According to the latest research study released by Technavio, the global laboratory cabinet market is expected to reach over USD 792 million by 2020.

This research report titled ‘Global Laboratory Cabinet Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. The market size was calculated from revenue generated from the sales of laboratory cabinets by the market vendors in this product category.

Global laboratory cabinet market by end-user segmentation 2015
• Medical and healthcare 24.18%
• Pharmaceutical 20.62%
• Electronics 13.97%
• Others 41.23%

Global laboratory cabinet market in medical and healthcare industry

The global laboratory cabinet market in the medical and healthcare industry was valued at USD 142.5 million in 2015. The growth of the global laboratory cabinet market in the medical and healthcare segment will be driven by the increasing number of healthcare facilities around the world. Growing emphasis on healthcare and medical research will also have a positive impact on the demand for laboratory cabinets over the forecast period. The primary source of revenue for this segment is from the sales of biosafety cabinets. The healthcare facilities industry posted a year-over-year (YoY) net income growth of 6.9% in 2015, compared to 2014, and this net income growth trend will continue over the following five years, allowing the segment to reach a YoY growth rate of 4.56% by the end of 2020.

Global laboratory cabinet market in pharmaceutical industry

The global laboratory cabinet market in the pharmaceutical industry was valued at USD 121.5 million in 2015. The global laboratory cabinet market in the pharmaceutical industry will be driven by a large number of R&D facilities being set up, as well as the migration of the facilities of top vendors to emerging APAC nations. The majority of the demand for laboratory cabinets in the pharmaceutical sector will come from APAC over the next four years, and this trend is expected to positively impact market growth until 2020.

Global laboratory cabinet market in electronics industry

The global laboratory cabinet market in the electronics industry will be driven by an increasing number of industry market players, most of whom are joining due to the expanding consumer electronics product portfolio. The application of nanotechnology in embedded electronics and circuit design will allow this market to expand steadily over the forecast period.

Significant revenue for the laboratory cabinet market in this end-user segment comes from the sales of laminar flow cabinets, which are widely used for handling printed circuit boards and other delicate electronic components. North America and APAC will see maximum demand for laboratory cabinets over the forecast period.

(Source: Technavio)