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(Medical-NewsWire.com, May 22, 2020 ) [123 Pages Report] The laboratory gas generators market is projected to reach USD 508 million by 2024 from USD 279 million in 2019, at a CAGR of 12.7% during the forecast period.
Market Size Estimation:
Both top-down and bottom-up approaches were used to estimate and validate the total size of the laboratory gas generators market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and markets have been identified through extensive secondary research
- The revenue generated from the sales of laboratory gas generators by leading players has been determined through primary and secondary research
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
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The gas chromatography segment is expected to grow at the highest CAGR during the forecast period.
On the basis of application, the market is segmented into gas chromatography (GC), liquid chromatography-mass spectrometry (LC-MS), gas analyzers, and other applications [light scattering detectors, evaporators, microwave plasma-atomic emission spectrometers, and sample preparation instruments]. The GC segment is expected to grow at the highest CAGR during the forecast period, mainly due to its advantages such as convenience, safety, extended downtime, optimal analysis, and elimination of hazardous gas cylinders.
The pharmaceutical & biotechnology companies segment accounted for the largest share of the laboratory gas generators market in 2019.
On the basis of end user, the market is segmented into pharmaceutical & biotechnology companies, chemical & petrochemical companies, food & beverage companies, other end users (environmental companies and research & academic institutions). The pharmaceutical & biotechnology companies segment commanded the largest share of the market in 2018. Factors such as the rising demand for laboratory analytical instruments, rising drug research activities, stringent drug discovery regulations, and lab automation are contributing to the large share of this end-user segment.
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North America accounted for the largest share of the laboratory gas generators market in 2019.
On the basis of region, the market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2018, North America accounted for the largest share of the market, followed by Europe. However, Asia is expected to grow at the highest CAGR during the forecast period. Market growth in this region is primarily driven due to the significant outsourcing of clinical trials to Asian countries, among other factors.
Key players in the laboratory gas generators market:
The market is a highly diversified and competitive market, with a large number of players, including mid-tier companies and startup firms, competing for market shares. The prominent players in the global market include Parker Hannifin Corporation (US), Peak Scientific Instruments Ltd. (UK), Praxair Technology, Inc. (UK), Nel (Norway), F-DGSi (France), VICI DBS (US), LNI Swissgas Srl (Switzerland), LabTech S.r.l. (Italy), Claind S.r.l. (Italy), and ErreDue s.p.a. (Italy).
Mr. Aashish Mehra