Albany, NY -- (SBWIRE) -- 09/24/2020 -- Transparency Market Research (TMR) has published a new report on the osmometers market for the forecast period of 2019–2027. According to the report, the global osmometers market was valued at ~US$ 64 Mn in 2018, and is projected to expand at a CAGR of ~3% from 2019 to 2027. Rise in the demand for osmometers, launch of innovative products by key market players, and expansion of pharmaceutical and biopharmaceutical companies are anticipated to augment the global market from 2019 to 2027.
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North America and Western Europe are likely to account for dominant shares of the global osmometers market, owing to a rise in the usage of osmometers to measure the osmality of aqueous solutions in clinical laboratory testing.
However, high competition is likely to hamper the global osmometers market. Asia Pacific is expected to be a highly lucrative market for osmometers during the forecast period.
Rise in Demand for Osmometers to Propel Market
Rise in the prevalence of electrolyte disorders is likely to increase the demand for osmometers.
An article published in the International Journal of Medical Research and Review in South India stated that, the estimated prevalence rate of hypernatremia was 3.14% during a study conducted from March 2011 to March 2016.
Infant diarrhea is a leading cause of death in pediatric patients. Osmometers are used to accurately indicate the degree of dehydration in case of infant diarrhea.
According to the World Health Organization (WHO), an estimated 1.7 billion cases of childhood diarrhoeal diseases are recorded across the globe each year.
Freezing point depression osmometers require small sample size, are simple to use, offer fast & accurate results, and are widely referenced for the measurement of osmolality. These factors attributed to the high preference for use of freezing point depression osmometers in quality control labs, pharmaceutical industries, and clinical chemistry.
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Launch of Innovative Products by Key Players to Augment Market
Leading market players are engaged in the development of new innovative products.
In July 2019, ELITechGroup announced plans to launch FreezePoint osmometers soon. These osmometers require a small sample and are controlled via a touchscreen.
In July 2018, Advanced Instruments introduced OsmoTECH, a single sample micro-osmometer. OsmoTECH helps the biotech industry to successfully produce biologics.
Competitive Environment for Osmometers to Restrain Market
The osmometers market is highly fragmented. A large number of osmometers are offered by key players in the market.
The market is hampered due to availability of a wide range of products at different costs.
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Asia Pacific Market to Expand Significantly
Increase in the demand for advanced osmometers for clinical and dairy analysis in developing countries is expected to propel the market in these regions.The market in Asia Pacific is likely to expand at a high CAGR from 2019 to 2027.
Expansion of the market in the region can be attributed to an increase in the demand for technologically-advanced devices, such as automated osmometers in clinical laboratory settings as well as a rise in R&D expenditure of pharmaceutical and biotech companies
Competitive Landscape of the Osmometers Market
The report also provides profiles of leading players operating in the global osmometers market. These include KNAUER Wissenschaftliche Geräte GmbH, Advanced Instruments, Löser Messtechnik, Nova Biomedical, Precision Systems, Inc., ELITechGroup, ARKRAY, Inc., ratiolab, and Labtek Services Ltd.