March 02, 2022 16:15 ET | Source: Arizton Advisory and Intelligence Arizton Advisory and Intelligence
Chicago, March 02, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s recent research report, labware market is expected to grow at a CAGR of 5.03% during the period 2022−2027. Rising investments in the pharmaceutical and biotechnology sectors for R&D activities and surge in use of POCT due to COVID-19 are the major factors driving the market demand.
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The market in India is expected to witness a huge shift in lab equipment from glassware to plasticware products owing to the latter being favored more due to ease of handling, lower cost, and flexibility. Plastic materials have contributed to the convenience of large-scale automation and material handling capabilities of laboratory samples. Therefore, the labware market is moving towards plasticware. Hence, the plastic labware market is expected to grow in the upcoming years. With the onset of the COVID-19 pandemic, the rapid development of POCT has improved the turnaround time and ease of use compared to the gold standard lab-based PCR test. A variety of testing platforms have been developed including smartphone-based platforms, and tests targeting blood, saliva, faecal matter, urine, and tears have been proposed in the healthcare industry. Therefore, this is expected to drive the demand for labware in the coming years.
Labware Market - Segmentation Market Segmentation by Product
Market Segmentation by Material Type
Key Drivers and Trends Fueling Market Growth:
The global labware market is fragmented, and the degree of fragmentation is expected to accelerate during the forecast period. Most of the players launched pipettes or pipetting systems in recent years. Companies are launching new and advanced products to strengthen their portfolios and cater to the requirements of the market. The established vendors offering standard labware in the market are vulnerable to rapid advancements, which could pose a threat to their market share in the future. Large vendors are looking to pursue growth through acquisitions as there are numerous small-scale vendors active in towns and smaller regions. These small vendors have a major local presence. Thus, acquiring them gives larger vendors an edge over their rivals. Most large vendors have multiple companies or brands in their portfolios.
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