The market for laboratory vacuum pumps is anticipated to expand at a CAGR of more than 6% from 2019 to 2024. The primary factor fueling the growth of the laboratory vacuum pump market is the rise in R&D activities in the pharmaceutical and biotechnology sectors. The market for laboratory vacuum pumps is expanding as a result of the rising demand for biopharmaceuticals such as monoclonal antibodies (MAbs) and other biopharmaceuticals.
Type, application, and geography are used to segment the laboratory vacuum pump market. The market is divided into three types: rotary vane, piston, and diaphragm. Chromatography, filtration, and other applications make up the market’s application-based segments. The market is divided geographically into Latin America, the Middle East, and Africa as well as North America, Europe, and Asia-Pacific (LAMEA).
During the projection period, the diaphragm type category is anticipated to develop at the highest CAGR. Diaphragm pumps are positive displacement pumps that suck in and discharge fluids using a reciprocating diaphragm. Numerous applications, including chromatography, filtration, and others, call for the employment of these pumps. During the forecast period, this segment’s growth is anticipated to be fueled by the increasing demand for diaphragm pumps in various applications.
The application sector for chromatography is anticipated to expand at the greatest CAGR over the forecast period. Chromatography is a technique used to divide mixtures of substances according to their physical and chemical characteristics.
|Laboratory Vacuum Pumps Market Report Scope and Segmentation|
|UNIT||Value (USD Million/Billion)|
|BY REGION||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
Restraints in the Laboratory Vacuum Pumps Market
The market for laboratory vacuum pumps is anticipated to expand at a CAGR of roughly 6.5% from 2020 to 2025. The primary drivers of the market’s expansion are the increasing demand for small, portable pumps, the requirement for low-noise operation, and the ongoing progress of technology.
The primary obstacles to the market’s expansion are, however, the high initial investment and maintenance costs related to these pumps.
Key Trends in the Laboratory Vacuum Pumps Market
The market for laboratory vacuum pumps is anticipated to expand at a CAGR of 4.5% from 2019 to 2024. The market is driven by a number of reasons, including the rising demand for oil-free vacuum pumps as well as the demand for vacuum pumps in the semiconductor and pharmaceutical industries.
The market for laboratory vacuum pumps is divided into regions, end-use industries, and product types.
The market is divided into three groups based on the kind of product: piston pumps, diaphragm pumps, and rotary vane pumps. The most rapid growth is anticipated for rotary vane pumps during the forecast period. This is explained by their broad range of uses in the pharmaceutical and semiconductor sectors.
The market is divided into semiconductor, pharmaceutical, food & beverage, and other categories based on the end-use industry. During the forecast period, it is anticipated that the semiconductor industry would experience the fastest growth. This is a result of the semiconductor industry’s rising demand for vacuum pumps for a variety of uses, including etching, deposition, and sputtering.
Geographically speaking, there are five regions that make up the global market for laboratory vacuum pumps: North America, Europe, Asia Pacific, Middle East & Africa, and South America. During the projected period, North America is anticipated to be the region with the largest market for laboratory vacuum pumps. The presence of numerous manufacturers in the area and the rising demand for vacuum pumps in the semiconductor and pharmaceutical industries are credited with this.
Market Factors Affecting Laboratory Vacuum Pumps
During the projected period of 2020–2025, it is anticipated that the global market for laboratory vacuum pumps will expand at a CAGR of about 5.5%. The need for advanced and miniaturised items, the rising demand for high-quality and complex products, and the rise in R&D activities are the main factors driving the growth of this market.
The growing need for high-end, complex goods is one of the main factors propelling the market for laboratory vacuum pumps. Due to an increase in research and development efforts, there is also a growing need for innovative and miniature items. The need for small and portable products, the rise in mergers and acquisitions and the rising investment in R&D activities are some of the other factors.
The high cost of these items and the strict rules related to their use are the main factors limiting the growth of this market.
Impact of the Laboratory Vacuum Pumps Market Covid19
Global demand for laboratory vacuum pumps has significantly decreased as a result of the COVID-19 epidemic. Many research and development laboratories have been closed as a result of the lockdown measures adopted by various governments throughout the world to stop the virus’s spread. The sales of laboratory vacuum pumps have suffered as a result.
The COVID-19 pandemic is anticipated to have a substantial negative impact on the global market for laboratory vacuum pumps in 2020. By the end of 2020, the market is anticipated to have decreased from its previously estimated value of US$ 1.5 Billion to US$ 1.2 Billion. The market is anticipated to see a CAGR of-11.6% from 2020 to 2025.
The COVID-19 pandemic is anticipated to have the greatest impact on the Asia-Pacific area, with a 15.4% market decline predicted for 2020. Additionally anticipated to experience major reductions of 9.4% and 11.1%, respectively, are the North American and European markets.
The market for laboratory vacuum pumps has been significantly impacted by the COVID-19 outbreak. The epidemic is anticipated to cause a severe fall in the market in 2020
Laboratory Vacuum Pumps Market Key Industry DevelopmentsThe purpose of a laboratory vacuum pump is to partially generate a vacuum by removing gas molecules from a sealed space. The most typical type of laboratory vacuum pump is the rotary vane pump, which traps and compresses gas molecules using an eccentrically mounted revolving vane.
In 2016, the market for laboratory vacuum pumps was estimated to be worth USD XX million. By 2022, that market is projected to be worth USD XX million, growing at a CAGR of XX% (2017-2022).
Vacuums are utilised in a wide range of applications in various industries, including blood and fluid handling, sography, and tissue culture. The market is driven by the increasing demand from the healthcare and pharmaceutical industries. The market is expanding as a result of the rising need for portable pumps that are small, light, and easy to move.
However, the expensive price of these pumps is limiting market expansion.
Type, application, and geography are used to segment the global market for laboratory vacuum pumps.
The market is divided into rotary vane pumps, diaphragm pumps, and piston pumps based on type. The most popular of them is the rotary vane pump because of its small size, quiet operation, and capacity to handle both liquid and gas.
The market is divided into healthcare, pharmaceuticals, research, and other applications based on those categories. The greatest end-user of laboratory vacuum pumps is the healthcare industry as a result of the rising demand for chromatography, tissue culture, and the processing of blood and other fluids.
The market is further divided into North America, Europe, Asia-Pacific, and the Rest of the World based on geography. Due to the abundance of healthcare and pharmaceutical industries in the continent, North America is the largest market for laboratory vacuum pumps.
Future Prospects for the Laboratory Vacuum Pumps Market
The market for laboratory vacuum pumps is expected to grow strongly in both developed and emerging regions, according to industry analysts. The market in developed nations is anticipated to be driven by the rising need for precision tools and equipment in the semiconductor, pharmaceutical, and biotechnology sectors.
Environmental testing and analysis are also anticipated to expand in popularity and support market expansion. The market for laboratory vacuum pumps is anticipated to be driven by the rising need for cutting-edge scientific tools and equipment in the educational sector in emerging markets.