High Investments in R&D to Boost the Fume Hood Monitors Market | Technavio

Technavio has published a new report on the global fume hood monitors market from 2017-2021. (Graphic: Business Wire)

LONDON--()--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.”

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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

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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.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

Technavio market research analysts forecast the global fume hood monitors market is expected to exceed USD 148 million by 2021.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com