December 01, 2015
Wellesley, Mass., December 01, 2015 – The emerging markets of Asia have rebounded more quickly from last decade’s global economic slowdown than their counterparts, the North Americas and Europe. BCC Research reveals in its new report the Asian region will continue to witness high growth rates as key players in the labware manufacturing markets increase their presence in the Asian continent.
This research report presents an in-depth analysis of the labware market by products, materials and end-users. It surveys general laboratory equipment ranging from beakers to lab storage containers used in pharmaceutical and biotechnology, clinical and diagnostic, and forensic laboratories.
The global market for general labware is projected to reach $5.4 billion and $9.4 billion in 2015 and 2020, respectively, posting a five-year CAGR of 11.7%.
For the labware market, a combination of factors emerging from diagnostic or patient-related factors coalesce with the need for biosciences companies to provide effective drugs within a limited period of time. Stringent regulations of the drug development process have increased global activity for clinical laboratories in terms of quantity and quality.
Amid intense competition, general labware market players are facing significant challenges, as the scope of innovations in this segment is comparatively limited. However, the market is in great need of higher-quality equipment as well as timesaving and auto-precision mechanisms. Miniaturization and automation have been successfully welcomed in the general labware market.
Geographically, the largest market for glass and plastic labware is theU.S.and the developed economies of Europe. Although the global economic slowdown in the last six to seven years reduced research and development budgets, it is expected that the glass and plastic labware market will continue to grow in Asian countries such asIndiaandChina. With low manufacturing costs, they are emerging as stronger markets for plastic and glass labware. The Asian market is expected to record a five-year CAGR of 15%, highest among all regions, followed by the European market.
“The market is extremely sensitive to changes in end-user segments. For example, pharmaceuticals (which is the major revenue-contributing segment) is focusing on cutting costs and enhancing productivity,” says BCC Research analyst Bhavna Joshi. “This is leading manufacturing to outsource to developing economies.China, to date the largest market inAsiafor lab equipment, is one of the fastest-growing markets in the world with a per annum growth rate of nearly 20%.”
General Laboratory Equipment: Global Markets (IAS078B) examines key market participants, extensive product segments, supporting technologies, competitive intelligence, and geographic trends. The report also identifies market dynamics, growth drivers, opportunities, and forecasts CAGRs through 2020.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
General Laboratory Equipment: Global Markets( IAS078B )
Publish Date: Nov 2015
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