The global lab accessory market is projected to grow significantly, with estimates indicating that the market size will reach USD 659.3 million by 2024. With an anticipated compound annual growth rate (CAGR) of 5.5%, the market is poised to expand further, potentially reaching USD 1,126.1 million by 2034.
This growth can be attributed to substantial investments from leading manufacturers in research and development, paving the way for new opportunities in the competitive landscape. As pharmaceutical and biotechnology organizations increase their focus on innovation, they are committing significant resources to the development of a diverse array of new drugs and medicines. This trend is expected to drive demand for lab accessories that facilitate advanced research and experimentation.
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.
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.
- BD
- Corning Incorporated
- Greiner Bio-One International GmbH
- Hamilton Company
- Parker Hannifin Corporation
- Heidolph Instruments GmbH & Co. KG
- Gilson Inc.
- HNP Mikrosyteme GmbH
- Verderflex
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.
Competitive Landscape
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
- Microplate Accessories
- 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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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