Laboratories require high quality equipment to deliver accurate, consistent and quick results. With more and more hospitals and research institutes choosing to automate their testing laboratories, demand for laboratory accessories is set to rise in the near future, says a recent report from Markets and Markets. A survey conducted by the editors of Laboratory Equipment magazine last year confirms the trend towards automation in laboratories in the U.S. According to the survey, more than 20% of the instrumentation and equipment in the modern research laboratory will most likely be replaced in the near future. This includes laboratories across all industries, government facilities and academic institutions.
The Markets and Markets study estimates that the global lab accessories market will reach $504.7 million by 2020 from $327.0 million in 2014, at a CAGR of 7.5% from 2014 to 2020. The product segments that make up this market are: microplates, label printers, pipette tips, pumps, reagent reservoirs, valves, tubing, and wash stations.
While the wash stations and syringes and syringe pumps segments expected to account for the largest shares of the laboratory accessories market by 2020, accounting for CAGRs are of 6.2% and 9.7%, respectively, the reagent reservoirs segment is identified as its fastest-growing segment, with an estimated CAGR of 12.8% during the forecast period of 2014 to 2020.
The driving factors that are expected to boost the growth of the market are:
- Greater productivity and reduction in costs
- Improved personal safety
- Rising adoption of laboratory automation systems in drug discovery and clinical diagnostics
- Large-scale disease outbreaks
- Availability of funding for research
- Higher reproducibility and accuracy in laboratory automation
The key players in the market include Roche Holding AG (Switzerland), Abbott Laboratories, Inc. (U.S.), Tecan Group Ltd. (Switzerland), Thermo Fisher Scientific, Inc. (U.S.), Beckton, Dickinson and Company (U.S.), Greiner Bio-One GmbH (Austria), Bio-Rad Laboratories, Inc. (U.S.) Hamilton Company (U.S.), Analytik Jena AG (Germany), Brooks Automation, Inc. (U.S.), and Corning Incorporated (U.S.).