The projected development of the global lab accessory market size is likely to help the ecosystem reach USD 659.3 million by 2024. The estimated CAGR of 5.5% is likely to lift the landscape share to USD 1,126.1 million by 2034.
Investments of leading manufacturers in the research and development process are creating new prospects for the competitive space. The pharmaceutical and biotechnology organizations are observed to have invested heavily to develop a wide range of new drugs and medicines.
| Attributes | Key Insights |
|---|---|
| Estimated Lab Accessory Industry Size in 2024 | USD 659.3 million |
| Projected Lab Accessory Industry Value in 2034 | USD 1,126.1 million |
| Value-based CAGR from 2024 to 2034 | 5.5% |
This trend, coupled with the growing infrastructural support, drives the demand for advanced storage and processing equipment. To assist the growing research processes, such accessories must be supplied more in the landscape. This favors the rising demand for such instruments.
The rising healthcare sector has provided several prospects for many emerging segments. The expansion of clinical laboratories is one of the important factors, driving the demand for accessories and equipment for efficient performance.
The process of automation has spurred the competitive landscape. With the advancement in technology, key players in the industry can focus on innovation, driving automation in laboratories.
The emphasis on the reduction of human error is leading to the adoption of new practices in diagnosis techniques. This favors the adoption of cutting-edge lab accessories, which can fulfill the requirement. Due to such change, the industry experiences a pushing force, driving the laboratory accessory market growth.
Pertaining to the goal of the enhancement of the accuracy of results, the use of AI is expected to gain traction in the forecast period. With the use of technology, accurate sample collection, appropriate storage, and relevant processing can be done in a controlled environment.
This is likely to reduce human interference in the medical testing process, which is estimated to elevate the accuracy of diagnosis. The demand for early diagnosis can be catered to with the help of such practices. This factor, therefore, proves to be a key tool in driving the lab accessory industry forecast.
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The progress of the competitive space from 2023 to 2033 is marked at 6.4% in the first half (H1) and at 6% in the subsequent half (H2).
| Particulars | Value CAGR |
|---|---|
| H1 | 6.4% (2023 to 2033) |
| H2 | 6% (2023 to 2033) |
| H1 | 5.5% (2024 to 2034) |
| H2 | 5.2% (2024 to 2034) |
The lab accessory industry forecast suggests that the ecosystem is likely to grow at a CAGR of 5.5% through the first half (H1) and at 5.2% in the following period (H2).
Owing to the depreciating values, the decline can be explained to have occurred at 90 BPS through the initial half (H1) and at 80 BPS through the subsequent period (H2).
Personalized Medicines to Augment the Lab Accessory Market Size
With the rising efficiency of new lab equipment, the efficiency and accuracy of diagnosis techniques are expected to propel. High-throughput sequencing and molecular diagnostics tools are gaining importance in the field, which is likely to fuel the demand in various key segments.
The consumer shift toward personalized medicines is one of the key indicators of the growing importance of high-throughput sequencing techniques. Genomic research processes are also expected to propel, along with the rising demand for personalization.
Another key trend, which is coupled with the abovementioned factors, is the rising use of technology. Technological integration is not only fueling the overall accuracy of sample storage but also elevating the diagnosis efficiency. This trend drives the demand for accessories, pushing the laboratory accessories market growth.
Chronic Disease Prevalence Fuels the Laboratory Accessories Market Growth
The growing prevalence of chronic diseases is a key driver, necessitating the use of cutting-edge practices to diagnose accurately. Cancer, pulmonary disorders, and other chronic diseases must be diagnosed at the earliest stage, which drives the demand for better lab accessories.
Along with such diseases, the prevalence of diseases like diabetes, hypertension, and various other psychological disorders is observed to have risen. Due to this, the demand for appropriate sample collection tools, storage equipment, and so on, is expected to propel. This factor, therefore, is likely to drive the global lab accessory market size.
Elevated Costs to Hinder the Lab Accessory Market Size
With the evolution of technology, features added to accessories are expected to increase. This is expected to increase the cost of instruments, which can hamper the affordability of such instruments. The inclination toward cheaper and conventional instruments is observed and this is expected to increase in the forecasted period.
The lack of skilled professionals is another important restraint that hinders the laboratory accessories market growth. Due to the lack of an experienced workforce, the accuracy of tests and diagnostics might be questioned, affecting the preference for new methods. Such factors adversely affect the demand for lab accessories, constraining the size of the competitive landscape.
