LONDON--(BUSINESS WIRE)--The global lab consumables market is projected to grow to USD 12,512.46 million by 2021, at a CAGR of more than 5% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global lab consumables market for 2017-2021. Based on end-users, the market is divided into pharmaceutical industry and research organizations and institutions.
|Lab consumables can be defined as components used during the manufacturing process in laboratories in various industries. Lab consumables include reagents, pipettes, and storage boxes. The surge of investments in the field of life sciences will lead to a rise in research activities, which will directly result in increased demand for lab consumables.|
Technavio’s research study segments the global lab consumables market into the following regions:
Lab consumables market in the Americas
“The Americas occupy a majority 39% of the global lab consumables market, driven by the demand from the large number of healthcare facilities, testing laboratories, sub-contract laboratories, and pharmaceutical companies in this region,” says Amber Chourasia, a lead analyst at Technavio for lab equipment research.
The significant increase in research investments by pharmaceutical companies for the development of targeted therapeutics is providing growth opportunities for the lab consumables market. Also, growing investments, funding, and grants by government bodies, along with the constant rise in the number of collaborations and acquisitions within this market will impact the market growth.
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Lab consumables market in EMEA
EMEA’s growth has been steady over the past few years due to a high level of research activities in biotechnology companies involved in the development of breakthrough drugs for diseases that currently do not have treatment. Thus, conducting experiments will certainly lead to the consumption of lab consumables, directly increasing the sales of these solutions.
The major revenue contributors in Europe are the UK, France, Germany, and Sweden, since they are home to a large number of research facilities and laboratories. Most of these facilities are in the field of biotechnology, which utilizes lab consumables such as reagents, pipettes, and plastic ware for testing and experimenting purposes.
Lab consumables market in APAC
“APAC is the fastest growing segment of the lab consumables market, showcasing a CAGR of close to 6% over the forecast period. The increasing demand for preventive healthcare and personalized medicine, combined with the rise in number of research centers, diagnostic centers, and academic institutions are driving this expansive growth,” says Amber.
The comparatively lower cost of labor, capital, and other resources in this region has attracted a lot of investors over the past five years, which will significantly impact the market. Also, the gaining traction of automation and the advent of high-precision reagents and consumables have resulted in a paradigm shift in the lab consumables market.
The top vendors in the global lab consumables market highlighted in the report are:
- Spectrum Chemical
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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