Global Lab Consumables Market 2017-2021

Overview of the global lab consumables market

Technavio’s market research predicts that the global lab consumables market will grow at a CAGR of above 5% during the forecast period. Rising demand from developing nations is one of the primary drivers of the market growth. Developing countries like China, India, South Africa, and Brazil have been witnessing increased expansion of numerous R&D facilities. Rising investments and funding to improve the quality checks of drugs have risen in these nations along with R&D spending to spot impurities in drugs. Moreover, these countries have increased focus on research and technological innovations in the fields of medicine, food and health, biotechnology, and industrial segments. Thus, these rapidly growing industries will drive the growth of the market during the forecast period with the rise in consumption rates.

One of the latest trends that will gain traction in the global lab consumables market is the rise in acquisitions and partnerships. To cater to a wide range of end-users, manufacturers have begun to extend their businesses assisting in expanding their portfolio of analytical solutions in the biopharmaceutical industry specifically. Moreover, the M&A activities of large manufacturers with new and smaller companies help in gaining a prominent market position. Furthermore, the increasing number of M&A leads to larger allocation of funds to gather the consumables required for R&D processes driving the growth of the market.

Competitive analysis and key vendors