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Laboratory Temperature Control Units Market Trends
- Report ID: GMI4681
- Published Date: Nov 2024
- Report Format: PDF
Laboratory Temperature Control Units Market Trends
- Worldwide investments in research and development (R&D) are significantly driving the laboratory temperature control units industry. These investments underscore the rising demand for sophisticated temperature control devices, essential for fields like pharmaceuticals, biotechnology, and materials science, where specific experimental conditions are paramount.
- For instance, a UNESCO report highlighted that in 2022, global R&D spending approached USD 1.7 trillion, with around 10 nations accounting for 80% of this total. Notably, the pharmaceutical and biotechnology industries play a pivotal role in this global R&D expenditure.
- Moreover, data from the National Center for Science and Engineering Statistics (NCSES) revealed that U.S. academic institutions spent USD 97.8 billion on R&D in 2022, an uptick of USD 8.0 billion from the previous year. This surge, driven by federal funding, internal university resources, and business investments, has led to the establishment of state-of-the-art laboratories equipped with advanced temperature control units.
Frequently Asked Questions (FAQ) :
The market size of laboratory temperature control units reached USD 630.3 million in 2023 and is estimated to grow at a 5.5% CAGR from 2024 to 2032, driven by rising demand for temperature control devices across various industries.
The laboratory circulators segment held a 25.2% market share in 2023, as they are commonly used to regulate the temperature of samples, fluids, and equipment across various sectors.
The portable/handheld segment is anticipated to grow at a 6% CAGR during the forecast period, led by their flexibility and mobility for diverse applications.
The U.S. market is projected to reach USD 284.8 million by 2032, propelled by the country's advanced healthcare infrastructure.
Key players include Bio-Rad Laboratories, Delta T Systems, Eurodifroid, FRYKA-K
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