Laboratory Furniture Market to Reach a Valuation of ~US$ 1.2 Bn by 2027
Posted by Monali Raghuwanshi on November 22nd, 2019
LABORATORY FURNITURE MARKET: INTRODUCTION
Transparency Market Research delivers key insights on the global laboratory furniture market. In terms of revenue, the global laboratory furniture market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in the laboratory furniture market report.
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In this market report, TMR predicts that, the increasing number of safety regulations is driving the demand for laboratory testing services. Rising incidence of health issues among the population, worldwide, is creating the demand for new medical laboratories across hospitals as well as private centers. This, in turn, is anticipated to increase the demand for laboratory furniture. Additionally, increasing government funding to medical schools and colleges is further anticipated to boost the laboratory furniture market. The rising demand for medical laboratories coupled with the increasing enrolment of medical students in medical schools and colleges is anticipated to raise the demand for more medical laboratories in schools and colleges, which, in turn, is anticipated to boost the laboratory furniture market.
However, the high initial investment required for laboratory furniture is anticipated to be a restraining factor for the growth of the laboratory furniture market. Laboratory furniture is expensive and has a longer lifecycle; hence, the replacement rate is very low. This restrains the growth of the laboratory furniture market.
However, technological advancements in terms of enhancing functionality are anticipated to boost the laboratory furniture market. New product developments enhance laboratory furniture efficiency, thus making it more user-friendly with low maintenance cost, which is anticipated to drive the demand for laboratory furniture. Additionally, increasing automation levels in manufacturing techniques in order to improve productivity is expected to boost the demand for laboratory furniture. For instance, computer-monitored supply and logistics systems are expected to boost the demand for laboratory furniture.
According to the report, laboratory tables, stools & chairs, pedestal furniture, etc., dominated the market, both, in terms of value and volume. These types of furniture have extensive user application in medical laboratories. Additionally, pedestal furniture is preferred in medical laboratories as they are best suited for confined spaces.
In terms of end use, medical laboratories acquired greater share of medical furniture as compared to medical schools and colleges. This is due to the high user rate and replacement rate of medical furniture in medical laboratories. Additionally, the demand from schools and colleges is rather low, owing to the high lifecycle of laboratory furniture.
According to the report, offline channels are dominant in the laboratory furniture market. As laboratory furniture is expensive, distributors and suppliers play a significant role in bridging the gap between demand and supply. Distributors and suppliers have a wide network of customers spread, worldwide. Additionally, key manufacturers of laboratory furniture are few in number, owing to which, distributors and suppliers play a significant role. The market share for online channels is low as they primarily act as aggregators for many manufacturers for a particular location.
LABORATORY FURNITURE MARKET: PROMINENT REGIONS
Currently, Europe dominates the laboratory furniture market, followed by the Asia Pacific region. This is due to the presence of good medical infrastructure in Europe, coupled with the rising demand for new medical laboratories owing to growth in medical research activities.
Asia Pacific is estimated to experience prominent growth in the laboratory furniture market in the near future owing to rising population. This increasing population is expected to lead to growing health conditions in the Asia Pacific region. This, in turn, is expected to proliferate the demand for medical laboratories, thereby resulting in the growth of the laboratory furniture market.
LABORATORY FURNITURE MARKET: KEY PLAYERS
Key players operating in the global laboratory furniture market include FRIATEC GmbH, GE Healthcare Services, Kewaunee Scientific, LOC Scientific, MERCI, s.r.o., Mott Manufacturing Ltd., PSA Laboratory Furniture LLC, Symbiote, Thermo Fisher Scientific, WALDNER Laboreinrichtungen GmbH & Co. KG, etc.
About the AuthorMonali Raghuwanshi
Joined: July 12th, 2019
Articles Posted: 193
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