Future Market Insights recently released a global market intelligence report covering the refractometers landscape. The report projects the global market valuation of refractometers landscape to reach beyond US$ 420 million in 2019.
At a robust year over year revenue growth estimation over 2018, the refractormeters market is anticipated to witness a cumulatively growing adoption scenario in the near future.
Although Abbe refractometers account for a massive market value share, it is more likely that the growing popularity of the other two types of refractometers, i.e. digital and handheld will gradually take over in the long run.
Elevating Safety Significance to Propel Refractometers Demand in F&B
As the food safety and security concerns gain more prominence pushing the demand for food quality testing equipment at modern laboratories, refractometers are constantly witnessing growing adoption worldwide.
Food and beverage ingredients testing has gathered ground in recent decades, and at present, F&B manufacturing and processing companies emphasize the testing of sugar, fat, allergen, and a few other attributes prominently in products such as honey, sugar syrup, ham, fruit juices, and a range of beverages.
Moreover, refractometers constitute an important part of routine sample analysis of fresh produce, dietary food and beverage products, alcoholic beverages, and sugar concentrates. Currently, F&B holds more than 25% share of the global market revenue, as indicated by the report.
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Temperature Controlled Refractometers to Witness High Sales
With rapidly increasing popularity of temperature control laboratory equipment, the refractormeters landscape has been observing elevating sales of temperature control refractometers, in recent years.
In addition to being a primary reason for the possible inaccuracy in measurement, temperature holds high importance in verifying refractometer readings.
Looking at the growing reliance of refractometer measurement on temperature variations, it is more likely that adoption of temperature-regulated refractometers will experience an upsurge in coming years.
The two trends, aforementioned, are cited as the highly prominent factors that are likely to improve revenue prospects of the global refractometers market, says research. Evolving research demands at modern laboratories are influencing the adoption of modern laboratory equipment, including refractormeters.
Attractive Penetration Opportunities Reside in Healthcare
The healthcare industry is likely to open new doors of opportunities for investors in refractometers landscape. With an expanding clinical research space and increasing criticality of accurate diagnostics, the market for refractormeters is witnessing an increasing rate of adoption.
Monitoring individual protein levels of serum and plasma is emerging as one of the most prominent applications pushing sales of refractormeters across the healthcare domain. Healthcare sector is demonstrating exceptional growth in BRICS countries, which is reportedly a strong factor instrumenting the demand for refractometers for healthcare related applications.
Veterinary refractometers, another popularizing type of the refractometer, continues to observe steadily growing demand for applications such as monitoring the vital fluid levels, hydration and dehydration levels, protein deficiency, and excessive fluid intake.
Collaborations and Acquisitions to Shape Competition Strategies
Leading players in the laboratory equipment landscape that actively serve the refractometers space are concentrating on strategic acquisitions that potentially help companies focus on product innovation and new launches, to eventually attain an enhanced market foortprint. Strategic collaborations also remain one of the most favored strategies for the diversification of product offering portfolio.
Thermo Fisher Scientific Inc. recently announced the acquisition of Phenom-World and Patheon N.V. Earlier this year, the company acquired IntegenX Inc. With these deals, it is most likely that Thermo Fisher’s extensive range of portable and handheld refractometers, handheld analog salinity refractometers, Benchtop laboratory refractometers, and digital Benchtop refractometers will be expanded – for the company’s enhanced global footprint.
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FMI Positions APEJ as the Highest Potential Regional Market
The regional outlook of refractometers market reflects dominance of North America owing to strong presence of a large number of manufacturers of laboratory testing equipment as well as an established research base in the region.
However, the market for refractometers is witnessing strong signs of the emergence of an attractive opportunistic pocket for investors across Asian economies. This growth projection is attributed to the rapidly growing number of research institutes, following the surging frequency of government as well as non-government research grants. The report suggests that APEJ holds the highest potential in terms of growth rate, in the refractometers market.