Global Lab Accessories Market is anticipated to witness a healthy CAGR of 7.5% during the review period of 2022 to 2031.
The demand for lab automation is increasing due to the shortage of qualified lab professionals (more than 17% of lab professionals will retire in the next 5 years) and the growing aging population. The application of advanced techniques in laboratories is becoming more important as it guarantees timely progress and efficiency with minimal error. This has led to the adoption of laboratory automation in high-throughput screening, combinatorial chemistry, automated clinical and analytical testing, diagnostics, and large bio-repositories. However, the high capital investment required for laboratory automation, the high level of maintenance required compared to manually operated machines, and the low product flexibility compared to manual systems hinder the growth of this market. These are some of the possible restraints. The global lab accessories market is expected to reach $ 504.7 million by 2031 from $ 327 million in 2022 and will grow at a CAGR of 7.5% during the forecast period.
The cleaning station product segment dominated the laboratory automation accessories market and was valued at $ 91.6 million in 2014. Geographically, the lab accessories market is dominated by North America, which has the largest market share (42%). This segment is expected to reach $ 196.8 million from $ 137.3 million in 2022 to $ 196.8 million by 2031 and will grow at a CAGR of 6.2% from 2022 to 2031. The implementation of affordable care laws in the United States is expected to have a positive impact on the lab accessories market in the region. Europe has the second largest share of the market. The new EU framework “Horizon 2020” as part of the 2014-2020 EU budget proposed by the European Commission is believed to promote research and innovation in the region. A significant portion (9.7%) of the proposed budget will be allocated to research in the areas of health care, demographic change, and population well-being, with financial strength in laboratories and research centers to employ laboratory automation.
However, Asia is the fastest growing region of the lab accessories market. This market is expected to grow at a CAGR of 11.8% during the forecast period. This market growth could be attributed to the governments of China, South Korea and Singapore, which have a large focus on the biotechnology industry. For example, the Chinese government has provided an estimated $ 300 billion to the biotechnology sector as part of the 12th Five-Year Plan (2022 – 2031), and the South Korean government has invested approximately $ 1.43 billion in the Biovision 2016 program. Did. These regions are considered to be the revenue pockets of the evolving lab accessories market.
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The global lab accessories market is highly competitive with the presence of many large and small companies. These companies are adopting a variety of strategies (innovation, acquisitions, geographic expansion) to increase market share and establish a strong foothold in the global market.
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- Market Penetration: Comprehensive information on product portfolios and services offered by top players in the lab accessories market. Provides detailed insights into market trends and factors contributing to market growth
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- Market Development: Profitability Comprehensive information on high emerging markets. This report analyzes the lab accessories market by region:
- Market Diversification: In-depth information on new products and services, undeveloped regions, recent trends, and investment in the lab accessories market
- Competitive Assessment: Detailed assessment of market share, strategies, products and services, distribution networks and manufacturing capabilities of leading companies in the lab accessories market
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