Global Lab Consumables Market 2017-2021
About Lab Consumables
Lab consumables can be defined as components used during the manufacturing process in laboratories in various industries. It includes reagents, pipettes, and storage boxes. Laboratory services are an important component of essential healthcare system in resource-limited countries. They play a critical role in disease control and surveillance. Laboratory services support effective healthcare by providing reliable, valid, and timely results. Proper functioning, good quality equipment, and uninterrupted supply of reagents and other lab consumables are essential for this. Lab consumables are used in research processes to measure, analyze, and verify unproven quantities, properties, and phenomena of an element or material.
Technavio’s analysts forecast the global lab consumables market to grow at a CAGR of 5.13% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global lab consumables market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Lab Consumables Market 2017-2021
Technavio recognizes the following companies as the key players in the global lab consumables market: Camlab, Spectrum Chemical, Reagecon, and Eppendorf.
Other Prominent Vendors in the market are: Bellco Glass, CRYSTALGEN, Kimble Chase Life Science and Research Products, Thermo Fisher Scientific, SKS Science Products, Edulab, Elkay Laboratory Products, Starlab Group, Pathtech, VITLAB, BRAND Scientific Equipment, Medline Scientific, Citotest Labware Manufacturing, and WHEATON.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is outsourcing of drug discovery process. With increased emphasis on R&D investments and drug discovery, several small companies have resorted to outsourcing their drug discovery process to subcontract laboratories, while limiting themselves to manufacturing and marketing activities. The number of subcontract laboratories has been rising rapidly since 2011, and this trend will continue over the forecast period. In the past, cost constraints had prevented several companies from investing in a research facility due to high capital requirements, leading to a drop in the R&D investment by those company. The introduction of subcontract laboratories has enabled these companies to carry out research and testing to drive innovation. The presence of these laboratories allows the companies to outsource their drug discovery processes for a mere fraction of the actual infrastructure cost. This outsourcing of research and testing has gained massive popularity over the past four years and will continue over the forecast period. The trend has been adopted by nations like the US, the UK, Japan, and Germany, where the drug discovery process has been outsourced to subcontract research organizations in emerging countries, like India and Brazil.”
According to the report, one driver in market is surge in investments in the field of life sciences. The growth in the life sciences sector over the forecast period will act as a major driver for the lab consumables market. The growth is primarily fuelled by factors such as the rise in the older adult population, increase in chronic diseases, population growth, and lengthening life expectancy. This sector as a whole generated over $1.8 trillion in revenue in 2014, higher than the 2013 figures by 6.96%. The technology used in this sector also has to keep up with the changing needs of the researchers. Though the technology scenario in terms of laboratory analysis equipment has seen major changes over the last decade, the usage of lab consumables still continues to be a critical part of this sector. Since the life sciences sector is one of the largest users of reagents and consumables, the growth of this sector will drive the demand for these products over the next five years. The life sciences sector makes use of lab consumables on a day-to-day basis as it is required to transfer samples and store the same. There is a high involvement of reagents to process the research findings. These devices often have a life of one process and cannot be reused. This translates to the need for new reagents and markers for every process, regardless of the technology or method employed. Most of the end-users that conduct a high number of testing tend to rent equipment due to the high costs; however, they purchase the reagents that are required to run the tests, providing vendors an opportunity to generate revenue with the high quantity sales of reagents.
Further, the report states that one challenge in market is lack of promotional activities. The nature of the product, coupled with the niche end-user market, makes it difficult for vendors to market these products. Unlike other lab equipment, the brand and product visibility of lab consumables have a limited role in the sale of these products. Emphasis is given on improving the distribution network and increasing the availability of the products to the end-users. Advertising and marketing of these products were earlier restricted to search engines and other online media due to the low return on investment and limited visibility of other media. This category of products leverages the functionality, accuracy, and the vendors' after sales services to push products, whereas marketing communication takes a back seat.
Camlab, Spectrum Chemical, Reagecon, Eppendorf, Bellco Glass, CRYSTALGEN, Kimble Chase Life Science and Research Products, Thermo Fisher Scientific, SKS Science Products, Edulab, Elkay Laboratory Products, Starlab Group, Pathtech, VITLAB, BRAND Scientific Equipment, Medline Scientific, Citotest Labware Manufacturing, and WHEATON.