Laboratory Accessories Market Opportunity Analysis, 2018 – 2026

Laboratory (lab) accessories refer to the tools used for conducting scientific research or experiments, and may also be used for teaching practical science. Lab accessories play a very crucial role in laboratories to provide reliable, accurate, and expeditious outcomes. Lab accessories are portable and are used in hospitals, clinics, diagnostic centers, and pathological centers among others. Laboratory accessories include laboratory instruments, general lab equipment, glassware, consumables, and other accessories.

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In 2014, National Science Foundation’s (NSF) annual Business Research and Development and Innovation Survey (BRDIS) data tracked the research activities of 46,000 companies. According to their survey, the drug companies have increased their investment on research & development from US$ 3 billion in 2008 to US$ 8.1 billion in 2014. NSF also stated that there is slow, however, steady rise in spending of basic research by universities and private foundations. These factors are expected to boost the global laboratory accessories market growth over the forecast period.

Global Laboratory Accessories Market Drivers:-

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. Technological advancement aimed at improving utility and ease of handling is expected to support growth of global laboratory accessories market over the forecast period. Products offered by manufacturers such as Thermo Fisher Scientific include Dimension 4 Modular Lab Tables, Microplate Carousel, Plate Feeder Carousel, and Microplate Delidders. Dimension 4 Modular Lab Tables provide a highly scalable, flexible, and a stable platform for lab systems and work stations. Micro Plate Carousel provides access to 104 deep well microplates and 200 microplates. Microplate Delidders automates the storage, replacement of lids and storage of microplates.

These products provide flexible, reliable, and accurate automation solutions for all kinds of applications such as automated storage of stacked microplates, quick filling of the microplates, and others. These also provide efficiency, saves time which in turn helps in maintaining the quality of products, increasing the production and reducing the operating costs. According to National Science Foundation (NSF), the expenditure on laboratory automation is expected to double between 2010 and 2017 that will eventually boost growth of global laboratory accessories market over the forecast period.

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. These 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.

Global Laboratory Accessories Market Regional Insights:-

North America laboratory accessories market is expected to witness significant growth over the forecast period. Presence of leading manufacturers, robust research and development activities, and continuous demand for lab accessories is expected to support global laboratory accessories market growth over the forecast period. For instance, manufacturers such as Thermo Fisher Scientific have high presence in North America, which provides innovative lab accessory solutions in the regional market.

Europe laboratory accessories market is also expected to witness significant growth over the forecast period due to rising disease prevalence and increasing research and development of drug therapies. According to World Health Organization (WHO), there is a considerable increase in the number of patients suffering from measles during the year 2016-2017 in Europe, which would in turn increase the number of disease diagnosis centers in the region. These factors are expected to support the global laboratory accessories market growth in the respective regions.

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Key players of Global Laboratory Accessories Market:-

Key players operating in the global laboratory accessories market include Thermo Fisher Scientific, Tecan group, Becton, Dickinson and Company, Corning Incorporated, Bio-Rad Laboratories, Hamilton Company, Analytik Jena, Greiner Bi-one, and Brooks Automation.

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