Laboratory Chemicals Market Share and Demand Analysis with Size, Growth Drivers and Forecast to 2028
The latest market report published by Credence Research Inc., "Global Laboratory Chemicals Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The global laboratory chemicals market generated revenue of around USD 18.5 billion in 2021 and is anticipated to grow a CAGR of over 6.5% during the forecast period from 2022 to 2028 to reach around USD 26.9 billion in 2028.
The demand for new and potent pharmaceutical goods has increased due to rising economic growth, rising healthcare costs, and a growing population. As a result, drug companies have upped their R&D spending to produce new medications and vaccinations that will prevent diseases. For instance, the Serum Institute of India approved eight vaccines in 2021, including three produced in India and Covovax and Corbevax for COVID. According to the U.S. Congressional Budget Office, the pharmaceutical sector spent US$83 billion in 2019 on clinical testing, drug testing, and product extension; this represents a tenfold increase over the previous 20 years in investment.
The global laboratory chemicals market is bifurcated into type, application, end-user, and geography. Based on type, the market is categorized into molecular biology, cytokine and chemokine testing, and carbohydrate analysis. The global market is segmented based on applications: academic, R&D, quality control, and others. Based on end-user, the market is categorized into pharmaceutical companies, academic & research institutions, and others. The market is segmented based on geography: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
North America dominated the laboratory chemicals market in 2021 due to the availability of manufacturers of laboratory chemicals. The market environment is favorable for manufacturing these compounds in this area. The next-largest market, with rapid development, is Europe. The market for laboratory chemicals is expanding quickly because of Industry 4.0. The European Union spends a lot of money on the market for laboratory chemicals. There is much room for growth in emerging economies like the Middle East and Asia Pacific. The laboratory chemical will be utilized in several fields of expanding economies in the next years.
The laboratory chemicals market is expected to grow at a steady pace in the coming years. Some key trends that are expected to drive market growth include:
· Rising demand for environmental testing: There is a growing demand for environmental testing services due to increasing concerns about environmental pollution and the need to comply with regulatory requirements. This is expected to drive demand for laboratory chemicals.
· Technological advancements: The development of new technologies, such as chromatography, spectroscopy, and atomic absorption, is expected to drive demand for laboratory chemicals.
· Increasing adoption of contract research organizations (CROs): The increasing adoption of CROs, which offer a range of services, including analytical testing, is expected to drive demand for laboratory chemicals.
Why Buy This Report-
· The report provides a qualitative and quantitative analysis of the global laboratory chemicals market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
· The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
· In-depth analysis of the global laboratory chemicals market segmentation based on type, application, and end-user.
· Major countries in each region with their import/export statistics
· The global laboratory chemicals market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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