Laboratory Chemicals Market to Grow with a CAGR of 3.86% Globally through 2028
Increasing medical advancements for treating diseases is expected to
drive the Global Laboratory Chemicals Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Laboratory
Chemicals Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Laboratory Chemicals Market
stood at USD27.25 billion in 2022 and is anticipated to grow with a CAGR of 3.86% during 2023-2028. The initiatives taken by government based on
laboratory chemicals has led to favorable market conditions for the Global
Laboratory Chemicals Market. Several factors contribute to the growth of
various laboratory chemicals market products.
Safety is of
utmost importance when it comes to dealing with laboratory chemicals. The U.S.
Occupational Safety and Health Administration (OSHA), along with other regulatory
bodies, has implemented a comprehensive framework of laws and standards to
ensure the safe handling and proper disposal of these chemicals. These
regulations are specifically designed to safeguard laboratory workers from a
wide range of potential hazards, including chemical, biological, physical, and
even radioactive substances. By adhering to these stringent guidelines,
laboratories can create a secure environment that minimizes risks and promotes
the well-being of all personnel involved in scientific research and
experimentation.
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Medical
advancements have significantly transformed the landscape of disease diagnosis
and treatment. Through groundbreaking research and development, these
advancements have paved the way for the creation of sophisticated medicines and
drugs that hold the potential to revolutionize the treatment of various serious
diseases. A notable example of such progress is the Antiviral Oral Pills,
jointly developed by Merck and Pfizer in 2021. These innovative pills were
specifically designed to prevent the entry of the COVID virus and combat
flu-related ailments.
Furthermore, in
2021, the US Centre for Drug Evaluation and Research approved the development
of an impressive collection of 50 new therapeutic biological products. This
remarkable achievement signifies the continuous growth and expansion of the
medical industry's commitment to delivering cutting-edge solutions for patient
care.
The Global
Laboratory Chemicals Market is segmented into type, application, regional
distribution, and company.
Based on its application, the carbohydrate analysis segment
held the largest share in the market. In the laboratory chemicals market, the
identification, measurement, and characterization of carbohydrates - organic
molecules composed of carbon, hydrogen, and oxygen - are accomplished through
the use of specific reagents, standards, and apparatus. Carbohydrate analysis
plays a crucial role in various disciplines, such as biochemistry, food
science, medicine, and environmental studies. It enables researchers to gain
insights into the composition and structure of carbohydrates, leading to the
development of novel products and innovative techniques for their analysis.
Collaboration among researchers, organizations, and
suppliers further enhances the potential for advancements in carbohydrate
analysis, contributing to a deeper understanding of these essential
biomolecules and their impact on various fields.
Based on region, Asia Pacific segment is expected to
grow during the forecast period.
The establishment of new educational facilities across
the region, particularly in the field of biological and chemical sciences, has
led to a significant transformation. As new companies within the pharmaceutical
sector continue to invest heavily in research and development, the
opportunities for test analysis are expanding.
Moreover, the growth of clinical research subcontracting
activities in the Asian area is further fueling the demand for chemical
laboratories. These laboratories play a crucial role in evaluating drug quality
and testing items in the fields of food, chemical, and biological research and
development. With the increasing need for accurate and reliable analysis, the
demand for these specialized laboratories is expected to rise, contributing to
the overall advancement and progress in the scientific and healthcare sectors.
Major
companies operating in Global Laboratory Chemicals Market are:
- Avantor Inc.
- Beckman Coulter Inc.
- BiosYnth SRL
- Carlo Erba Reagents SRL
- Merck KGaA
- Meridian Life Science Inc
- Mitsubishi Rayon Co. Ltd
- Morphisto GmbH
- PerkinElmer Inc.
- Sigma-Aldrich Corp.
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“Growing application of laboratory chemicals in
various end user industries are key drivers of the laboratory chemicals market.
Growth in competitive landscape and presence of well-established companies in
the market who are dedicated to enhance their productivity of laboratory chemicals
with every passing year are anticipated to register an impressive growth to Global
Laboratory Chemicals Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Global Laboratory Chemicals Market By Type
(Corrosive Acids, Corrosive Bases, Flammable Chemicals, Oxidizers, Water-Reactive
Chemicals, Compressed Gas, Others), By Application (Molecular Biology, Cytokine
and Chemokine Testing, Carbohydrate Analysis, Immunochemistry, Cell/ Tissue
Culture, Biochemistry, Environmental Testing, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Laboratory Chemicals Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Laboratory Chemicals Market.
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