The reach of the competitive space in developed regions is exceptional. Due to the developed infrastructural support and other favorable factors, the progress of the realm in such countries is impeccable. The growth, however, in developing and underdeveloped countries is observed to be hindering the global landscape. The negligence toward the field is the prominent reason that affects the sector in such countries, affecting the collective advancement of the ecosystem.
Principal Consultant
Lab accessories industry trends suggest that the size of the competitive space recorded in 2019 was USD 486.1 million. The ecosystem was pushed through the historical period to reach USD 624.9 million by 2023 at a CAGR of 4.9% through the period.
With the growing necessity to bolster the healthcare infrastructure due to the rising prevalence of chronic diseases, steady investments were made in the sector during the historical period. Such investments ensured a poised growth of various sectors included in the ecosystem.
Effective diagnostics proved to be an emerging requirement during the period. To cater to this demand, the production of different testing equipment spurred, driving the demand for appropriate storage and processing instruments. This is a key driver during the historical period governing the laboratory accessories market growth.
Along with this development, the growth in the pharmaceutical sector was also observed to have occurred during the historical era. This advancement helped the progress of the subject industry, elevating prospects for key players in the competitive space.
With the elevation in the lab automation systems during the forecast period, the demand for cutting-edge lab accessories is expected to spur during this era. The integration of technologies like machine learning, artificial intelligence, and IoT is expected to elevate operating efficiency and standards of accessories.
With the emergence of new research fields, augmentation in lab equipment is likely to occur in the future, driving the demand for innovative products. This is another key driver governing the industry's progress.
The Analysis of the laboratory equipment and accessories market suggests that the competitive space comprises the distribution of key players in different sectors. Depending on the capacity to generate revenue, such players are categorized among different tiers. Based on varying parameters like the capacity to innovate, resource availability, reach within the ecosystem, and many more, such firms are differentiated.
The Tier 1 category comprises high revenue-generating companies. The cap of the tier is locked above USD 100 million for such players, stating the large-scale nature of businesses within the realm. With the effect of several key beneficial factors, organizations in tier 1 are likely to govern the competitive space. The reach of such firms in the global realm is more.
Due to the elevated product innovation and differentiation through packaging, such players govern a wider cross-section of the ecosystem. The Tier 1 category of the subject industry holds 63.5% of the industry share. This share leverages better consumer acquisition in the tier, demonstrating better control of organizations over the landscape.
Pertaining to small-scale and medium-scale businesses, such players are found to govern the Tier-2 category of the ecosystem. Due to the limited scope for technological acquisitions, firms falling under the category have limited reach in the realm.
Due to the lesser reach, the local sectors can be governed effectively instead of progressing aggressively in the international landscape. Pertaining to the revenue generation capacity of such players, USD 50 million is the cap, which differentiates such players from other categories. The Tier 2 category holds 24.5% of the industry share in 2024.
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With innovations in the laboratory accessories industry, North America is set to propagate and lead the global landscape in terms of the size of the sector.
Analysis of the laboratory equipment and accessories market suggests that with the growing investments in the healthcare sector in Europe, the demand for key instruments is likely to proliferate in the region.
Laboratory tools market demand in Asia-Pacific is likely to accelerate with the elevation observed in the number of ambulatory clinics and diagnostics centers.
Forecast CAGRs from 2024 to 2034
| Countries | Forecasted CAGR |
|---|---|
| The United States of America | 2.5% |
| The United Kingdom | 3% |
| India | 9.3% |
The growing technological infrastructure in the United States has proliferated key segments of the healthcare and biological sectors. The development of the biotechnology ecosystem is an important indication of favorable conditions created within the country. Due to the development of the sector, the demand for cutting-edge tools and lab accessories spurred.
This factor is evident that sales of such instruments are expected to be fueled in the country. With the effect of lab accessories industry trends in the United States, the said country is set to advance at a CAGR of 2.5% through the forecasted period.
The projected laboratory accessories market growth is likely to encompass the progress at a CAGR of 3% through 2034. With adequate support from the government of the country, the research and development for elevating laboratory equipment standards has been spurred.
The regulatory landscape in the country is favorable for research projects, which induces a great scope for innovation of lab accessories. This factor is expected to drive the demand for the industry.
