About the Laboratory Rack Market
A laboratory rack is a type of laboratory consumable that is used to temporarily store or hold sample handling labware such as test tubes, petri dishes, bottles, and slides. In addition, laboratory racks are used for drying labware and other laboratory utensils, and are also called drying racks. Another common type of laboratory rack is a freezer or cryogenic rack that is used to store test tubes or microcentrifuge tubes in freezers.
Technavio’s analysts forecast the global laboratory rack market to grow at a CAGR of 4.3% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global laboratory rack market for 2016-2020. The market size was calculated from revenue generated from the sales of laboratory racks by market vendors in the following categories.
Technavio Announces the Publication of its Research Report – Global Laboratory Rack Market 2016-2020
Technavio recognizes the following companies as the key players in the global laboratory rack market: Dynalon Labware, Global Scientific, Heathrow Scientific, Bel-Art Products-SP Scienceware, and Thermo Fisher Scientific.
Other Prominent Vendors in the market are: 3M, Abraxis, Argos Technologies, Bio Plas, CeilBlue, Corning, BioCision, Eppendorf, Glas-Col, Grant Instruments, Jaece, Simport, Troemner, United Scientific Supplies, and Wheaton.
Commenting on the report, an analyst from Technavio’s team said: “A key trend which is helping boost market growth is increased customization. The choice of the type and size of the racks is largely based on the application and the process. With a broad range of laboratory racks to choose from, based on material, size, function, design, and flexibility, end-users have the freedom to choose what best suits their application. For specialized end-users, manufacturers have also begun designing and producing customized racks to meet specific customer requirements.”
According to the report, a key growth driver is the rising R&D expenditure. With nations continuing to place emphasis on knowledge expansion and innovation, the trend of increasing spending on R&D will continue over the forecast period. The increase in R&D translates to expansion of research and testing facilities in sectors like healthcare and chemicals, which will ultimately lead to increased demand for laboratory racks over the forecast period.
Further, the report states that one challenge that could restrict market growth is insufficient scope for innovation. Given the nature of laboratory racks, the scope for innovation or changes is minimal.
Dynalon Labware, Global Scientific, Heathrow Scientific, Bel-Art Products-SP Scienceware, Thermo Fisher Scientific, 3M, Abraxis, Argos Technologies, Bio Plas, CeilBlue, Corning, BioCision, Eppendorf, Glas-Col, Grant Instruments, Jaece, Simport, Troemner, United Scientific Supplies, Wheaton.
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