Laboratory racks: Key market research findings
- Advanced production techniques drive market growth
- The Americas dominate the market geographically
- Key vendors—Dynalon Labware, Global Scientific, Heathrow Scientific, Bel-Art Products-SP Scienceware, and Thermo Fisher Scientific
Technavio’s market research analysts estimate the global laboratory rack market to grow at a CAGR of over 4% between 2016 and 2020. Advancements in production techniques are the primary driver for growth in this market. Plastic labware manufacturers are experimenting with process innovations that can improve product quality and reduce fabrication costs. The increasing use of environment-friendly materials and methods is also influencing the manufacturing process of the laboratory equipment. The Americas occupied more than 36% of the market space to dominate the global laboratory rack market during 2015. The presence of key players in the US is augmenting the growth of the market in this region. The rising investments on research and testing in countries such as Brazil, Chile, and Columbia are expected to drive the growth of the lab rack market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the laboratory rack segments based on end-user.
“An increase in the level of customization is the latest trend in the market. End-users have the freedom to choose from a broad range of laboratory racks to choose from, based on material, size, function, design, and flexibility. For specialized end-users, manufacturers are also designing and producing customized racks to meet specific customer requirements. The introduction of modular racks is also expected to reflect positively on the market due to their cost-efficient nature,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
The medical and healthcare segment accounted for more than 19% of the market space to dominate the global laboratory rack market in 2015. The increasing number of healthcare facilities around the world is the primary driver for the growth of this segment. The majority of the demand for lab racks in the market is likely to come from the MEA during the forecast period, with the greater share of revenue being generated from the demand for tube racks.
The key vendors in the global laboratory rack market include Dynalon Labware, Global Scientific, Heathrow Scientific, Bel-Art Products-SP Scienceware, and Thermo Fisher Scientific. This market is highly fragmented with the presence of several regional and foreign players. The key market players compete in terms of design, quality, and pricing to gain a competitive edge over their peers. The recent increase in the number of laboratories worldwide is expected to cause a rise in the demand for laboratory racks over the forecast period. Competition in this market is expected to intensify during the forecast period due to increasing product extensions, new product launches, and new applications of integrated product offerings.
A more detailed analysis is available in the Technavio report, Global Laboratory Rack Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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