Transparency Market Research (TMR) has published a new report on the laboratory gas generators market for the forecast period of 2019–2027. According to the report, the global laboratory gas generators market was valued at ~ US$ 2.9 Bn in 2018, and projected to expand at a CAGR of ~ 5.5% from 2019 to 2027.
Laboratory Gas Generators Market: Overview
- Expansion of the healthcare industry, increase in research and development expenditure, government initiatives, and rise in product approvals are projected to augment the global laboratory gas generators market between the period of 2019 to 2027.
- North America and Western Europe are likely to account for prominent shares of the global laboratory gas generators market, owing to advancements in research and development and business expansion by various market leaders.
- However, lack of technical and skilled personnel for overall operations in the market is likely to hamper the global laboratory gas generators market in North America during the latter half of the forecast period. Asia Pacific is expected to be a highly lucrative market for laboratory gas generators during the forecast period.
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Increasing Adoption of Analytical Instruments, Systems, and Methods for Research Activities to Drive Market
- Analytical instruments, systems, and methods are required in healthcare & related industries in large numbers, owing to wide applications in these industries for various laboratory gas generators.
- Laboratory gas generators are utilized in various industries for applications such as chromatography and mass spectroscopy for research activities, diagnosis, detection, and other analytical purposes.
- Laboratory gas generators require different gasses such as nitrogen, hydrogen, oxygen, and zero air. Internal gas generation by laboratory gas generators make these analytical procedures easy and convenient. Furthermore, the gas generators market is also expanding due to a rise in the adoption of these analytical instruments & systems.
Lack of Technical and Skilled Personnel for Overall Operations to Restrain the Laboratory Gas Generators Market
- Lack of medical personnel in certain regions has led to increasing burden on their governments to provide better healthcare and clinical laboratory facilities and services to people. This acts as a major restraint of the global laboratory gas generators market.
- Key players operating in the laboratory gas generators market are experiencing hurdles such as lack of skilled labor who are able to explain the technical specifications to end users across emerging economies.
- This lack of personnel in gas generator installation, maintenance, services, and technical expertise restrains the global laboratory gas generators market.
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Pharmaceutical & Biotechnology Companies Promising End Users
- In terms of end user, the global laboratory gas generators market has been divided into chem/petrochemical companies, pharmaceutical & biotechnology companies, environmental companies, food and beverage companies, and others.
- The pharmaceutical & biotechnology companies segment is expected to be a highly lucrative segment of the global laboratory gas generators market during the forecast period. Laboratory gas generators are vital for pharmaceutical and biotechnology companies to provide high level of purity for various applications, ranging from the manufacturing to packaging of drugs.
North America a Prominent Laboratory Gas Generators Market
- In terms of region, the global laboratory gas generators market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominated the global laboratory gas generators market in 2018, followed by Europe.
- North America accounted for a major share of the global laboratory gas generators market in 2018, owing to the increase and early adoption of innovative chromatic techniques in biotechnology and pharmaceutical industries, rise in the need for research into new drugs and industrial products, well-established healthcare infrastructure, and the presence of major players in the region.
- According to a 2018 report by the Council of Economic Advisers, an agency within the executive branch, the U.S. funds nearly half of the world’s medical research and development.
- The laboratory gas generators market in Asia Pacific is projected to expand at a high CAGR from 2019 to 2027. This can be attributed to developing countries with significant potential for research and development in various sectors in the region.
Competitive Landscape of Laboratory Gas Generators Market
- Parker Hannifin Corp. and PerkinElmer, Inc. leads the global laboratory gas generators market.
- The global laboratory gas generators market is fragmented in terms of number of players. Key players in the global market include Parker Hannifin Corp, Angstrom Advanced, Inc., PerkinElemer, Inc., Peak Scientific Instruments Ltd., Nel ASA, Erre Due s.p.a., Nitrogenium, F-DGSi, and Airgas, Inc. Wide distribution network, new product development, and mergers & acquisitions are the key strategies followed by these major players in order to sustain in the global laboratory gas generators market.