Laboratory Glassware Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Laboratory Glassware Market Outlook – 2027

Laboratories require high quality equipment with features including inert, heat resistant, and customizable equipment, and these requirements are met by glassware. Laboratory glassware equipment perform high number of various chemical reactions and vigorous tests, wherein the chemicals in the test tubes need to be heated as variable range of temperature. The laboratory glassware have capability to withstand high temperature as well as they are accurate and hence, provides optimum solution to several end-users. The laboratory glassware include a portfolio of products like test tubes, pipets, watch glass primarily used for conducting chemical tests in laboratories by various industries including pharmaceutical, biologics, chemical and other overlapping industries. The laboratory glassware is also used by students, and staff in the academic institutions to develop practical skills. Laboratory glassware is extensively used by scientists and researchers in clinical and research laboratories for assessment in biology, chemistry, and analytical laboratories. 

COVID – 19 scenario analysis:  

• The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
• Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
• Over 4 million people affected globally, with 300 thousand losing their lives due to SARS-CoV-2
• Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers
• Due to diversion of medical field towards treating COVID-19, this segment have to face negligence subsequently causing negative impact on laboratory glassware market
• However, owing to increasing research and development activities in order to find a breakthrough, novel therapeutic vaccine on COVID-19, the laboratory glassware segment can boom in the near future

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The successful ventures in developing lightweight laboratory equipments, increasing demand for purification and segregating instruments in molecular biology research, growing research in genomics are amplifying the chemical research instances, thereby driving laboratory glassware market.  Rising number of research laboratories globally is soaring the need for laboratory glassware equipment in the market. Similarly increasing number of research institutions and growing student interest development of innovative solutions in the field of biomedical science is further elucidating the laboratory glassware market. Laboratory glassware instruments, being made of borosilicate glass attributed with strength, minimum thermal expansion, high temperature withstanding and high resistance to electricity stimulates the growth for laboratory glassware market. The support offered by government across various geographies in form of funds and subsidies for research and development activities, especially in emerging economies is the factor fuelling growth for laboratory glassware market. 

The increasing utilization of laboratory glassware products by adjacent industries including petro-chemicals, polymer chemistry, bio-chemistry and other industries like pharmaceutical and biologics in surging the demand for these products. Many market players of laboratory glassware are introducing lightweight products with high thermal resistance and strength is helping in achieving commercial success. Many manufacturers of these products depend upon exports for revenue generation with major export market being Asia and New Zealand for medical supplies while Europe and the U.S. for scientific equipment. Changing trends, inclining towards the automation in laboratory processes will further help in the development of the laboratory glassware market. 

On the contrary, lack of funds for conducting research, presence of laboratory plasticware as an alternative to laboratory glassware being the biggest threat coupled with increasing adoption of laboratory plasticware due to economical affordability can impede the growth of laboratory glassware market. Additionally, cross-contamination instances associated with leaching will further restrain the growth of the market.

Increasing number of research laboratories and growing healthcare expenditure

The number of clinical research laboratories is rising day by day.  In a study conducted regarding the global expenditure on healthcare was 10.4% of total GDP and this number would go on increasing with 10.5% spent in 2020. The rising number of laboratories is majorly seen in developing economies like India and China. This increase in number of laboratories would fuel the demand laboratory glassware, thereby providing growth avenues to the market.

World Health Organization studies confirm that there has been significant rise in the overall healthcare expenditure (% of GDP) that rose to 10.02% in 2016 from 9.2% in 2006 with the steepest rise recorded in the U.S., i.e., from 14.66% in 2016 to 17.07% in 2016. Furthermore, the pharmaceutical sector is experiencing tremendous growth. The sector has grown exponentially from USD 100 billion in 2017 to USD 1.2 trillion and is expected to reach USD 1.5 trillion by 2023 growing at a CAGR of 4-5%. These factors would further ensure the growth for laboratory glassware market.

North American region dominates the market 

North America is expected to lead the laboratory glassware throughout. The dominance is due to factors like growing number of diagnostic tests, rise in the research and development activities, increased usage of laboratory consumables and higher adoption of technology in the region. Drastic rise in healthcare expenditure and high strain to get better health outputs at lower costs, availability of a well-developed infrastructure and presence of major industry are the other factors fostering the market in the near future.

Key benefits of the report:

• This study presents the analytical depiction of the global laboratory glassware market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global laboratory glassware market share.
• The current market is quantitatively analyzed to highlight the global laboratory glassware market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global laboratory glassware market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the Laboratory glassware Market research report:

• What are the leading market players active in the laboratory glassware market?
• What the current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?

 Laboratory Glassware Market: Global Opportunity Analysis and Industry Forecast, 2020-2027 Report Highlights