Korea Centrifugation Analysis Report 2023-2033: Increasing Research and Development Expenditure Bodes Well for the Burgeoning Market - ResearchAndMarkets.com

The "Korea Centrifugation Market - A Country Level Analysis: Focus on Product, Model Type, Application, and End User - Forecast Period, 2023-2033" report has been added to ResearchAndMarkets.com's offering.

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

As per this 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.

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.

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.

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.

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.

Key Attributes:

Market Dynamics Overview

Market Drivers

• Upsurge in Healthcare Research and Development Expenditure In turn Increasing the Usage of Centrifuges
• Increasing Diagnosis of Diseases Leading to Increased Usage of Centrifugation Devices for Diagnosis and Drug Development
• Adoption of the Latest Technological Advancements in Centrifuges

Trends: Current and Future Impact Assessment

• Wide Variety of Centrifuge Types
• Betterment of Healthcare Infrastructure and Laboratories

Market Challenges

• Large Local Production of Centrifuges Leading to Surpass Usage in the Country
• Long Lifespan of Centrifuges Leading to Low Purchase Rate of the Equipment

Market Opportunities

• Integration of Artificial Intelligence with Centrifugation Processes

Regulatory Landscape

Impact of COVID-19 on Korea Centrifugation Market

Competitive Benchmarking & Company Profiles

• Agilent Technologies, Inc.
• Andreas Hettich GmbH & Co. KG
• ARI Medical Technology Co., Ltd.
• Biolab Scientific
• Bioneer Corporation
• Bio-Rad Laboratories, Inc.
• Corning Incorporated
• Daihan Science Co., Ltd.
• Danaher Corporation
• DLAB Scientific Co.,Ltd.
• Eppendorf SE
• Hanil Scientific Inc.
• Korea Process Technology
• QIAGEN N.V.
• Thermo Fisher Scientific, Inc.

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