The global lab accessories market is expected to grow over the forecast period owing to the increasing preferences of R&D by the scientists and researchers. These processes are used for enhancing the efficiency of drugs, polymerase & purification chain reactions, liquid handling, high-throughput screening, and drug discovery, thereby requiring more lab accessories to support the procedures. Rapid technological advancements are expected to further drive the market as they provide efficiency with minimal chances of error. Growing demand for lab automation is expected to boost the demand for lab accessories. Lab automation reduces the cost and time too and can be used in large-scale biorepositories, diagnostics, analytical testing, combinatorial chemistry, and screening. Lab accessories are user friendly and portable and are used by clinicians at hospitals, ambulance, and can even be used at home.
The lab accessories market is segmented on the basis of product types into label printers, microplates, pumps, pipettes, valves, reagent reservoirs, wash stations, and tubings. Further, microplates are classified into well stands, well orienters, and microplate storage racks. Among these, the wash stations segment held the largest market share in 2014 followed by the syringes market. The reason for its dominance is the consequence of regular cleaning required for the lab accessories, for conducting efficient and effective research. On the basis of end-use, the market is segmented into research institutes, academic institutes, hospitals & private laboratories, biotechnology & pharmaceutical companies, and OEMs. Among these, research institutes held the largest market share followed by hospitals & private laboratories in 2014.
Geographically, the lab accessories market is studied with respect to five regions, which are North America, Europe, Asia Pacific, Latin America, and MEA. Among these, North America dominated the market in 2014, owing to the developed healthcare infrastructure, large number of hospitals & research institutes, and strong R&D initiatives being carried out in this region. Quick adaptability to technologically advanced products in this region is expected to impact the growth positively. Furthermore, the implementation of various acts and policies such as NIH’s Big Data to Knowledge initiative and the Affordable Care Act is expected to be a high impact rendering driver for this region. Europe held the second-largest market share in 2014. Favorable government initiatives such as the inclusion EU Framework “Horizon 2020” in the EU budget of 2013. It includes various policies that are expected to boost medical innovations and researches in this region. Over the forecast period, Asia Pacific is expected to witness lucrative growth in light of rapidly improving healthcare infrastructure, huge investment by investors and government bodies in the healthcare sector.
The major market players of the lab accessories market are Corning Incorporated, Brooks Automation, Inc., Analytik Jena AG, Hamilton Company, Bio-Rad Laboratories, Greiner Bio-One GmbH, Beckton, Dickinson and Company, Thermo Fisher Scientific, Inc., Tecan Group Ltd., Abbott Laboratories, Roche Holding AG, Greiner Bio-One International GMBH, Heidolph Instruments GMBH & Co. KG, and Matrix Technologies Corporation.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.