A cooling incubator is a cabinet that can control its internal temperature at or below room temperature. Cooling incubators are used for incubating microbiological cultures in many areas of basic research, microbiology, and the food industry. Increase in research activities in the microbiological and pharmaceutical industry for the development of novel therapies for infectious diseases, and improved funding by governments to promote R&D are the key factors expected to augment the expansion of the cooling incubator market during the forecast period.
Technological advancements have brought about a paradigm shift from the usage of traditional equipment to advanced technology-based equipment that offer efficient energy consumption. Cooling incubator with new add-on technologies effectively reduces energy consumption and minimizes uneven temperature distribution. Key players such as BINDER GmbH introduced the world's only thermoelectric cooling incubator with 170 liters of interior volume to balance between size and usable space. Introduction of new technologies is expected to result in high adoption rate which in turn is anticipated to drive the market during the forecast period. Manufacturers are now channelizing their funds into research and development in order to introduce cost-effective and sophisticated cooling incubator. Increase in research and development activities by key companies is likely to lead to the introduction of new technologies in the near future. These factors are likely to increase acceptance and adoption of cooling incubator, thereby driving the expansion of the global cooling incubator market. However, increase in use of refurbished equipment is expected to hamper the growth of the cooling incubator market globally. According to U.S. Food and Drug Administration (FDA), various medical experts have expressed concerns about the safety, quality, and effectiveness of refurbished medical devices. As per a report published by FDA in 2016, third party agencies use unqualified personnel to perform services, maintenance, and device refurbishment without adequate documentation.
The global cooling incubator market can be segmented based on capacity, application, modality, interface, end-user, and region. Based on capacity, the global cooling incubator market can be categorized into below 50 L, 51 L to 100 L, and above 101 L. In terms of modality, the market can be classified into benchtop and floor standing. The floor standing segment held a dominant market share in 2017, due to the cost effectiveness of floor standing. However, rise in demand for miniaturized cooling incubator that occupy lesser space in research laboratories is projected to boost the expansion of the benchtop cooling incubator segment in the near future.
Based on interface, the global cooling incubator market can be divided into digital and analog. The analog segment contributed significantly to revenue in 2017. However, the introduction of technologically advanced laboratory equipment by key companies is estimated to augment the digital segment during the forecast period. In terms of application, the market can be classified into hematology, histology, microbiology, and others. The microbiology segment led the global cooling incubator market in 2017, due to the presence of well-equipped research laboratories and pharmaceutical companies in developed countries. Based on end-user, the global cooling incubator market can be categorized into research laboratories, academic institutes, pharmaceutical & biotechnological companies, and others. The pharmaceutical & biotechnological companies segment accounted for significant revenue in 2017 and is anticipated to maintain its leading position in the coming years. Rapid expansion in the drug development process due to an increase in approvals for new drug development (NDD) applications by the U.S. FDA is a key factor likely to boost the pharmaceutical & biotechnological companies segment during the forecast period.
In terms of region, the global cooling incubator market can be categorized into North America, Latin America, Middle East & Africa, Europe, and Asia Pacific. North America and Europe are expected to hold a major share of the global cooling incubator market during the forecast period because of highly developed health care infrastructure, presence of a large number of R&D institutes, and high adoption rate of advanced technologies. The market in Asia Pacific is expected to expand at a robust growth rate. The market in Asia Pacific is estimated to expand at a rapid CAGR due to several factors such as strong economic growth in the region and investments by international biopharmaceutical companies and contract manufacturers aiming to exploit the significant growth opportunities that the region has to offer. Furthermore, rise in the prevalence of infectious diseases and the resultant rise in demand for biological products are projected to drive the cooling incubator market in Asia Pacific.
Leading players operating in the global cooling incubator market are BINDER GmbH, Memmert GmbH + Co. KG, LEEC, Eppendorf AG, FRANCE-ETUVES, Thermo Fisher Scientific Inc. Panasonic Healthcare Co., Ltd., Sheldon Manufacturing, Inc and others. Popular business growth strategies employed by players in the market include strategic acquisitions and collaborations and other activities aimed at expanding their global footprint.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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4. Strategic Frameworks
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.