Labware Market by Type (Glass, Metal, Ceramic, Plastic), Application (Metal Melting Furnaces, Chemical Laboratory, Quality Control, Pharmaceutical, Food & Beverage, Environmental), Industry Vertical (Healthcare, Academia, Research Institutions, Chemical, Biotechnology), End-User (Hospitals, Diagnostic Centers, R&D Laboratories, Educational Institutes) Equipment Type (Specialty Equipment, General Equipment, Analytical Equipment) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Labware market size was estimated at USD 37.69 billion in 2022 and is projected to reach USD 66.73 billion in 2030 at a CAGR of 7.4% during the forecast period 2023-2030.
The market is majorly driven by the rise in funding and investment in R&D activities in the field of pharmaceutical and biotechnology. The market is expected to grow at a steady rate in the coming years owing to the continuous and stable supply of laboratory equipment.
The demand for laboratory products is increasing due to the technological development of chemical and biological research. The growing number of clinical laboratory research and life science research is increasing the demand for disposable products used in the laboratory. The market also anticipates continued demand from purchasing managers in the pharmaceutical and healthcare industries for continuous supply of critical laboratory equipment and devices.
Laboratories need a variety of equipment and instruments to conduct tests and research. Common laboratory equipment and instruments are found in educational laboratories, research laboratories, quality assurance, medical laboratories, diagnostic testing, research and development, manufacturing and more. The use of laboratory equipment enables faster analyzes that add value to the laboratory itself by increasing the capacity of the instruments, allowing more analyzes to be performed each day. Faster procedures can even allow testing to be consolidated on fewer instruments, which can reduce maintenance, consumables, the need for regulatory documentation, and overall costs.
Environmental trends are also improving laboratory skills. Innovative technologies and methods allow laboratory technicians and researchers to work more precisely and efficiently than ever before. Automation, miniaturization, artificial intelligence and smart technology are becoming the real world, streamlining life in laboratories. At the same time, the pressure to deliver results is increasing rapidly. Therefore, laboratories must be fast and agile. For laboratory managers, a key way to increase efficiency is to improve the procurement process. Laboratory suppliers are also trying to simplify product selection and ordering processes.
The technical development of laboratory equipment also contributes to its introduction. Modern laboratory instruments have user interfaces that make them easy to use. BrandTech Scientific, Inc. offers an electronic pipette with a touch screen and automatic tip removal. It has a smart display that allows users to access functions with a simple swipe.
The COVID-19 pandemic had resulted in an increase in research pertaining to coronavirus. However, labs researching other diseases pre-pandemic were shut down as the major goal of the lockdown was to avoid close contact with others, which led to low demand for lab supplies. According to Stat News, many researchers have stated that widespread and lengthy shutdowns had significant implications on the pace of other scientific discoveries. Some of the initial disruptions have increased the workload on CROs or reduced the internal lab testing capacities of biopharmaceutical firms.
It is anticipated that additional investments in research will be attracted during the projected period due to the calibre and track record of companies that have operated in the region. Regarding funding research, the biopharmaceutical sector ranks among the top industries in the area. Many businesses concentrate on creating fresh leads and have a ton of samples on hand, which increases demand for these goods. Due to the coronavirus outbreak, numerous companies are also working to create treatments and vaccines, helping the market expand. These factors have led to the expansion of the market and increased demand for Labware solutions.
North America to Dominate the Market