The global market for carbon dioxide displays a highly fragmented picture pointing to the presence of a large number of players within the market. Despite this outgrowing number of market players, the market is characterized by mild intensity of competition because of sluggish upgrades in technology. Moreover, the product portfolios of the players do not exhibit any substantial differences, and the same products float in the entire market. This places a responsibility upon the market players to resort to key business strategies that could reap a substantial customer base for them. Thereby, a number of established players have engaged in providing post-sale services to glue the customers to their products. The huge market players are bound to gain undisputed supremacy in the market but the prospects of growth for new entrants are also expected to be bright. The established players within the market include LEEC Limited, Shanghai Boxun Medical Biological Instrument Corp., BINDER GmbH, Sheldon Manufacturing, Inc., Thermo Fisher Scientific Inc.,.Memmert GmbH + Co. KG, Panasonic Healthcare Co., Ltd., Bellco Glass, Inc., and Eppendorf AG.
Transparency Market Research elucidates the potential of the market through key figures that shed light on the market fettle over the forecast period from 2017 to 2026. It is estimated that the market value would surpass US$ 250 Mn by the end of 2026 while registering a healthy CAGR of 8.10% over the forecast period. The carbon dioxide incubators with water jackets are expected to spur in popularity under the product type segmentation, and their revenue is prognosticated to stand at US$ 200 Mn by 2026-end. Amongst the geographical pockets, North America would outdo all other regions due to the immense need for these incubators across the region.
Technological Advancements to Brighten Market Growth Prospects
The production of carbon dioxide incubators is being aided by the technological advancements that have surfaced across the world. This is not only reducing the turnaround times for production but is also enhancing the effiencicny of these incubators. This trend is conducive to the growth of the market because market players would now be able to cater to the escalating demands of the consumers. To exemplify, a new type of carbon dioxide incubator equipped with an infrared radiation control system has surfaced in the market. Other similar advancements are expected to pervade across the market that would keep consolidating the market prospects. Adoption of automation within the framework of microbiology and other laboratory-oriented initiatives has also transcended as a key market driver.
There is a rising proclivity towards genetically engineered products that further calls for a need to maintain cell cultures. This aids the field of medicine and biosciences to conduct therapeutic diagnosis, thus fueling the need for carbon dioxide incubators. The expansive application of these incubators in oncology, embryonic cell research, neurosciences, tissue engineering, and stem cell research has further propelled the market by providing commendable growth opportunities to players.
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Costs of Production and Installation Could Hamper Demand
The setup and installation costs of carbon dioxide incur huge expenses that could hinder the affluence of growth. Moreover, the add-on accessories including additional shelves and trays compounds more costs and adds to the woes of the buyers. Although these factors pose a threat to the market, pragmatic steps by the market players could counter the odds. As market players engage in research and development of cost-efficient carbon dioxide incubators, the demand within the market is projected to keep booming.