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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.