The market for lab accessories is expected to grow at a rate of 6.8% over the next few years before reaching $1.1 billion in 2022, according an industry report from 2022-2032 compiled by FMI.
NEWARK, Del., June 9, 2022 /PRNewswire/ — According to a recent study published by Future Market Insights, the lab accessories market is expected to reach US$ 1.1 Billion by 2032, up from US$ 585.0 Million in 2022, expanding at a high CAGR of 6.8%. This study explains that the increase in the availability of funding for research, rapid technological advancements and large-scale disease outbreaks are also expected contribute to the growth of the Lab Accessories Market over the forecast period.
The continuous laboratory product launches due to increasing demand for laboratory accessories is expected to support the global laboratory accessories market growth over the forecast period. There is a constant increase in demand for laboratory accessories, due to growing competition in pharmaceutical and diagnostic industries (as lab accessories are basic requirements to run a laboratory).
In order to meet the ever-growing demand for lab accessories, manufacturers have to keep on introducing newer products with advanced technology to support the lab automation. For instance, along with conventional lab accessories, products such as microplates and modular lab tables are also gaining popularity.
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Moreover, demand for diagnosis of infectious disease is also rising owing to increasing prevalence of various infectious diseases. According to World Health Organization (WHO), an estimated 36.7 million people were suffering from HIV in 2016. There is also a considerable increase in number of funding agencies for research institutes from the previous years,
such as Science and Technology Application for Rural Development (STARD) 2015 and Intensification of Research in Higher Priority Areas (IRHPA) 2016, among others. This funding’s are expected to boost the global laboratory accessories market growth over the forecast period as lab accessories would be required to run the laboratories.
Leading Companies Profiled in Lab Accessories Market are
- Thermo Fisher Scientific Inc.
- Analytik Jena AG
- Biotix Inc.
- Vistalab Technologies Inc.
- Bio Rad Laboratories Inc.
- Brooks Automation Inc.
- Corning Incorporated
- Greiner Bio-One International GmbH
- Hamilton Company
- Parker Hannifin Corporation
- Heidolph Instruments GmbH & Co. KG
- Gilson Inc.
- HNP Mikrosyteme GmbH
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Key Takeaways from the Market Study
- Global lab accessories market to nearly double from 2022 to 2032
- U.S to account for the highest value share of US$ 403.0 Million of global market demand for lab accessories in 2032
- From 2015 to 2021, lab accessories demand expanded at a CAGR of 7.5%
- By type, the wash stations category constitutes the bulk of lab accessories market with a CAGR of 6.7%.
- By end-user, research institutes to be most prominent end user, registering a CAGR of 6.9% by 2032
“High adoption of laboratory automation systems in drug discovery and clinical diagnostics is amongst the important factor expected to intensify the growth and demand of lab accessories market during the forecast period,” remarks an FMI analyst.
Players in the global Lab Accessories Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In June 2022, Becton, Dickinson and Company introduced the new BD FACSDiscover™ S8 Cell Sorter, featuring the breakthrough BD CellView™ Image Technology. It is the first cell sorter to combine advanced spectral flow cytometry with sort-capable image analysis that will potentially enable researchers to yield more accurate data and sort cells that previously could not be identified.
- In June 2021, Bio-Rad Laboratories, Inc. announced the launch of its PREvalence™ ddPCR® SARS-CoV-2 Wastewater Quantification Kit, a sensitive, accurate, and cost-effective tool used to detect SARS-CoV-2 in a community’s wastewater. ddPCR® technology is recommended in the Centers for Disease Control and Prevention guidelines (CDC) for wastewater testing, and use of the technology has been published by the Environmental Protection Agency (EPA) as a dependable method to quantify viruses in wastewater.
Key Segments Covered in The Lab Accessories Market Study
Lab Accessories Market by Type:
- Lab Microplates
- Lab Label Printers
- Lab Pipettes
- Lab Pumps
- Lab Reagent Reservoirs
- Lab Valves
- Lab Tubings
- Lab Wash Stations
Lab Accessories Market by End User:
- Lab Accessories for OEMs
- Lab Accessories for Biotechnology and Pharmaceutical Companies
- Lab Accessories for Hospitals and Private Laboratories
- Lab Accessories for Academic Institutes
- Lab Accessories for Research Institutes
Lab Accessories Market by Region:
- North America Lab Accessories Market
- Latin America Lab Accessories Market
- Europe Lab Accessories Market
- Asia Pacific Lab Accessories Market
- Middle East and Africa Lab Accessories Market
Know More About What the Lab Accessories Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Lab Accessories Market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the Lab Accessories Market, the market is segmented on the basis of type, and end-user across five major regions.
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About Healthcare Division at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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