Laboratory Ware Market Expected to Reach $11.91 Billion by 2030

According to a new report published by Allied Market Research, titled, “Laboratory Ware Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global laboratory ware market size was valued at $6,730.0 million in 2020, and is projected to reach $11,918.0 million by 2030, registering a CAGR of 5.8% from 2021 to 2030.

Laboratory ware is defined as the equipment used in the laboratory by scientist to conduct research. Laboratory ware consists of bottle, beaker, dish, conical vessel, petri dish, flask, microscope slides, microplate, and carboys. Different type of laboratory ware offers different function, thus, it is recommended to select the right laboratory ware to get accurate and precise result. The glassware is inert, heat-resistance and properly calibrated and plasticware are available at low cost, are easy to handle and flexible in nature.

The factors that drive the growth of the laboratory ware market include rise in prevalence of chronic disease such as hypertension, cancer, cardiovascular disease, and diabetes; increase in number of geriatric population; advancement in technology for glassware manufacturing, and surge in demand for cell culture and microbial application. According to the World Health Organization (WHO) in 2021, various types of chronic diseases, such as cardiovascular diseases, cancer, respiratory diseases, and diabetes, are responsible for approximately 17.9 million, 9.3 million, 4.1 million, and 1.5 million deaths, respectively. As per the same source, 41 million people die each year due to chronic disease, which is equivalent to 71% of all deaths, globally. Market players are focusing on the development of novel approaches for use of laboratory ware technology. Moreover, in 2020, Corning, a world leading innovator in material science, announced the launch of Elpasia laboratory plates which enable the researcher to produce high density of spheroids in a scaffold-free model by use of microcavity technology. These plates are used for cell culture development and to analyze hundreds to thousands of spheroids in a standard plate footprint. The increase in development of biotechnology industry, and surge in need for laboratory ware are the key factors for the growth of the market.

Increase in number of diagnostic service centers, rise in demand for plasticware in laboratories of academic institute, and surge in number research laboratories, due to increasing demand for clinical use in hospital and forensic sectors are anticipated to drive the growth of the laboratory ware market. In addition, increasing number of people for early diagnosis has led to the development of diagnosis centers, thereby propelling the growth of the market.

Moreover, initiatives taken by governments for development of the pharmaceutical sector and technological advancement in glassware production are the key factors that boost the growth of the market. Furthermore, brittle nature of glass and lack of funds for manufacturing of laboratory ware are anticipated to hinder the growth of the market.

The laboratory ware market is segmented on the basis of product, application, end user, and region. On the basis of product, the market is divided into glassware and plasticware. The glassware segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to surge in demand for borosilicate glass, development in the pharmaceutical industry, and rise in number of research laboratories.

On the basis of application, the market is classified into research, diagnostics, and others. The research segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to surge in number of laboratories for research activities and initiative taken by the government for the development of the research. On the basis of end user, the laboratory ware market is classified into research and academic institutes, hospitals and diagnostic centers and others. The research and academic institutes segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to increase in prevalence of chronic disease, advancement in research activities, and development of laboratories in academic institutions.

The COVID-19 outbreak is anticipated to have a positive impact on the growth of the global laboratory ware market. The COVID-19 pandemic has stressed the healthcare systems in the world and increased the need for diagnosis of COVID-19. The increase in number of COVID-19 cases, surge the demand for diagnostic testing, which is an integral part of delivering patient care and controlling the spread of the disease.

For instance, in 2020, a total of 646 government laboratories and 247 private laboratories reported to the Indian Council of Medical Research (ICMR) for COVID testing. Subsequently, this leads to increase in demand for laboratory ware.

Key Findings Of The Study

• By product, the glassware segment was the highest contributor to the market in 2020.
• By application, the research segment dominated the market in 2020 and is expected to continue this trend during the forecast period.
• By end user, the research and academic institutes segment was the highest contributor to the laboratory ware market in 2020.
• By region, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

North America accounted for a majority of the global laboratory ware market share in 2020 and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of chronic diseases, presence of key players, adoption of plasticware, increase in the number of diagnostic testing and development of medical laboratories in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in prevalence of chronic diseases, rise in geriatric population, and increase in awareness about diagnosis of disease.