Osmometers Market Size
|Market Size (2023)||USD 129.80 Million|
|Market Size (2028)||USD 264.38 Million|
|CAGR (2023 - 2028)||15.29 %|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Osmometers Market Analysis
The Osmometers Market size is expected to grow from USD 129.80 million in 2023 to USD 264.38 million by 2028, at a CAGR of 15.29% during the forecast period (2023-2028).
In recent times, countries have faced a huge setback due to the pandemic. The COVID-19 pandemic had a significant impact on the market studied. According to the data from the National Institute of Health published in March 2020, COVID-19 was associated with electrolyte disorders, including hyponatremia. Early diagnosis and etiologic determination in any hyponatremic patient are critical to ensuring proper treatment and avoiding potential harm to the patient. As osmometers are useful in the diagnosis of hyponatremia, there has been positive growth in the market. However, the COVID-19 pandemic halted clinical studies, which negatively impacted the market to some extent.
The rise in demand for osmometers is primarily due to the increase in research and development activities and the number of clinical and biopharmaceutical labs. Growing disease burdens 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's growth. For instance, according to the International Agency for Research on Cancer 2021, globally 1 in 5 people develop cancer during their lifetime, and 1 in 8 men and 1 in 11 women die from the disease. As the number of people with cancer rises around the world, there is more demand for clinical laboratories, which is helping the market grow.
In addition, growing healthcare spending and demand for advanced laboratory equipment for accurate analysis and results for better clinical outcomes are a few other factors that are positively impacting market growth. For instance, as per the OECD data published in November 2022, healthcare spending as a percent of GDP during the year 2021 was around 9.6% in OECD countries, which was higher than that of previous years. With the high expenditure on healthcare, it is believed that there will be growing research and development in the field of osmometers. Hence, high healthcare spending is augmenting the growth of the market studied.
But the growth of the market is likely to be slowed by the limitations of different osmometry methods and the lack of skilled professionals.
Osmometers Market Trends
This section covers the major market trends shaping the Osmometers Market according to our research experts:
Freezing Point Osmometers are Expected to have Healthy Growth Rate
The freezing point osmometer is a type of osmometer used to determine the osmotic strength of a solution as its osmotically active aspects depress its freezing point. A freezing point osmometer measures 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 factors such as ease of control and simple calibration.
Furthermore, the major market players are focusing on R&D activities to bring new and reliable products to the market, and they are also focusing on product launches. For instance, in July 2022, Advanced Instruments announced the newest addition to its clinical line of freezing point osmometers, the OsmoPRO MAX Automated Osmometer. As the leading authority in osmometry, Advanced Instruments designed the OsmoPRO MAX for clinical laboratories of all sizes seeking higher productivity through automation. Thus, owing to the aforementioned factors, the market studied is expected to grow significantly.
Additionally, in July 2021, ELITechGroup, a manufacturer of global vapor pressure osmometer technology, acquired GONOTEC, a leading market player in freezing point osmometer technology, to help physicians rapidly and accurately diagnose disease and determine the proper course of patient treatment. With the key companies taking such strategic steps, the segment is likely to grow quickly in the coming years.
To understand key trends, Download Sample Report
North America is Projected to Grow at a Significant Rate
The North American region is expected to have significant market growth over the forecast period. High healthcare costs, the growing use of automated medical equipment in clinical labs and hospitals, and technological advances in the region are all things that are likely to help the region grow.
Spending on research and development has increased over time. According to an article by the National Center for Science and Engineering Statistics published in December 2021, the 42 federally funded research and development centers (FFRDCs) in the United States spent USD 23.5 billion on research and development in FY 2021, an annual increase of 3.4%. This increase in expenditure is largely driven by the focus on having a competitive edge over their competitors and high returns on the newly developed product.
Additionally, the number of deaths attributed to diarrheal diseases has increased substantially as well. According to the journal American Family Physician published in June 2022, approximately 179 million acute diarrhea cases occur each year in the United States, which is likely to increase the demand for osmometer usage in the accurate and proper diagnosis of the underlying causes of diarrhea.
There are also key players in the United States and a well-established medical device industry in North America, both of which are good for the growth of the market that was studied in the region.
To understand geography trends, Download Sample Report
Osmometers Industry Overview
The osmometer market is moderately competitive, with a majority of local or regional players. Market players are focusing on innovative product launches and geographical expansions. The market players operating are Advanced Instruments LLC, Precision Systems Inc., ELITechGroup, and ARKRAY Inc., among others.
Osmometers Market Leaders
Advanced Instruments LLC
Precision Systems Inc.
*Disclaimer: Major Players sorted in no particular order
Osmometers Market News
- September 2022: Trukera Medical announced the launch of the New ScoutPro Osmolarity System.
- September 2021: Advanced QC, a web-based program, was launched for manufacturer-recommended serum and urine osmometer controls, protinol protein-based controls, and renol urine osmolality controls. The program allows clinical laboratories to compare their osmometer control data to their peers' data on a real-time and monthly basis.
Osmometers Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
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 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. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product Type
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
5.3.3 Other Applications
5.4 By End User
5.4.2 Laboratory and Diagnostic Centers
5.4.3 Other End Users
5.5.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.5.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
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
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Osmometers Market Research FAQs
How big is the Osmometers Market?
The Osmometers Market size is expected to reach USD 129.80 million in 2023 and grow at a CAGR of 15.29% to reach USD 264.38 million by 2028.
What is the current Osmometers Market size?
In 2023, the Osmometers Market size is expected to reach USD 129.80 million.
Who are the key players in Osmometers Market?
Advanced Instruments LLC, Precision Systems Inc., ELITechGroup, ARKRAY, Inc. and Nova Biomedical are the major companies operating in the Osmometers Market.
Which is the fastest growing region in Osmometers Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Osmometers Market?
In 2023, the North America accounts for the largest market share in the Osmometers Market.
Osmometers Industry Report
Statistics for the 2023 Osmometers market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Osmometers analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.