Various chronic diseases are found to have spurred in the country, including old-age diseases like Parkinson’s and Alzheimer’s. Many other diseases like diabetes, hypertension, and many more have emerged as commonly occurring cases.
Due to this growing number, the demand for testing and storage of samples has spurred. To cater to this demand, the production of lab accessories is required to be boosted, expecting a surge in sales. The lab accessory market size in India is likely to propagate at a CAGR of 9.3% through the forecast period.
Due to the growing legal compliance framework, organizations are required to adhere to stringent norms to maintain safety and hygiene in the workplace. This drives the demand for lab accessories that can help research institutes adhere to such norms.
The rising demand for lab wash stations and the rising use within the biotechnology and pharmaceutical company segment drive the laboratory accessories market growth.
| Category | Type- Lab Wash Stations |
|---|---|
| Industry Share in 2024 | 14.6% |
The awareness about the maintenance of safety and cleanliness standards in the laboratory is spurring. Due to this rising awareness, the necessity for lab wash stations is expected to rise.
The decontamination processes in laboratories must be effective to cater to the demand for accurate collection of samples. This drives the demand for lab wash stations. Technological advancements are propelling augmentations within the segment, driving the product type category.
| Category | End User- Biotechnology and Pharmaceutical Companies |
|---|---|
| Industry Share in 2024 | 26.5% |
The growing investment prospects in biopharmaceutical research are driving the segment significantly. Due to the strong monetary support, innovations in such organizations have spurred.
Catering to the stringent regulatory landscape, companies must adhere to legal compliance policies. With lab accessories gaining traction due to such factors, the segment is expected to govern the competitive space.
Owing to different modes of expansion, key competitors develop more growth prospects for the global lab accessory market size. With the help of many strategies, including product launches, mergers, acquisitions, and partnerships, key players augment space in the realm.
New entrants might find a fierce competitive force, which must be tackled with the help of strategies like innovation, alliance formation, and many more. The following recent developments are likely to spur the laboratory accessories market growth
Based on type, the competitive space can be segmented into Lab Microplates (Microplate Accessories), Lab Label Printers, Lab Pipettes, Lab Pumps, Lab Reagent Reservoirs, Lab Valves, Lab Tubings, and Lab Wash Stations.
Lab Accessories for OEMs, Lab Accessories for Biotechnology and Pharmaceutical Companies, Lab Accessories for Hospitals and Private Laboratories, Lab Accessories for Academic Institutes, and Lab Accessories for Research Institutes are some key end users of the ecosystem.
North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and The Middle East and Africa are the key contributing regions to the landscape.
The lab accessory sector will advance at a CAGR of 5.5% through 2034.
The landscape will likely reach USD 1126.1 million by 2034.
The ecosystem will reach USD 659.3 million in 2024.
The lab wash stations will hold 14.6% of the landscape share in 2024.
The lab accessory market in the United States will progress at a CAGR of 2.5% through 2034.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
6.1. Type
6.2. End User
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type
7.1. Lab Microplates
7.2. Lab Label Printers
7.3. Lab Pipettes
7.4. Lab Pumps
7.5. Lab Reagent Reservoirs
7.6. Lab Valves
7.7. Lab Tubings
7.8. Lab Wash Stations
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End User
8.1. Biotechnology and Pharmaceutical Companies
8.2. Hospitals and Private Laboratories
8.3. Academic Institutes
8.4. Research Institutes
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
9.1. North America
9.2. Latin America
9.3. Western Europe
9.4. South Asia
9.5. East Asia
9.6. Eastern Europe
9.7. Middle East & Africa
10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. Sales Forecast 2024 to 2034 by Type and End User for 30 Countries
18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
19. Company Profile
19.1. Thermo Fisher Scientific Inc.
19.2. Analytik Jena AG
19.3. Biotix Inc.
19.4. Vistalab Technologies Inc.
19.5. Bio Rad Laboratories Inc.
19.6. Brooks Automation Inc.
19.7. Corning Incorporated
19.8. Greiner Bio-One International GmbH
19.9. Hamilton Company
19.10. Parker Hannifin Corporation
19.11. Heidolph Instruments GmbH & Co. KG
19.12. Gilson Inc.
Testing Equipment
January 2019
REP-GB-8499
130 pages
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Lab Accessory Market
