The global cell and tissue culture incubators market is estimated to garner significant revenue with a notable CAGR of ~5.3% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the escalating demand for cell and tissue culture incubators in the various domains of the healthcare and diagnostic sector. Moreover, as the research activities are increasing in the healthcare sector for domains, such as cancer treatment, and CAR-T cells therapy, the demand for incubators with unique features is rising among scientists. This is another major factor estimated to drive the market growth. Additionally, the growing prevalence of cancer is further projected to boost market growth. According to the data from the World Health Organization (WHO), cancer is becoming the leading cause of death worldwide and accounting for nearly 10 million deaths in 2020. Furthermore, scientists and researchers are becoming proactive and using incubators for early detection and diagnosis of cancer, owing to the advancement in technology in the medical field. Such factors are estimated to boost market growth.
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The global cell and tissue culture incubators market is segmented by application into research, bio production, and diagnostic. Out of these, the research segment is anticipated to hold a notable share in the market over the forecast period, on account of enhancing demand for incubators amongst scientists in the research field. The escalating investment in medical research activities is also projected to boost the segment growth.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global cell and tissue culture incubators market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness noteworthy growth over the forecast period owing to the presence of large number of incubators manufacturers in North American region. In fact, out of the top 10 cancer research centres in the world, 9 cancer research centres are present in USA and Canada, including NIH, Harvard, UCSF, and Memorial Sloan Kettering Cancer Centre (MSKCC). Further, the rising zeal among scientists to find a cure for diseases, such as, cancer, is leading to the surge in overall demand for incubators in the region.
The market in the Europe region is also estimated to witness robust growth in the cell and tissue culture incubator market over the forecast period owing to the increased flexibility in government regulations and guidelines for the research activities in the region.
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The global cell and tissue culture incubators market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global cell and tissue culture incubators market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The rampant research for the treatment of diseases such as cancer, is expected to drive the growth of the market.
The market is anticipated to attain a notable CAGR of ~5.3% over the forecast period, i.e., 2022-2031.
The exorbitant cost of incubators is estimated to hamper the market growth.
North American region is estimated to provide a major opportunity in the cell and tissue culture incubator market on the back of the availability of a large number of incubators manufacturers in the region.
The major players in the market are Thermo Fisher Scientific Inc., Bionics Scientific Technologies (P) Ltd., BioSpherix, Ltd, Adolf Kühner AG, Acmas Technologies Inc., Cole-Parmer Instrument Company, LLC and Sheldon Manufacturing, Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-user, and by region.
The research segment is anticipated to hold the largest market size over the forecast period and display significant growth opportunities.
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