As per the current market research conducted by the CMI Team, the global Laboratory Plasticware Market size is expected to record a CAGR of 3.4% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 2,221.4 Million. By 2032, the valuation is anticipated to reach USD 3,001.4 Million.
Laboratory Plasticware Market: Growth Factors and Dynamics
- Increasing Focus on Precision Medicine: The growing emphasis on precision medicine, which involves tailoring medical treatment to the individual characteristics of each patient, has led to a heightened demand for specialized laboratory plasticware. These may include precise sample handling tools, microfluidic devices, and other customized plasticware designed for specific diagnostic and analytical applications.
- Rise in Demand for Single-Use Plasticware: There is an increasing trend toward the use of single-use or disposable plasticware in laboratories. This is driven by factors such as convenience, preventing cross-contamination, and reducing the risk of experimental errors. Single-use plasticware also eliminates the need for time-consuming and costly sterilization processes.
- Growing Adoption of Automation in Laboratories: The automation of laboratory processes has become more prevalent, especially in high-throughput screening and diagnostic applications. This has led to a rise in demand for plasticware compatible with automated systems, such as robotic liquid handling systems and automated pipetting devices.
- Globalization of Research and Manufacturing: The globalization of research and manufacturing activities has increased the demand for laboratory plasticware on a global scale. Emerging markets in Asia-Pacific and Latin America are witnessing robust growth in research infrastructure and biotechnological advancements, contributing to the expansion of the laboratory plasticware market.
- Stringent Regulatory Standards and Quality Assurance: The laboratory plasticware market is subject to stringent regulatory standards to ensure the safety and reliability of experimental results. Manufacturers are increasingly focused on meeting these standards and providing products with high-quality assurance. Compliance with regulations is crucial for gaining the trust of end-users in sectors such as healthcare and pharmaceuticals.
- E-commerce and Digital Platforms Impact: The rise of e-commerce and digital platforms has significantly impacted the distribution channels of laboratory plasticware. Online platforms offer convenience, a wide range of product options, and easy comparison, facilitating efficient procurement for laboratories. The digitalization of procurement processes and the ability to access a global marketplace have contributed to the market’s growth, providing buyers with diverse choices and enabling manufacturers to reach a broader customer base.
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Laboratory Plasticware Market: Partnership and Acquisitions
- In 2022, Waters Corporation introduced the Extraction+ Connected Device, a software-controlled product designed for the Waters Andrew+ Pipetting Robot. This automation tool facilitates and records solid phase extraction methods, streamlining the sample preparation process for diverse research applications, including biological, food, forensic, environmental, and clinical studies.
- In 2021, Eurofins Discovery announced a collaboration with Liverpool ChiroChem Ltd (LCC) to enhance chemical expertise for their drug discovery platform, DiscoveryOne™. This partnership involves utilizing LCC’s fragment library and PROTAC linker molecules, strengthening Eurofins Discovery’s capabilities from Hit Identification to Lead Optimization across various therapeutic areas.
Laboratory Plasticware Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Laboratory Plasticware Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Disruption in Supply Chains: The COVID-19 pandemic led to disruptions in global supply chains, affecting the production and distribution of laboratory plasticware. Lockdowns, restrictions on movement, and workforce challenges impeded the timely manufacturing and delivery of plasticware products.
- Shifts in Research Priorities: Many research activities and projects were either halted or redirected towards COVID-19-related studies. This shift in research priorities resulted in a fluctuating demand for certain types of laboratory plasticware, impacting the overall market dynamics.
- Adoption of Digital Platforms: The laboratory plasticware market has increasingly embraced digital platforms and e-commerce to facilitate product visibility, marketing, and sales. Online channels have become vital for manufacturers to reach a broader audience and adapt to changing buyer behaviour, especially during the pandemic.
- Focus on Localized Manufacturing and Supply Chains: To mitigate the risks associated with global supply chain disruptions, some manufacturers have been reevaluating their supply chain strategies. Localized manufacturing and sourcing help in reducing lead times, ensuring a more stable supply of laboratory plasticware even during unforeseen challenges.
- Rapid Innovation and Product Development: The post-COVID-19 period has seen a renewed emphasis on innovation in laboratory plasticware. Manufacturers are investing in research and development to introduce new products that address the evolving needs of laboratories, considering lessons learned during the pandemic.
- Increased Emphasis on Product Quality and Safety: The pandemic underscored the importance of product quality and safety in laboratory settings. Manufacturers are placing a heightened focus on adhering to regulatory standards, ensuring the sterility of products, and providing documentation to guarantee the reliability of laboratory plasticware. This increased emphasis on quality serves to build trust among end-users.
List of the prominent players in the Laboratory Plasticware Market:
- Thermo Fisher Scientific Inc.
- Corning Incorporated
- Sartorius AG
- Eppendorf AG
- BrandTech Scientific Inc.
- Greiner Bio-One International GmbH
- DWK Life Sciences (Wheaton Industries)
- Merck KGaA (MilliporeSigma)
- Cole-Parmer Instrument Company LLC
- Becton Dickinson and Company (BD)
- Tarsons Products Pvt. Ltd.
- Bio-Rad Laboratories Inc.
- Celltreat Scientific Products
- Mettler-Toledo International Inc.
- Fisher Scientific International LLC
- Others
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