Laboratory ovens are being increasingly employed for an extensive range of thermal processing applications, including general lab work, stability testing, sterilization, glassware drying, component testing, and core hardening. Moreover, specific applications such as solvents removal and thin film battery drying continue to make laboratory ovens an indispensable lab equipment.
A recent market intelligence study presented by Future Market Insights projects steady expansion of the revenue through worldwide sales of laboratory ovens. Towards the end of 2019, the global sales of laboratory ovens are likely to approach US$ 470 million.
A senior research analyst at the company says, “Highlighting a few significant factors becomes imperative when it comes to propelling the sales prospects of laboratory ovens in coming years. Our research indicates that the positive prospects of personalized medicine, coupled with the growing feasibility and acceptance of critical medical practices such as organ transplant, emerge as a highly opportunistic factor encouraging the sales of lab equipment such as laboratory ovens”.
The report analyses a range of push and pull factors shaping the performance of market at global and regional levels, in terms of adoption of laboratory ovens during the course of next few years.
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Towering R&D Investments Prompt at Lucrative Prospects
With growing demand for innovation and knowledge base creation in the field of healthcare and medicine, the governments across globe are presenting a number of initiatives favoring adoption of advanced technology laboratory ovens.
Dramatically increasing spending in life sciences, pharmaceutical, and biotechnology R&D are creating lucrative sales opportunities for vendors, of late. In addition a growing number of research facilities pushing research activities further will remain a prominent factor stimulating laboratory ovens adoption in coming years.
Besides sophisticated healthcare infrastructure in developed regions and visible improvements in the healthcare picture of developing economies, considerably growing private and government investments in the biomedical sector point to a positive revenue growth outlook for laboratory ovens landscape.
“In addition to a growing trend of laboratory automation and escalating PPPs for research funding that are collectively boosting demand for laboratory ovens in recent years, manufacturers must also pay heed to the key challenges facing them in the growth path,” explains the FMI analyst. Adding further on the prominent market growth barriers, the analyst says, “Lack of standardization, unorganized competition, and inefficient after-sales service still remain the longstanding challenges in front of manufacturers and suppliers of laboratory ovens”.
Sales of Vacuum Laboratory Ovens Remain Maximum
In the backdrop of soaring demand for advanced technology laboratory systems across research institutes, vacuum ovens continue to drive the growth engine of laboratory ovens landscape with a current share of over 1/4th of the market value.
Cleanroom ovens and mechanical convection ovens also account for considerable revenue shares in the laboratory ovens landscape in 2019.
Highest Applicability Resides in Clinical & Medical Labs
Clinical and medical laboratories secure the title of the largest end use consumer of laboratory ovens, estimated to register a moderate year on year revenue growth in 2019.
With a growing number of manufacturers preferring the implementation of distinct testing procedure at each production level, the demand for laboratory ovens at production laboratories also remains on a higher side.
Standard Capacity Laboratory Ovens Remain Highly Preferred
The standard heating and storage capacity of 2 cu. Ft-6 cu. Ft. laboratory ovens is ideal for modern healthcare applications, which is projected to create a significant incremental opportunity for vendors in 2019 and beyond.
On the other side, the substantial increase in medical research lab activities and subsequently growing establishment of new research facilities are likely to push prospects of large capacity (above 6 cu. Ft.) laboratory ovens.
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North America’s Laboratory Ovens Market Secures Lead
Regional outlook analysis of the laboratory ovens market reveals that North America’s dominance prevails, followed by Europe.
Attributed to early adoption of next-generation technological advances, especially by US based manufacturers as well as researchers, the region currently holds more than a third of the global market value, nearly US$ 140 million of it belongs to the US – according to projections for 2019.
The promising growth scenario of healthcare and medicine research and development across Asian economies, especially in China and India, project APAC as a highly attractive target region for laboratory ovens market players.