Report : Europe 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 “Europe Biosafety Cabinets Market Forecast to 2027 – COVID-19 Impact and Analysis – Type and End Users,”the market was valued at US$ 48.92 million in 2019 and is projectedto reach US$ 89.30 millionby2027; it is expected to grow at a CAGR of 7.8%during 2020–2027. The report highlights trends prevailing in the Europebiosafety cabinets market and the factors driving market along with those that act as hindrances.
Based on type, the Europe biosafety 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 Europe biosafety cabinets market is attributed to the expansion of research and development activities due to huge investments by private players and government authorities and rising technological developments in biosafety cabinets. In addition, rising demand for advanced protective equipment for researchers is also anticipated to offer lucrative opportunity for the Europe 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 Europe biosafety cabinets market is estimated to witness considerable growth due to increasing adoption of biosafety cabinets during the period of coronavirus pandemic. As biosafety cabinets provide an efficient protection from coronavirus, the healthcare authorities and research facilities in the region are focusing on adoption of the products. Moreover, the vaccine development in the region is also contributing in the growth of the Europe biosafety cabinets market.
Esco Group of Companies, Thermo Fisher Scientific Inc., Azbil Telstar, Baker, and NuAire Inc. are among the leading companies operating in the Europe biosafety cabinets market.
The report segments Europe Biosafety Cabinets Marketas follows:
By End User