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Laboratory Mixer Market | Global Market Share, Size, Application & Growth

The laboratory mixer market is expected to grow from USD 1.1 billion in 2018 to USD 1.4 billion by 2023, at a CAGR of 4.4% during the forecast period. Increasing research activity in the pharmaceutical and biotechnology industries is the major factor driving the growth of this market. However, the high cost of advanced laboratory mixers and long equipment lifespans are expected to restrain the growth of this market during the forecast period.
The magnetic stirrers segment is projected to grow at the highest CAGR between 2018 and 2023. Magnetic stirrers are most commonly used in chemical and biological research laboratories to ensure that liquid samples are homogeneous in consistency and temperature. The growth of this segment can be attributed to the growth in funding for life science research and the increasing number of research laboratories
The laboratory mixer market is divided into four major regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2018, North America is expected to account for the largest share of this market, followed by Europe. The large share of this regional segment is attributed to the increasing demand for biopharmaceuticals and rising R&D expenditure by biopharmaceutical companies.
On the other hand, the market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period. The presence of emerging economies such as China and India and the increasing R&D investments by pharmaceutical and biotechnology companies in this region are major factors supporting the growth of the Asian market.
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