Number of pages: 100 | Report Format: PDF | Published date: February 01, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study by Growth Plus Reports, the global lab accessories market was valued at US$ 36.56 billion in 2021 and is expected to register a revenue CAGR of 6.6% to reach US$ 64.98 billion in 2030.
Lab Accessories Market Fundamentals
Lab accessories refer to a wide range of equipment and supplies used in a laboratory setting to support and enhance the process outcomes. These can include items such as pipettes, test tubes, beakers, flasks, and other glassware, as well as lab coats, safety goggles, and other protective gear. Additionally, lab accessories can include things like lab benches, stools, and other furniture, as well as tools and instruments like microscopes, centrifuges, and balances. These accessories are used to help make the work in a lab more accurate, efficient, and safe. They can also make the lab more comfortable and organized. Depending on the type and usage, these accessories can be consumable or non-consumable.
The lab accessories market includes a wide range of products that are used in various laboratory settings, such as research and development, clinical diagnostics, and life sciences. The lab accessories market is expected to register revenue growth at a significant pace in the coming years, driven by factors such as increasing R&D expenditure in the pharmaceutical and biotechnology industries, growing demand for advanced research tools and equipment, and rising adoption of automation in laboratories. Additionally, the growing adoption of personalized medicine and lab-on-a-chip technology is expected to drive revenue growth in the global market. The lab accessories market is also benefiting from the fact that more and more people realize the importance of science and technology. This increased awareness is leading to more people pursuing careers in these fields, which in turn is driving up demand for lab accessories. However, the market may be hindered due to the high costs of laboratory equipment and the lack of standardization in laboratory practices.
Lab Accessories Market Dynamics
Companies in the pharmaceutical and biotechnology industries are investing heavily in R&D activities to develop new drugs and therapies, which is driving demand for advanced research tools and equipment, thus boosting the revenue growth of the lab accessories market. The increasing number of R&D activities and the growing adoption of automation in laboratories are driving the demand for lab accessories, such as test tubes, petri dishes, and pipettes. The increasing preference of the patient population for personalized medicine is driving demand for laboratory accessories that can be used to analyze samples at the genetic and molecular level, driving revenue growth in the global lab accessories market. The increasing number of clinical research and diagnostic studies is fueling the demand for laboratory accessories in the medical field. The usage of lab-on-a-chip technology is growing as it allows for the miniaturization of laboratory processes. The increasing utilization of 3D printing technology to develop lab accessories is propelling revenue growth in the lab accessories market. Moreover, the technological advancements in laboratory accessories, such as PCR, ELISA, and HPLC, are also improving efficiency and accuracy while reducing the risk of human error, thus playing a prominent role in the revenue growth of the global lab accessories market. Rise in the availability of funding and support by government and non-governmental bodies for R&D activities in the life sciences is expected to drive the driving demand for lab accessories in the next few years.
However, the high cost associated with the manufacturing of lab accessories is the major factor restraining the revenue growth of the global lab accessories market. The lack of standardization and regulations is likely to limit the usage of certain laboratory equipment and accessories, which in turn, is expected to hinder the lab accessories market revenue growth.
Lab Accessories Market Ecosystem
The global lab accessories market has been analyzed from three perspectives: type, end-user, and region.
Lab Accessories Market by Type
Based on the type, the market is segmented into equipment and disposables.
In 2021, the equipment segment dominated the market for lab accessories. The equipment segment is sub-segmented into laminar flow hood, micro manipulation systems, centrifuges, lab air filtration systems, sonicators and homogenizers, autoclaves and sterilizers, spectrophotometer and microarray equipment, incubators, scopes, and others. Equipment such as centrifuges, microscopes, and spectrophotometers are needed to analyze samples and make accurate measurements. There is a high demand for laboratory equipment as they are essential for research and experimentation in various biotech, medical, and pharmaceutical industries. Advancements in technology have led to the development of new and more advanced laboratory equipment, which has increased the demand for these products. Laboratory equipment have a high degree of accuracy and precision, which is essential for achieving accurate results in research and experimentation. Laboratory equipment have a long lifespan, which means they can be used for several years, which makes them a cost-effective investment. Additionally, laboratory equipment are versatile and can be used for a wide range of applications, further increasing its popularity among researchers and scientists.
Lab Accessories Market by End-user
Based on the end-user, the global lab accessories market is divided into OEMS, biotechnology & pharmaceutical companies, hospitals & private laboratories, research institutes, and academic institutes.
The research institutes segment accounted for the largest revenue share of the lab accessories market in 2021, as they often require a wide range of equipment and supplies for their various research projects and experiments. Moreover, a rise in the demand for early disease detection and treatment has boosted the demand for novel drugs, fueling revenue growth in the segment. Research institutes may also have a high demand for specialized lab accessories, such as those used in specific research fields, including biotechnology or nanotechnology.
Lab Accessories Market by Region
Based on the region, the global lab accessories market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominated the global lab accessories market in 2021, followed by Europe and Asia Pacific. Increasing demand for advanced and innovative products in the pharmaceutical and biotechnology industries is driving the need for more advanced lab accessories, which in turn, is resulting in a large revenue share of the North America market. The development of new technologies, such as genomics and proteomics, in the region is increasing the demand for lab accessories. The rising trend of outsourcing R&D activities to contract research organizations (CROs) is boosting the demand for lab accessories in the region. The increasing healthcare expenditure in North America is leading to high demand for lab accessories, as more people can afford to pay for medical research and treatments. The growing number of academic and research institutes in North America is also propelling the market for lab accessories. They need to equip their labs with various instruments and accessories for their research and teaching activities.
Lab Accessories Market Competitive Landscape
The prominent players operating in the lab accessories market are:
Lab Accessories Market Strategic Developments
The equipment segment accounts for the largest revenue share of the global lab accessories market.
The lab accessories market was valued at US$ 36.56 billion in 2021.
The key companies in the market are adopting strategies such as acquisitions and mergers to expand their businesses.
The global market is expected to register a revenue CAGR of 6.6% during the forecast period from 2022 to 2030.
Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Bruker Corporation, Danaher Corporation, and Agilent Technologies Inc. are among the top players in the global market.
*Insights on financial performance are subject to the availability of information in the public domain