Market Size of Fume Hood Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 2.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Fume Hood Market Analysis
The fume hood market is expected to record a CAGR of 2.8% during the forecast period.
The COVID-19 pandemic had a significant impact on the market. Due to the pandemic, many pharmaceutical companies increased their R&D capacities, which led to the development of more laboratories worldwide. With the increasing number of laboratories, the adoption of fume hoods also increased. For instance, in October 2022, BioNTech SE announced its plans to set up research and manufacturing centers in Australia based on the same technology used to develop the mRNA COVID-19 vaccine. The company and Australia's Victoria state signed a partnership to create a center to conduct clinical research on experimental messenger ribonucleic acid, mRNA, vaccines, and therapies to attract experts worldwide. Such R&D initiatives by various market players boosted the adoption of fume hoods in laboratories. Hence, the COVID-19 pandemic impacted the growth of the market significantly. However, with the pandemic subsiding, the studied market is expected to have stable growth over the forecast period.
Factors such as the rising safety measures of the laboratory by government and private organizations and the increasing investments to develop pharmaceutical laboratory infrastructures are the major factors driving the market's growth. With the increasing demand for developing medicines, the pharmaceutical and biopharmaceutical industry is constantly showing a significant contribution, which is expected to propel the fume hood market.
The increasing prevalence of various chronic and infectious diseases across the world is expected to boost the R&D processes of pharmaceutical companies, which may ultimately lead to increased adoption of fume hoods in research laboratories. For instance, according to the report published by the Chinese Medical Journal in March 2022, China is experiencing a greater incidence of cancers. In 2022, there were approximately 4,820,000 new cancer cases in China, with the most common being lung cancer.
According to the data published by the Korea Disease Control and Prevention Agency in December 2022, in week 48 of 2022, the overall weekly influenza-like illness (ILI) rate was 15.0%, higher than the 13.9% recorded in the previous week in South Korea. It was also reported that in week 48 of 2022, out of the 271 respiratory specimens, 20 samples (7.4%) were positive for the influenza virus. Hence, the increasing prevalence of such chronic and infectious diseases is expected to increase the expenditure of pharmaceutical companies in R&D, which may lead to increased adoption of fume hoods in their R&D laboratories.
Hence, the increasing prevalence of chronic and infectious diseases is expected to boost the market's growth. However, the high instrument cost is expected to restrict the growth of the fume hood market in the future.
