Lab Accessories Market Set to Experience Strong Growth, Reaching US$1.1 Billion by 2032 with a 6.8% CAGR | FMI

As per a recent analysis conducted by Future Market Insights, the lab accessories market is poised to experience robust growth, with a projected compound annual growth rate (CAGR) of 6.8%. This growth trajectory is anticipated to take the market from its 2022 valuation of US$ 585.0 Million to a substantial US$ 1.1 Billion by the year 2032. The report cites several factors contributing to this expansion, including enhanced research funding, rapid technological progress, and significant disease outbreaks on a large scale.

The pharmaceutical and diagnostic industries are witnessing growing competition, which is leading to a constant increase in demand for laboratory accessories. To cater to this demand, manufacturers must continually introduce new products with advanced technology to support lab automation. Along with conventional lab accessories, products like microplates and modular lab tables are also gaining popularity.

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Moreover, the prevalence of infectious diseases is increasing, leading to a rise in demand for infectious disease diagnosis. In 2016, it was estimated that 36.7 million people were suffering from HIV, as per the World Health Organization. Funding agencies such as Science and Technology Application for Rural Development (STARD) 2015 and Intensification of Research in Higher Priority Areas (IRHPA) 2016 have also increased, which is expected to boost the growth of the global laboratory accessories market in the forecast period since lab accessories are essential for laboratory operations.

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
• US 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

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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

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 stands as 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 vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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