The laboratory centrifuges market is expected to reach USD 1.2 billion by 2023 from USD 1.1 billion in 2018, at a CAGR of 2.8%
Market growth is primarily driven by factors such as technological advancements, increasing research, and a high prevalence of target diseases. However, the market faces major challenges in the form of mechanical failure of equipment (caused due to improper maintenance of rotors) and the release of harmful chemicals in the centrifugation of certain substances. The low replacement value of centrifuges (due to their long lifespans) may hinder market growth.
On the basis of product type, the laboratory centrifuges market is segmented into equipment and accessories. The accessories segment is estimated to grow at the highest CAGR during the forecast period owing to the requirement of the repeated purchase of accessories such as tubes, bottles, and buckets.
Based on application, the laboratory centrifuges market is segmented into diagnostics, microbiology, cellomics, genomics, proteomics, blood component separation, and other applications. In 2018, the diagnostics segment is expected to account for the largest share of the laboratory centrifuges market. The rising prevalence of various diseases and the focus on ensuring early disease diagnosis are the major factors driving the growth of the laboratory centrifuges market for this application segment.