The Laboratory Chemicals Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Laboratory Chemicals Global Market Report 2024, The laboratory chemicals market size has grown strongly in recent years. It will grow from $3.85 billion in 2023 to $4.11 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to growth in pharmaceutical r&d, expansion of the healthcare industry, increasing demand for diagnostic testing, globalization of the chemical industry, regulatory compliance requirements.
The laboratory chemicals market size is expected to see strong growth in the next few years. It will grow to $5.28 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to rising demand for personalized medicine, increased focus on biotechnology research, growth in environmental testing, expansion of the food and beverage industry, globalization of drug manufacturing. Major trends in the forecast period include growing emphasis on green chemistry practices, increased use of automation in laboratories, rising demand for specialty chemicals, development of sustainable chemical processes, integration of artificial intelligence in laboratory workflows.
The growing clinical research activities are expected to propel the growth of the laboratory chemicals market going forward. Clinical research activities are studies conducted with human participants to evaluate the safety and effectiveness of new medical treatments, interventions, or diagnostic procedures. Clinical research laboratories use laboratory chemicals to perform routine and specialized assays for patient care. These tests utilize various methodologies, including tandem mass spectrometry, fully automated devices, and high-performance liquid chromatography. For instance, in May 2023, according to ClinicalTrials.gov, a US-based government agency responsible for conducting and supporting medical research, the number of registered clinical research studies increased from 399,499 in 2022 to 437,533 in all 50 states of the United States and across 221 countries. Moreover, it was reported that 140,492 studies (31%) are registered in the U.S. only, while 241,498 studies (53%) are recorded in non-U.S. locations. Therefore, growing clinical research activities are driving the growth of the laboratory chemicals market.
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The laboratory chemicals market covered in this report is segmented –
1) By Type: Cytokine And Chemokine Testing, Biochemistry, Molecular Biology, Environmental Testing, Cell Or Tissue Culture, Carbohydrate Analysis, Other Types
2) By Application: Government, Education, Industrial, Healthcare
3) By End User: Pharmaceutical Companies, Biotechnological Companies, Academic And Research Institutions, Other End-Users
Product innovation has emerged as a key trend gaining popularity in the laboratory chemicals market. Major companies operating in the laboratory chemicals market are concentrating on creating and developing innovative products to strengthen their position in the market. For instance, in March 2022, Spectrum Chemical Mfg. Corp., a US-based chemical provider company, launched Sodium Chloride UPS, an essential inorganic salt for bioprocessing with numerous uses, including upstream cell culture and downstream purification and polishing. The most utilized stabilizer in pharmaceutical goods is sucrose. To remove batch-to-batch unpredictability, bioCERTIFIED products provide change control, batch traceability, supply chain transparency, and various product and packaging options for biopharmaceutical R&D, scale-up, and production.
The laboratory chemicals market report table of contents includes:
1. Executive Summary
- Laboratory Chemicals Market Characteristics
- Laboratory Chemicals Market Trends And Strategies
- Laboratory Chemicals Market – Macro Economic Scenario
- Global Laboratory Chemicals Market Size and Growth
. - Global Laboratory Chemicals Market Competitive Benchmarking
- Global Laboratory Chemicals Market Competitive Dashboard
- Key Mergers And Acquisitions In The Laboratory Chemicals Market
- Appendix
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