The global sales of griffin beaker are estimated to be worth USD 625.3 million in 2021 and are anticipated to reach a value of USD 930.2 million by 2031. Sales are projected to rise at a CAGR of 4.1% over the forecast period between 2021 and 2031. The revenue generated by griffin beaker in 2020 was USD 600.0 million.
Growing demand from various end-user industries such as pharmaceuticals, chemicals, and education drives the market's growth. Growth in scientific research and development activities drives the demand for efficient and effective laboratory equipment for accurate results.
Growing importance of safety features in laboratories and laboratory standardization also drives sturdy beakers of high quality. Furthermore, the increase in research and academic institutions raises demand for Griffin beakers. Innovation in material technology, which makes the products more functional and safe, stimulates further growth in this market.
Global Griffin Beaker Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 600.0 million |
| Estimated Size, 2021 | USD 625.3 million |
| Projected Size, 2031 | USD 930.2 million |
| Value-based CAGR (2021 to 2031) | 4.1% |
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There are various factors that are help in driving the griffin beaker market. To begin with, rising research in pharmaceutical and biotechnology industries boosts the interest for the griffin beakers. Because of the easy diagnosis of the diseases, and effective result there is rising preference for the test prior to the treatment moreover contributes to the market development.
In addition, rise in biotechnology and biology research, including disease research, vaccine development and stem cell research is expected to drive the market across the globe. Furthermore, increasing prevalence of chronic diseases have resulted into the development of new drugs which is driving the global market.
Also, technological advancement has resulted into more benefits of using plastic beaker over glass beaker that is additionally helping in growing adoption rate among end users.
Rising number of research in pharmaceutical and biotechnology industries and increase in biotechnology and biology research including stem cells research, disease research, and vaccine development drive the griffin beaker market. Rise in development of new drugs together with routine quality assurance test is expected to increase the adoption of griffin beaker in the future.
Quality assurance tests need extremely accurate volumetric measurements which is provided by griffin beaker. Thus, above-mentioned factors is expected boost the market growth in the coming years.
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North America, majorly United States and Canada dominated the griffin beaker market. USA griffin beaker market will forecast significant growth due to presence of increased research and development activities in the country. USA is the inventor in research and innovation, investing more amount of money in development of new drugs.
With rise in research and development activities, the interest for high quality precise beaker will rise, in turn, driving the market growth.
In addition, adoption of standard techniques in academic institutions demands the usage of griffin beaker for regular research activities. Aforesaid factors are expected to further create lucrative growth opportunities in the coming years.
Europe is second-biggest market and is relied upon to develop during the forecast years owing to rising demand for diagnostic testing, drug development, and bioprocessing and research.
The growth is also attributable to rising number of academic & research institutions in Europe. Furthermore, rising interest of students towards research is also expected to boost the demand for griffin beaker. In addition, availability of high number of in-house hospital diagnostics and research laboratories together with huge number of domestic players will help the market development over the forecast years.
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Some of the leading manufacturers and suppliers of griffin beaker include
The griffin beaker market is highly fragmented, with the existence of a many of large-scale players available in global markets, and various small-scale participants in regional markets. Major players are associated in adopting strategies like acquisitions and mergers, launching new products, and partnerships to consolidate their position in the market.
Also, major players are funding largely in the in the research and development to produce advanced products.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Griffin Beaker Market
