The global sales of lab trays are estimated to be worth USD 1.3 billion in 2021 and are anticipated to reach a value of USD 2.1 billion by 2031. Sales are projected to rise at a CAGR of 5.0% over the forecast period between 2021 and 2031. The revenue generated by lab trays in 2020 was USD 1.2 billion.
Increased demands for laboratory equipment in research institutions, hospitals, and academic settings are driving the lab trays market. Growing interest in automation and the need to achieve precision in scientific experiments are other factors affecting the demand for specific lab trays.
Besides, some manufacturers' trends toward greener materials and more environmentally friendly types of lab ware shape innovations in the market. Increasing R&D investments, particularly in pharmaceuticals and biotechnology, spur further market growth. The movement toward personalized medicine and sophisticated diagnostic approaches accelerates the demand for application-specific laboratory trays.
Global Lab Trays Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 1.2 billion |
| Estimated Size, 2021 | USD 1.3 billion |
| Projected Size, 2031 | USD 2.1 billion |
| Value-based CAGR (2021 to 2031) | 5.0% |
Increasing healthcare and research expenditure and increased spending in the medical and biotechnology facilities are some of the factors estimated to propel market growth in the coming assessment period.
Lab trays are rigid reusable equipment used to store and protect research and surgical instruments used in research and healthcare activities. Increasing demand for safe and sterile equipment in healthcare and biotechnology research sector is estimated to propel market growth soon. Also, increased utilization of lab trays as a packaging method for medical and research devices spurs market growth.
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Growing investments in research & development sectors, and government regulations pertaining equipment quality are encouraging the usage of sterile lab trays to avoid infections is estimated to fuel the market growth in the near future.
Based on the requirements, Lab trays are being utilized across various applications including chemical, medicine, biotech and other research laboratories, in clinics and hospitals at the time of operations. Each of the applications need specific sterilization process, which depends on the materials to be used in the trays and application for which the tray is to be used. Certain players are focusing on manufacturing of antimicrobial plates and trays which has superior resistance against dust and chemicals.
The unprecedented scenario created by the COVID-19 pandemic has impacted the supply chain across the globe. But this has also opened the door for innovations in order to respond to such challenges. Key players are now focusing on more agile and advanced supply chain networks to continue business operations despite unforeseen supply disruptions.
The emergence of new business supply chain models and continuous focus on innovative technologies either by optimization of existing supply chains or by exploring new modes of movement in terms of scalability, competitiveness, and sustainability, is a key trend in the industry.
Based on application, Healthcare and clinical research segments are estimated to hold majority of market share and is expected to continue their dominance in the coming assessment period owing to increasing demand. The COVID-19 pandemic has highlighted the pivotal role of the healthcare & research sector in the world.
The frenzy surrounding vaccine procurement has brought focus on scientific research & development efforts that seldom find mass media coverage. Thus the renewed emphasis on healthcare research is projected to boost the demand for this product in the upcoming decade.
The demand for lab trays from the USA is expected to be significant owing to consistent investment & activities in life science and research across the country. Key players in the USA lab tray market have significant opportunity to gain maximum revenue in between the forecast period. In terms of value CAGR, the USA market is expected to expand at a CAGR of 3-5% in between the forecast period.
European countries are concentrating on the life science research sector to boost the biotechnology & healthcare industry. Europe is expected to hold more than one-third of the market share in the market owing to the increasing adoption of research activities in the region.
Furthermore, favourable initiatives taken by the regional governments to improve life science research activities is playing a key role in the development of the market. Among the European Union countries, Germany market is experiencing lucrative growth and is expected to expand at a CAGR of 2-4%.
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Some of the leading manufacturers in the market includes
Globally, key players building new merger and acquisition strategies with the focus on strengthening supply chain network. Also, introducing of specific need based products is expected to be one of the key factor for key players to gain maximum share from the market. In the same line, in 2016, USA based, Becton, Dickinson and Company introduced innovative lab tray for low temperature sterilization processes.
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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Lab Trays Market
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