Global Biosafety Cabinet Market Report 2023: Sector is Expected to Reach $429.47 Million in 2028
DUBLIN, Nov. 10, 2023 /PRNewswire/ -- The "Biosafety Cabinet Market Forecast to 2028 - Global Analysis By Products Handled, Category, Type, Application, and End User" report has been added to ResearchAndMarkets.com's offering.
The biosafety cabinet market size is expected to reach US$ 429.47 million by 2028 from US$ 276.88 million in 2022; it is estimated to record a CAGR of 7.6% from 2023 to 2028.
Biosafety cabinets are efficient devices used to control contamination in laboratories dealing with infectious agents. These act as a primary barrier for restricting the escape of biological aerosols in the lab environment. The biosafety cabinets are broadly classified in three types -class I cabinets, class II cabinets, and class III cabinets. Specific regulations and guidelines imposed by the medical ruling authorities in each region recommend the use of the appropriate type of cabinets to carry out protocols based on the levels of risk involved.
The rising prevalence of infectious diseases and increasing strategic initiatives are bolstering the biosafety cabinet market size. The biosafety cabinet market trend includes the increasing adoption of cell-based and regenerative therapies. Moreover, the biosafety cabinet market size is likely to grow by 2028 owing to rapid developments in pharmaceutical and biotechnology research.
R&D is a significant and essential part of the business of pharmaceuticals and biopharmaceutical companies. R&D enables companies to come up with new medicines for various therapeutic applications with significant medical and commercial potential. There has been an increase in R&D spending by biopharmaceutical companies over the years. According to a report by Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of PhRMA member companies was US$ 102.3 billion in 2021, compared to US$ 91.1 billion in 2019.
Drug development and discovery are time-consuming and expensive processes. These processes involves various stages, including early detection of a target, designing of a molecule, and development and regulatory approval. The entire process can take more than 10-15 years. Throughout the drug development phase, various testing services are required to check the quality and efficacy of the drug. In the development and modification of a new vaccine strain for infectious disease, various cell culture studies and experiments are performed that majorly requires biosafety cabinets.
Furthermore, increasing demand for smart laboratories has led to the development of smart biosafety cabinets with cloud-based, Internet of Things (IoT), and Artificial Intelligence (AI) technologies. Thus, the rising number of molecules entering clinical trial studies and ramp-up in R&D, along with the growing trend of smart laboratories, will create ample opportunities for the biosafety cabinet market during the forecast period.
Based on product handled, the biosafety cabinet market is bifurcated into biological products and toxic products. Biological products include blood samples and components, allergenic, vaccines, stem cells, gene therapies, tissues, and recombinant therapeutic proteins that require high protection as they are prone to quick contamination due to their complex characteristics. These products require a sterile work zone.
Here, biosafety cabinets provide an effective, optimized environment to store biological products for a longer period. Class II and III biosafety cabinets are widely used to store biological products in research laboratories and research and development facilities of healthcare companies. These cabinets utilize high-efficiency particulate air (HEPA) filters to prevent biohazard exposure. Additionally, biosafety cabinets are designed to minimize the potential exposure of laboratory workers to hazardous materials and prevent the surrounding environment from contamination. Therefore, increasing application areas of biological products are likley to support the biosafety cabinet market.
The biological products segment in asnticpated to register a higher CAGR and market share during the forecast period owing to the growing research and development in biotechnology companies, rising demand for diagnostics laboratories, and growing number of end users to store their biological products for longer. The biosafety cabinet market growth is also led by the constant technological developments that offer efficient protection for biological products. In May 2021, Labconco launched an updated Purifier Axiom Biosafety Cabinet series.
The updated versions of Purifier Axiom Biosafety Cabinet have upgraded the MyLogic OS operating system and enhanced safety features, such as Active Protection Protocol (APP). By launching the upgraded product, Labcono has met the demand for flexible biosafety cabinet ventilation.
Further, the demand for biosafety cabinets is anticipated to grow in forensic laboratories in the coming years. Forensic laboratories widely prefer biosafety cabinets as they offer high-level protection to biological products while examining biological evidence. Also, biosafety cabinets offer beneficial features over the fume hood without any exhaust ductwork installation and ventilation. It prevents workers from created aerosols while working with biological hazards and biological products. Thus, the above-mentioned factors are likely to drive the biosafety cabinet market growth for the biological products segment during the forecast period.
Market Dynamics
Drivers
- Rising Prevalence of Infectious Diseases
- Rising Strategic Initiatives
Restraint
- High Cost and Maintenance of Biosafety Cabinets
Opportunity
- Rapid Developments in Pharmaceutical and Biotechnology Research
Future Trend
- Increasing Adoption of Cell-Based and Regenerative Therapies
Companies Mentioned
- NuAire Inc
- Labconco Corp
- Esco Group of Companies
- Biobase Biodusty Co Ltd
- Thermo Fisher Scientific Inc
- International Marketers For Scientific Equipments & Technologies
- Heal Force Bio-Meditech Holdings Ltd
- Kewaunee Scientific Corp
- ACMAS Technologies
- Haier Biomedical
For more information about this report visit https://www.researchandmarkets.com/r/ct165h
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SOURCE Research and Markets
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