Global Labware Market Outlook & Forecast Report 2022-2027 Featuring Prominent Vendors
The development of the laboratory glassware market is linked with the growth of industries like petrochemicals, polymer chemistry, and pharmaceuticals. Numerous manufacturers of laboratory glassware majorly rely on exports for commercial accomplishment.
Factors such as the increasing number of R&D laboratories, rising demand for plasticware and glassware products for clinical use in hospitals and forensic laboratories as they are lightweight, recyclable, cost-effective, and non-breakable, and government support in the field of pharmaceutical and drug discovery are anticipated to be the key drivers for the growth of the global labware market in the coming years.
LABWARE MARKET SEGMENTS
By end-user, the market is classified into research & academic institutions, hospitals & diagnostic centers, biotechnology industry & pharmaceutical, contract research organizations, food & beverage industry, and others. The research & academic institutions segment is the largest segment and accounted for a revenue share of 30.18% in 2021.
The pipettes segment dominated the market and accounted for a highest share in 2021.
In North America, the rising number of diagnostic tests, increased usage of laboratory consumables, and introduction of specially designed plasticware are key factors that are driving the growth of the market in the region.
The APAC labware market is the fastest growing in the world. Developing countries such as India are planning to initiate a nearly $1.3 billion fund to encourage businesses to manufacture pharmaceutical ingredients domestically by 2023. The country supplies a substantial share of the global demand for multiple vaccines and accounts for the second-largest pharmaceutical and biotech workforce globally.
The growth of players in the market depends on its condition, economic growth, and industry development. Exporting through an intermediary such as a distributor or importer is still the key channel for exporters from developing countries.