Laboratory Vacuum Pumps Market size is expected to grow significantly from 2019 to 2025.
Technological advancements in laboratory vacuum pumps will augment their demand over the analysis timeframe. Manufacturers are implementing the latest technologies to develop advanced equipment that will operate smoothly during procedures. Technologically advanced laboratory vacuum pumps produce optimum void, which will enhance the workflow. Moreover, they have an advanced lubricating system, create low operational noise, and emit less heat, leading to the low consumption of energy and high output. Aforementioned advantages offered by laboratory vacuum pumps will drive business growth.
The increasing usage of laboratory vacuum pumps in biotech and pharmaceutical industries and in R&D institutes will augment their demand in coming years. In pharmaceutical industries, good manufacturing procedures are followed to produce qualitative products. As a result, these industries use them for vacuum filtration, distillation, dehydration, solvent extraction, and concentration process. Industries will increasingly use laboratory vacuum pumps due to the high reliability and efficacy they offer. However, the high cost of this equipment will hamper market growth up to a certain extent.
The dry laboratory vacuum pumps segment is anticipated to witness robust growth in the near future. Substantial growth is attributed to the benefits and a wide range of applications it offers. Dry vacuum pumps are environment-friendly and are implemented in freeze drying, evaporation, crystallization, and sterilization processed. Additionally, these pumps have high performance, low maintenance, and do not generate waste materials.
Pharmaceutical companies will witness significant growth over the forecast period owing to cleaning validation requirement for the FDA approval and risks associated with cross-contamination of highly sensitive active pharmaceutical ingredients. Various pharmaceutical companies receive warnings from regulatory authorities in case of the inability to meet the set control measures. The stringent regulatory scenario will mandate pharmaceutical companies to adopt laboratory vacuum pumps, rendering significant positive impact on segment growth.
The North America laboratory vacuum pump market will witness lucrative growth in the forthcoming years over the analysis time frame owing to the rising healthcare expenditure and technological advancements in laboratory vacuum pumps. Furthermore, a substantial increase in the number of research-based companies will escalate the demand for advanced laboratory vacuum pumps utilized in the process of drug discovery, thereby fostering the regional market growth.
Notable industry players operated in laboratory vacuum pumps market are Labconco, Toshniwal Instruments, IVC PUMPS, Atlas Copco AB, Welch Vacuum - Gardner Denver, Oerlikon Leybold Vacuum GmbH, KNF Group, Tuthill Corporation, Graham Corporation and Dekker Vacuum Technologies. These industry players are implementing strategic mergers, acquisitions, new product launches, and geographical expansions to develop innovative solutions and sustain in the market. For instance, in 2019 Atlas COSPO AB acquired IPV. This strategic acquisition will help in strengthening product portfolio and fortify presence in the north west of Europe.
Laboratory Vacuum Pumps Market By Type, 2014-2025 (USD Million)
Laboratory Vacuum Pumps Market By End-use, 2014-2025 (USD Million)
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