Report : Asia Pacific Biosafety Cabinets Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Class I, Class II, and Class III); End Users (Diagnostic and Testing Laboratories, Academic and Research Institutions, Pharmaceutical and Biopharmaceutical Companies, and Other End Users), and Country
Class IIType SegmenttoWitnessHigher CAGRduringForecast Period
According to the latest report on “Asia Pacific Biosafety Cabinets Market Forecast to 2027 – COVID-19 Impact and Analysis – Type and End Users,”the market was valued at US$ 27.16 million in 2019 and is projectedto reach US$ 52.79 millionby2027; it is expected to grow at a CAGR of 8.7%during 2020–2027. The report highlights trends prevailing in the Asia Pacific biosafety cabinets market and the factors driving market along with those that act as hindrances.
Based on type, the Asia Pacificbiosafety cabinets market is segmented into class I, class II, and class III. In 2019, the class II type segment held a largershare of the market. Also, the same segment is expected to grow at a fasterrate duringthe forecast period.
The growth of the Asia Pacificbiosafety cabinets market is attributed to the increasing awareness of biosafety cabinets and developing research infrastructure. Moreover, growing investments for research and development as well as for vaccines development are estimated to offer lucrative opportunity for the Asia Pacific biosafety cabinets market during the forecast period. However, the high cost involved in the installation and maintenance of biosafety cabinets is likely to have a negative impact on the market growth.
The coronavirus infection is expected to have negative impact on the Asia Pacific biosafety cabinets market. Certain factors such as disrupted supply chain operations, dependency on developed countries, and limited adoption of the equipment is estimated to restrict the growth of biosafety cabinets market in the region.
Esco Group of Companies, Thermo Fisher Scientific Inc., Azbil Telstar, Baker, and NuAireInc. are among the leading companies operating in the Asia Pacific biosafety cabinets market.
The report segments Asia PacificBiosafety Cabinets Marketas follows:
By End User