Global Cooled Incubators Market – Growth Market Reports

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.

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.

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.
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