during the forecast period. This heightened demand arises from the urgent requirement to address the challenges posed by the COVID-19 pandemic and underscores the importance of maintaining safety standards within the pharmaceutical industry and testing facilities.
Biosafety Cabinet Market Report Scope
Market Size (2028)
USD 405.86 Million
Market Size (2022)
USD 265 Million
Product Type, End-User, Distribution Channel, and Geography
North America, Europe, APAC, Latin America, and Middle East & Africa
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The Global Class I Biosafety Cabinets Market to Reach $32.58 Million By 2028
Class I biosafety cabinets are the most basic and rudimentary design. They are highly efficient when it comes to working with chemicals and powders. They operate with a negative pressure and draw in external air. They can be either ducted or ductless, which means that they can be connected to the external exhaust system of facilities. The airflow in class I biosafety cabinets is like that inside a chemical fume hood, but they are fitted with HEPA filtration, which contains aerosols from escaping. Hence, such propelling the growth of the class I biosafety cabinets market.
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Increase in R&D Investments in the Pharmaceutical & Biopharmaceutical Industry Impacting the Market Growth
One of the main trends for the growth of the biosafety cabinet markets is the increase in R&D activities in the life sciences sector. The pharmaceutical industry invests in R&D with the scope of the resulting drug developed, reeking in the profits from investments. According to a European Pharmaceutical Research and Development study, the European pharmaceutical sector and related biomedical activities are one of the major contributors to the European Union economy.
The US is also one of the leading regions in the world, which is investing in R&D in the pharmaceutical sector. In 2020, the Department of Health and Human Services inaugurated Operation Warp Speed, a collaboration between the Centers for Disease Control and Prevention, Food and Drug Administration (FDA), and many others collaborated and through Biomedical Advanced Research and Development Authority were able to provide more than $19 billion in assistance to seven private pharmaceutical companies to develop and produce a vaccine or treatment for COVID-19. Along with these, the investment in R&D through federal funding for the National Institutes of Health in the past few decades has crossed $700 billion. Thereby the demand for biosafety cabinets is fueling tremendously.
Global Biosafety Cabinets Market Witnesses Intense Competition Driven by Innovation and Acquisition Strategies
The global biosafety cabinets market showcases a moderately fragmented landscape with numerous national and international participants, highlighting their relentless focus on innovation and product differentiation. These players strive to capture significant market shares by introducing new products with diverse capabilities, catering to a wide range of market needs. Substantial investments in research and development (R&D) have enabled companies to stay at the forefront of technological advancements.
To bolster their financial goals, market participants have also strengthened their after-sales service capabilities, further intensifying competition within the industry. Market experts anticipate this trend reaching new heights as industry-specific players develop advanced biosafety cabinets. Notably, international companies are expected to pursue inorganic growth by acquiring regional or local competitors and consolidating their market positions.
Favorable financial and technological capabilities will likely enable certain companies to pioneer the invention and launch of technologically integrated products. This could pose a potential threat to competitors, potentially rendering their existing products and services less competitive.
The biosafety cabinets market boasts many manufacturers catering to diverse industry requirements. With manufacturing processes varying based on class and specifications, these manufacturers are dedicated to meeting specific industry needs.
The highly competitive landscape of the biosafety cabinets market necessitates continuous innovation and strategic maneuvers by industry players to maintain their market positions and meet evolving customer demands.
Key Company Profiles
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