Korea Centrifugation Market - A Country Level Analysis

Introduction of Korea Centrifugation Market

The Korea centrifugation market was valued at $46.1 million in 2023 and is expected to reach $80.6 million by 2033, growing at a CAGR of 5.75% between 2023 and 2033. A centrifuge is a scientific instrument designed to separate fluids, gases, or liquids according to their density. This separation is achieved by rapidly rotating a container containing the material. Centrifuges serve as vital laboratory apparatus for isolating particles from a solution based on their size, shape, density, and viscosity. The efficiency of this separation relies on the rotational speed of the rotor. In contemporary business and scientific settings, laboratory centrifuges are extensively employed tools. They find widespread application in diverse laboratory environments, notably in chemistry, biochemistry, and molecular biology labs. 

Market Introduction  

As per BIS Research, the Korea centrifugation market includes centrifugation equipment and accessories. Equipment can be of various types, including multipurpose centrifuges, microcentrifuges, ultracentrifuges, and others. The centrifuges can either be floor-standing centrifuges or benchtop centrifuges, depending on the model types and application. The most common applications of centrifuges include clinical, research, biotherapeutic manufacturing, and others. The end users of the Korea centrifugation market are hospitals and blood banks, biotechnology and pharmaceutical companies, academic and research institutes, and others. 

Market Segmentation: 

Segmentation 1: by Product
•    Equipment
     o    Multipurpose Centrifuges
     o    Microcentrifuges
     o    Ultracentrifuges
     o    Others
•    Accessories

Equipment Segment to Dominate as the Leading Product

Based on product, the Korea centrifugation market was led by the equipment segment, with a 72.65% share in 2022. Centrifuges serve as vital laboratory apparatus for isolating particles from a solution based on their size, shape, density, and viscosity. The efficiency of this separation relies on the rotational speed of the rotor. In contemporary business and scientific settings, laboratory centrifuges are extensively employed tools. They find widespread application in diverse laboratory environments, notably in chemistry, biochemistry, and molecular biology labs.

Segmentation 2: by Model Type
•    Benchtop Centrifuges
•    Floor-Standing Centrifuges

Floor-Standing Centrifuges to Witness the Highest Growth between 2023 and 2033

Floor-standing centrifuges are tailored for standard laboratory procedures, offering the benefit of optimizing benchtop space across diverse environments. This classification includes low and superspeed centrifuges, ultracentrifuges, and general-purpose centrifuges, along with replacement parts and accessories. Floor-standing centrifuges are purpose-built for the centrifugation of large volumes or achieving extremely high speeds of centrifugation. Engineered to accommodate substantial sample containers, these centrifuges are well-suited for routine clinical diagnostics, clinical laboratories, blood banks, and pharmaceutical laboratories in the business context.

Segmentation 3: by Application
•    Clinical
•    Research
•    Biotherapeutic Manufacturing
•    Others

Research to Witness the Highest Growth between 2023 and 2033

Based on application, the Korea centrifugation market was led by research, with a 42% share in 2022. Centrifugation plays a crucial role in the field of life sciences, particularly in biological research. This technique involves the use of centrifugal force to separate particles or components of a sample based on their density, size, and shape. Various types of centrifuges and techniques are employed in life sciences for a wide range of research applications.

Recent Developments in the Korea Centrifugation Market

•    In April 2023, Eppendorf, a prominent life science company, unveiled the Centrifuge 5427 R, marking the introduction of Eppendorf's inaugural microcentrifuge equipped with hydrocarbon cooling. This innovation contributes to fostering a more sustainable laboratory environment. Through this advancement, users had the capability to conduct a diverse range of molecular and cell biology applications using a refrigerated device that incorporated a natural cooling agent boasting a nearly zero Global Warming Potential (GWP). The primary goal was to safeguard both samples and the planet.
•    In February 2022, Beckman Coulter Life Sciences introduced its most versatile 3-liter benchtop centrifuge to date, the Allegra V-15R refrigerated centrifuge. It featured 10 rotor configurations and 50 programmable runs, along with a comprehensive array of adapters, allowing for a wide range of workflows and applications. These capabilities extended from cell and blood separation to high-throughput screening.
•    In March 2020, Eppendorf AG and Koki Holdings Co., Ltd., reached an agreement in which Eppendorf acquired Koki's centrifuge business, encompassing the premium himac brand. A formal agreement was signed by both companies in Tokyo. This acquisition strategically expanded the centrifuge business of Hamburg-based Eppendorf AG, reinforcing its strong market standing as a leading global manufacturer of high-end centrifuges for the pharmaceutical and life science sectors, along with academic and commercial research.

Demand – Drivers, Challenges, and Opportunities

Market Demand Drivers:

Increasing Diagnosis of Diseases: In the last century, diagnostic testing has evolved into an indispensable aspect of routine medical procedures. The process of diagnostic testing often involves multiple iterations of gathering, integrating, and interpreting information, with each round refining the working diagnosis. Centrifugation plays a crucial role in various biological research fields, with significant applications in virology and diagnosis. 

Increasing Research and Development (R&D) Expenditure in Korea: The Korean biotech industry has experienced remarkable growth, with numerous Korean biotechnology firms now holding prominent positions globally. It has emerged as a major industry in Korea, showing significant expansion. Centrifuges are one of the most important and most used instruments in a biotechnology laboratory. Thus, the increasing funding of biotechnology in Korea is ultimately leading to an increase in the usage of centrifuges and, in turn, a growth in the Korean centrifugation market.  

Market Challenges:

High Competition and Market Saturation: The Korean medical devices sector has doubled in size between 2010 and 2018, according to the Ministry of Food and Drug Safety. The Korean medical devices market ranked ninth in the globe in 2018, and its revenue from imports from the U.S. increased from $0.9 billion in 2010 to $1.8 billion in 2018. There are already many manufacturers in the centrifugation market, and lately, due to the growing Korean medical devices industry, the number of players providing centrifuges has been increasing. 

High Maintenance Cost of Centrifuges: Effective condition monitoring through maintenance is crucial for centrifugal pumps in various industrial processes. The increasing demand for sophisticated products with intricate specifications within strict timelines has amplified the need for enhanced machine lifespans, making it a priority for industry and production organizations. Continuous usage of centrifuges, especially in demanding industrial environments, leads to wear and tear on critical components. The frequent rotation and high-speed operation contribute to the degradation of parts, necessitating regular inspections, replacements, and adjustments, which can incur substantial maintenance costs. 

Market Opportunities:

Integration of Artificial Intelligence (AI) with Centrifugation Processes: Korea is intensifying efforts to enhance AI development in the field of life sciences. The nation is strategically implementing initiatives with a primary focus on robust regulations. In a bid to propel advancements in AI, Korea is actively revising regulations within the AI domain. Korea is making significant investments in artificial intelligence, positioning itself as one of the few countries prioritizing AI in the healthcare sector. The application of artificial intelligence to centrifugal pumps is already underway, streamlining processes and generating automated alerts for maintenance and updates. 

Analyst’s Thoughts 

According to Swati Sood, Principal Analyst at BIS Research, “Growing healthcare research and development throughout the world is generating a need for better Korea centrifugation as well. This is the key reason behind the rising adoption of centrifugation around the world.”