The global market for general labware is expected to reach $6.7 billion in 2017, up from $3.9 billion in 2012, according to a new market research report from BCC Research.
The report, titled General Laboratory Equipment: Global Markets (Report Code: IAS078A), from BCC Research breaks the market for general labware into four geographic segments, North America, Europe, Asia, and the rest of the world (ROW), with North America claiming the lion’s share and expected to be worth nearly $2.2 billion in 2017, up from $1.4 billion in 2012.
The European segment is the second-largest share, expected to be worth $1.7 billion in 2017, up from $1.0 billion in 2012.
Given the number and nature of players involved, the market is highly fragmented, leaving the field ripe for mergers and acquisitions, says the company. BCC Research cites a recent example as including Corning picking up the majority of Becton Dickenson’s Discovery Labware business, worth $720 million in November 2012.
However, amid intense competition, general labware market movers face significant challenges as the scope of innovations is comparatively limited in this segment, says the report. The market is in great need of higher quality equipment and time-saving, autoprecision device. This is leading to manufacturing outsourcing to developing economies, it is claimed. China, so far the second largest market in Asia for lab equipment, is one of the fastest moving markets in the world, growing at around 20 percent per year.
The BCC Research report identifies and analyzes opportunities and major factors driving and inhibiting growth in the global labware market and its geographic sub-segments.