LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global fume hood monitors market is expected to exceed USD 148 million by 2021, according to their latest report.
The market study covers the present scenario and growth prospects of the global fume hood monitors market for 2017-2021. The report also lists scientific research and development; diagnostic and medical laboratories; manufacturing industry; scientific and economic consulting; and laboratory testing services as the five major application segments. The scientific research and development segment accounted for more than 47% of the market share in 2016.
According to Neelesh Prakash Singh, a lead analyst at Technavio for power research, “The increasing global investments for R&D in various industries are expected to contribute to the growth of fume hood monitors market significantly. Industries such as life science, aerospace and defense, nanotechnology, automotive, and energy have witnessed heavy investments in their respective fields for innovations through R&D activities, globally.”
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Technavio analysts highlight the following three market drivers that are contributing to the growth of the global fume hood monitors market:
- Growing pharmaceutical investments in India
- Increase in number of researchers
- Increase in research and development investments
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Growing pharmaceutical investments in India
The Indian pharmaceutical industry is one of the largest markets in the global pharma industry. The Goods and Service Tax implemented by the Indian government is expected to favor the pharmaceutical industry. The cost of production in India is near about 55% lower than that in the US and is approximately half of Europe. In addition, India is evolving as a leading destination for medical tourism owing to lower treatment costs.
Thus, the support of the government along with focus on drug development will call in for more research activities in India, thereby driving the market for safety equipment such as fume hoods. This will subsequently drive the global fume hood monitors market.
Increase in number of researchers
Various industries and academic research disciplines have witnessed a significant increase in the number of researchers at the global level. These researchers are professionals who are engaged in the conceptualization and creation of new processes, products, systems, and practices. The global increase in the number of researchers is due to increased R&D spending across industries such as automotive, medical, and life sciences. This significant increase in the number of researchers creates demand for research equipment such as fume hoods and fume hood monitors.
Increase in research and development investments
R&D is concerned with the development of new processes, products, and technologies that can be used for the benefit of mankind. Over the past decade, global spending on R&D has witnessed a consistent growth. The increase in global R&D is driven by Asian economies. For instance, in the period between 2014-2016, Asian countries accounted for more than 40% of the global R&D investments.
“With countries continuing to lay greater emphasis on knowledge expansion and innovation, the expenditure on R&D will continue to grow during the forecast period. This will result in more investments in the adoption of research facilities, including safety equipment such as fume hoods and fume hood monitors,” says Neelesh.
Browse Related Reports:
- Global Cleanroom Luminaires Market 2017-2021
- Global Indoor Air Quality Meters Market 2017-2021
- Global Generator Rental Market for Mining Industry 2017-2021
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
