The centrifuge is a scientific instrument used to separate fluids or substances based on density by rapidly rotating them. In the Korean market, centrifugation equipment and accessories are offered, including multipurpose, micro, and ultracentrifuges, which can be floor-standing or benchtop. Common applications include clinical, research, and biotherapeutic manufacturing, with end users ranging from hospitals to biotech firms. Notable innovations include Eppendorf's Centrifuge 5427 R, featuring hydrocarbon cooling for sustainability, and Beckman Coulter Life Sciences' Allegra V-15R, a versatile benchtop centrifuge with multiple rotor configurations and programmable runs catering to diverse workflows and applications.
BIS Research released the Korea Centrifugation Market Report, which covers 2023 to 2033, with a base year of 2022. 2023, the market size was $46.1 million, with a projected value of $80.6 million by 2033. The CAGR during the forecast period is estimated to be 5.75%. The report consists of 73 pages and includes 9 tables and 23 figures, providing comprehensive coverage of the market trends, analysis, and projections for the centrifugation industry in Korea over the specified period.
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The demand for centrifuges in Korea is driven by factors such as the increasing diagnosis of diseases, particularly in fields like virology, and the rising research and development (R&D) expenditure in the biotech industry.
However, the market faces challenges such as high competition and saturation due to the growing Korean medical devices sector, leading to increased players in the centrifugation market and the high maintenance costs associated with centrifuges due to wear and tear from continuous usage.
Despite these challenges, there are opportunities for growth, such as integrating artificial intelligence (AI) with centrifugation processes. Korea's focus on AI development in life sciences and healthcare, along with strategic initiatives and investments, offers the potential for streamlining processes and generating automated alerts for maintenance and updates, contributing to the advancement and efficiency of centrifuge operations in the market.
The Korea centrifugation market is segmented based on product, model type, and application. In terms of products, equipment such as multipurpose, micro, ultracentrifuges, and others, along with accessories, dominate the market landscape. Equipment, particularly centrifuges, holds a significant share, constituting 72.65% of the market in 2022. Centrifuges serve as crucial laboratory apparatus across various scientific disciplines, facilitating the isolation of particles from solutions based on size, shape, density, and viscosity.
Among model types, floor-standing centrifuges are anticipated to witness substantial growth between 2023 and 2033, offering advantages in optimizing benchtop space and accommodating large volumes or achieving high centrifugation speeds. These centrifuges find extensive use in clinical diagnostics, blood banks, and pharmaceutical laboratories.
Regarding applications, research holds the largest share, accounting for 42% of the market in 2022. Centrifugation plays a pivotal role in biological research, enabling the separation of particles or components based on density, size, and shape, with various centrifuge types and techniques employed in life sciences for different research applications.
The Korea Centrifugation Market Report offers unique selling points (USPs), such as an in-depth competitive analysis of 15 major players, providing a comprehensive overview of the highly potent API market. It examines the market's economic influence and highlights notable end-user industry advancements. The report conducts a thorough supply chain and pricing analysis. It also delves into the investment landscape, assessing product adoption trends and patents. These features make the report valuable for understanding the market's dynamics and opportunities.
BIS principal analyst suggests that product launches and upgrades drove the majority of developments in the Korea centrifugation market, representing nearly 90% of all key advancements from January 2021 to December 2023. Significant players like Thermo Fisher Scientific, Eppendorf SE, Danaher Corporation (D.H. Life Sciences, LLC), and Corning Incorporated lead the market. This report offers valuable insights for companies seeking to enhance their centrifugation products or enter the Korean market. It is also beneficial for those aiming to comprehend Korea's healthcare and biotechnology landscape, including centrifugation usage.
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