The Osmometers Market is expected to grow at a CAGR of 4.25% over the study period.
In recent times, countries have faced a huge setback due to COVID-19. As per the World Health Organization (WHO), coronavirus disease is an infectious disease in which people experience mild to moderate respiratory illnesses. According to an article “New Scientific Resource: Using Osmolality to Diagnose & Treat Hyponatremia in COVID-19 Patients” published in March 2020, COVID-19 is associated with electrolyte disorders including hyponatremia. Early diagnosis and etiologic determination are critical in any hyponatremic patient to ensure proper treatment and to avoid potential harm to the patient which lead to positive growth in the market. However, COVID-19 has halted the clinical studies which have negatively impacted the market.
The rise in demand for osmometers is primarily due to the increase in research and development activities and the number of clinical labs, biopharmaceutical labs are the fueling factors for the osmometers market. Growing disease burden all over the world and increasing demand for advanced and well-equipped clinical laboratories for better clinical outcomes are some of the factors that are accelerating the market growth. For instance, according to the International Agency for Research on Cancer 2020, globally 1 in 5 people develop cancer during their lifetime, and 1 in 8 men and 1 in 11 women die from the disease.
In addition, growing healthcare spending and demand for advanced laboratory equipment for accurate analysis and results for better clinical outcomes are few other factors that are positively impacting the market growth. Furthermore, advanced technologies in osmometer devices coupled with the launch of new products are taking the osmometry to higher levels. However, the limitations associated with various techniques of osmometry and the dearth of skilled professionals are expected to impede the market growth.
Key Market Trends
Freezing Point Osmometers are Expected to Have Healthy Growth Rate
The freezing point depression osmometer is a type of osmometers used to determine the osmotic strength of a solution as its osmotically active aspects depress its freezing point. A freezing point osmometer measure changes in a solvent's freezing point as a function of the total number of solutes. The distinct nature of freezing point osmometers is very important as there is a precise linear correlation between osmolality and the freezing point of a solution. Freezing point osmometers are the most preferred osmometers due to the factors, such as ease in controlling and simple calibration.
Furthermore, the major market players are focusing on R&D activities to bring new and reliable products into the market, and they are also focusing on product launches.For instance, in June 2020, ELITechGroup launched FreezePoint Freezing Point Osmometer. The ELITechGroup's FreezePoint is designed for routine measurements in the medical field and is also suitable for measurements in research and industry to determine the total osmolality of aqueous solutions. The instrument only requires 15 µl sample volumes offering rapid measurement cycles that are completed in a very short time. Thus, owing to the aforementioned factors, the market studied is expected to grow significantly.
North America Projected to Grow at Significant Rate
North America region is expected to have significant market growth over the forecast period. Factors such as high healthcare expenditure, growing adaptation of automated healthcare equipment in clinical laboratories and hospitals and technological advancements in the region are expected to boost the regional growth. Spending on research and development has increased over the course of time. According to an article published by National Center for Science and Engineering Statistics, the 42 federally funded research and development centers (FFRDCs) in United States spent USD 23.5 billion on research and development in FY 2020, an annual increase of 3.4%. This increase in expenditure is largely driven by the focus of having competitive edge over their competitors and high returns on the new developed product.
Additionally, the number of deaths attributed to diarrheal diseases has increased substantially as well. According to Centers for Disease Control and Prevention(CDC), approximately 179 million acute diarrhea cases occur each year in the United States, which is likely to increase the demand for the osmometer usage in the accurate and proper diagnosis of the underlying causes of diarrhea.
Moreover, recent product launches in the country are also expected to drive the market. Advanced Instruments is one of the US-based innovative companies focusing on developing novel, and advanced osmometers globally have been involved in frequent launches of Osmometers in the country, which is expected to drive market growth significantly. In August 2019 OsmoTECH PRO Multi-Sample Micro-Osmometer, OsmoTECH Single-Sample Micro-Osmometer In 2018 and 2017 OsmoPRO Multi-Sample Micro-Osmometer were launched by the company in the three consecutive years.
Thus, owing to the factors mentioned above, the market is expected to grow significantly in the country.
Osmometers market is highly fragmented having a majority number of local or regional players. Market players are focusing on innovative product launches and geographic expansions. The market players operating in the market are Advanced Instruments LLC., Precision Systems Inc., ELITechGroup, and ARKRAY, Inc., among others
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Table of Contents
1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Technological Advancements in Osmometers and High Demand For Automation
4.2.2 Growing R&D Investments and Increase in Burden of Various Diseases
4.3 Market Restraints
4.3.1 Limitations of Osmometers
4.3.2 The Dearth of Skilled Professionals
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 Freezing Point Osmometers
5.1.2 Vapor Pressure Osmometers
5.1.3 Membrane Osmometers
5.2 By Sampling Capacity
5.2.1 Single-Sample Osmometers
5.2.2 Multi-Sample Osmometers
5.3 By Application
5.3.2 Pharmaceutical and Biotech
5.4 By End-User
5.4.2 Laboratory and Diagnostic Centers
5.5.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.5.4 Rest of World
6.1.1 Advanced Instruments LLC.
6.1.2 Precision Systems Inc.
6.1.4 ARKRAY, Inc.
6.1.5 Nova Biomedical
6.1.6 ASTORI TECNICA
6.1.7 KNAUER Wissenschaftliche Gerete GmbH
6.1.8 Löser Messtechnik
A selection of companies mentioned in this report includes:
- Advanced Instruments LLC.
- Precision Systems Inc.
- ARKRAY, Inc.
- Nova Biomedical
- ASTORI TECNICA
- KNAUER Wissenschaftliche Gerete GmbH
- Löser Messtechnik