Biological Safety Cabinet Market To Generate Revenue Worth $507.1 Million by 2030
- Published: January 2023
The global biological safety cabinet market is projected to generate USD 507.1 million revenue by 2030, advancing at a CAGR of 7.9% during 2022–2030. In order to create safe and effective medicines, there has been an increase in research activities in the pharmaceutical, biotechnology, and life sciences sectors. There has also been rapid progress in the development of infectious disease vaccines and a massive rise in the prevalence of chronic diseases, which are boosting the usage of biosafety cabinets for drug R&D.
Recent years have seen considerable growth in R&D spending, which has led to an increase in the setup of labs, thus increasing the demand for biological safety cabinets. Moreover, the biotechnology sector accounts for around 40% of the drugs under development currently. This is due to the growing need for orphan drugs and customized medications, which has resulted in the expansion of R&D facilities on a big scale.
Rapid Growth in Industrial Infrastructure
The industrial application category will register the fastest growth during the forecast period, with a CAGR of more than 8%. This is because governments are strongly focusing on setting up manufacturing units for developing safe and effective drugs. Biosafety cabinets are an important inclusion in the pharma R&D safety guidelines of most countries, being part of an overall cleanroom.
Governments are investing to improve the pharma and biotech R&D infrastructure in their respective countries. Currently, this investment scenario is the most upbeat in developing countries, such as India. Moreover, during the pandemic, while most of the economic sectors were badly hit, the importance of the healthcare industry rose massively. Thus, India invested INR 4.72 lakh crore in its healthcare sector in 2021–22, which was a roughly 73% rise from INR 2.73 lakh crore in 2019–20.
Furthermore, Government of India has implemented a number of schemes and initiatives to boost the market. For instance, it announced plans to set up nine biosafety level III laboratories, as part of the Pradhanmantri Atmanirbhar Swasth Bharat Yojana, in the Union Budget 2020–21.
As a result of these initiatives, the Asia-Pacific region is projected to see the highest CAGR over the forecast period. This would also be due to the advancement in their healthcare infrastructure, with governments setting up new pharmaceutical manufacturing units; shift in the government policies in favor of basic research and entrepreneurship, and large pool of patients and skilled laborers. Moreover, investments from the major market players and a focus on better patient care are projected to drive the market growth in the future.
Furthermore, China will undergo significant growth due to the rising biomedical research activities and setup of R&D facilities in the country by pharmaceutical companies, encouraged by the government efforts for a better healthcare system.
Some of the major market players are Thermo Fisher Scientific Inc., Kewaunee Scientific Corporation, ACMAS Technologies (P) Ltd., Germfree Laboratories Inc., NuAire Inc., Air Science LLC, Berner International, BIOBASE Group, and Erlab Inc..