LONDON--(BUSINESS WIRE)--Technavio projects the global CO2 incubator market to post a CAGR of close to 8% during the forecast period. Growth of the global life science market will drive the market. In 2017, the global life science market, which involves biotechnology, pharmaceutical, and biomedical technologies, witnessed steady growth. The growth of the geriatric population, growing prevalence of chronic diseases, and rising disposable income of people are some of the factors that contributed to this growth.
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In this report, Technavio highlights the increase in GMOs as one of the key emerging trends driving the global CO2 incubator market:
Increase in GMOs
GMOs are those organisms that have been modified by the application of recombinant DNA technology or genetic engineering, a technique used for altering a living organism’s genetic material. The demand for genetically modified crops is increasing due to advantages such as increased agricultural productivity and reduced need for environmentally harmful pesticides. GMO seeds offer premium characteristics to increase agricultural output, improve nutritional value, enable longer shelf life, and offer greater resistance to insects.
According to a senior analyst at Technavio for lab equipment research, “Manufacturers of GMO crops are developing new GM crops that resist pests and diseases and exhibit increased tolerance to herbicides. Vitamin A-fortified rice and wheat, and drought tolerant biofortified bananas and maize are examples of such crops. Thus, with the increase in genetically engineered products, the demand for incubators such as CO2 incubators is expected to increase, as they are used for creating a suitable environment at the molecular level.”
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Market segmentation and analysis by Technavio
This market research report segments the global CO2 incubator market by end-user (biotechnology and pharmaceutical companies, research and clinical laboratories, and others), and key regions (the Americas, APAC, and EMEA).
The global CO2 incubator market was dominated by the biotechnology and pharmaceutical companies segment which held the largest market share of more than 36%, followed by the research and clinical laboratories and other segments. However, the market share of both the leading segments is expected to drop over the forecast period while that of the others segment will increase by close to 3%.
In 2017, the Americas dominated the global CO2 incubator market with a share of 35%, followed by APAC and EMEA. The Americas is likely to maintain its lead over the market however, its market share is expected to drop by close to 1% while that of APAC will witness the maximum growth of close to 2% by 2022.
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