Laboratory Furniture Market
Laboratory Furniture Market By Product (Laboratory Tables, Stools, Chairs, Cabinets, IPS Unit), By End User (School and College, Medical laboratories), By Distribution Channel (Offline, Online), By Region - Global Market Insights to 2031
Market Outlook for Laboratory Furniture
The global laboratory furniture market is expected to expand at a CAGR of more than 4% over the 2021 to 2031 forecast period. Laboratory furniture is uniquely intended to help the experiments that are directed in a laboratory, while simultaneously opposing the severe conditions of laboratory environment due to the presence of highly reactive chemicals. Some of the basic types of laboratory furniture include chairs, tables, storage cabinets, IPS unit, pedestal furniture and others.
Advancements in modular lab furniture have surged since the utilization of highly reactive chemicals are observed in laboratories. The laboratory furniture market recorded sales of ~3.1 Billion units in 2019 with a valuation of ~US$ 838 Mn. In the upcoming years, increasing awareness about the environmental impact assessed by the manufacturing of laboratory furniture has pushed manufacturers across the globe for reducing their carbon impression. Key players are likely to focus on adopting sustainable raw materials which is expected to account for the high demand for modular laboratory furniture.
The foremost objective of the report by Fact.MR on the laboratory furniture market is to pitch insights on the market scenario, demand generators, and technological advancements in this space. The report provides a taxonomy elaborating on key segments. The report also outlines visionary insights on the dynamics of the market, including the drivers, restraints, opportunities, trends and pricing analysis, along with key success factors. Market trends have been tracked in 20+ high-growth countries, pointing towards countries in North America, Europe, and East Asia holding the bulk of the market share.
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Historical Trends Vs. Future Market Projections
From 2016 to 2020, the global laboratory furniture market exhibited a low CAGR of around 3.4%, with healthcare and pharmaceutical industries playing a major role in driving demand. Increasing safety norms are surging the demand for laboratory furniture.
Additionally, the awareness about hygienic environment is also a major factor that will lead to an increase in the number of tests being conducted in laboratories. This is poised to drive the demand for laboratory furniture.
Moreover, in FY2020, due to the COVID-19 crisis, demand for laboratory furniture was surged because of the development in healthcare infrastructure.
Owing to these factors, demand over the long-term forecast period can be estimated by breaking the forecast timeline into three parts.
- Short-run: Highest growth is set to be observed over this term.
- Medium-run: Demand and price normalization are set to be observed over this period.
- Long-run: Eco-friendly design elements is anticipated to adopt by the manufactures.
All in all, the laboratory furniture industry is to expand at a moderate rate of around 4.2% through 2031, providing a promising stance for investors in the market.
Which Region Offers Great Potential for Laboratory Furniture?
The North American region, specifically the U.S., accounted for the highest demand for laboratory furniture due to the increasing government investment in education and healthcare infrastructure. Such scenario in continuation will lead to the expansion of the laboratories, providing a promising stance for investors in the laboratory furniture market. The demand for laboratory furniture by school, college and pharmaceutical sectors is anticipated to rise during the forecast period.
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What are the Restraining Factors for Laboratory Furniture Manufacturers?
Initial high spending required is the primary barrier in the global laboratory furniture market. A lot of investment is required to replace or purchase the existing furniture in any chemical laboratory.
Moreover, laboratory furniture is highly expensive and has a long life. This results in a comparatively long replacement cycle for various laboratories, thus, restricting the demand for laboratory furniture.
Why is the U.S. a Huge Market for Laboratory Furniture?
The U.S. remains major contributor to the growth of the laboratory furniture market due to the fact of large number of research projects in pipeline. Further, huge investments in biotechnology and life sciences provide cutting edge to the country’s laboratory furniture market.
Further increasing investments for schools, colleges and the increasing demand from the healthcare and pharmaceutical sectors will make sure the country remains in brightest spot of investment over the assessment period.
What Makes China the Growth Epicentre for Laboratory Furniture?
The Asia Pacific currently accounts for a significant demand for laboratory furniture, followed by South America. This is because, China is the dominant laboratory furniture manufacturer globally and satisfies demand of worldwide consumers at cost-effective prices. Low production cost along with huge presence of raw materials makes China the epicentre basically in terms of production. However, the country may face a backlash due to COVID pandemics as many countries have turned away and looking to re-establish themselves in the South Asian countries.
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Which Application of Laboratory Furniture Has a Bright Future?
The demand for laboratory furniture which is used in pharmaceutical industries and education sectors are predicted to penetrate the global market due to the increasing number of government and private medical colleges, globally. Both the end uses are contributing towards increasing product sales. Similar is the situation in most of the developing nations.
Medical laboratories are anticipated to create higher demand for laboratory furniture due to the fact of increasing number of tests and research for n number of diseases. This, in turn, is poised to boost the demand for medical laboratory furniture during the forecast period.
How are Investments Impacting demand for Laboratory Furniture?
Industries are investing a lot of amount for providing advanced laboratory furniture which will satisfy the demand of the end-user across the globe.
- In 2018, Kewaunee Scientific, a key manufacturer in the laboratory furniture market, introduced a laboratory benching system. CODA’s modular design features a height adjustment surface, moveable shelving, and integrated lighting systems technology. These new benching systems are up to 10 feet long between structural supports. CODA’s bench enables greater flexibility for a lab layout.
- In 2019, WALDNER Group initiated the construction phase at the Wangen site for the production of fume cupboards and media carriers. At this site, laboratory equipment is expected to be manufactured according to the latest technical standards.
- In 2017, Mott Manufacturing Ltd. introduced a new bench system - LED SHELF TASK LIGHT FOR OPTIMA. It has user-friendly features such as an energy saving light sensors. It is useful for university teaching & research activities, and for the industrial, biotech, and pharmaceutical industries.
How Has COVID-19 Impacted Sales of Laboratory Furniture?
Taking into consideration the new sales, the market observed a strong dip due to COVID as production sites were halted and so the consumption process. Lockdowns and strict social distancing measures forced people to stay indoors and the result was seen on production canvas.
Only the maintenance and timely check-ups provided some contribution to the overall market revenues. In a nutshell, laboratory furniture market was hit hard due to COVID in especially Q2 and Q3. However, the reopening of industries and things getting right in place are making sure that the market catches up to its growth trajectory in least possible timeframe.
The aforementioned players rely on a blend of organic and inorganic strategies to deepen penetration across lucrative markets. These strategies include product launches, collaborations with key players, partnerships, acquisitions, and strengthening of regional and global distribution networks.
Manufacturers are presenting 3D visualization administrations for their customers to forestall furniture plan and design layout, eventually to dive manufacturing expenses and production times. Traditional designing includes too much capital and are termed as time-consuming.
Laboratory furniture manufacturers are presently providing an online tool that permits their customers to plan their labs and at last modify their laboratory furniture as per their requirements. There are plenty of material preferences and design layouts that can be seen from a 3D angle instantly. This trend of the laboratory furniture market significantly affect the strategy of key market players and decrease the expense of planning procedures.
Similarly, recent developments related to companies manufacturing laboratory furniture have been tracked by the team at Fact.MR, which is available in the full report.
Historical Data Available for
US$ Mn for Value and ‘000 Units for Volume
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Key Market Segments Covered
- Laboratory Tables
- Laboratory Stools and Chairs
- Pedestal Laboratory Cabinets
- Pedestal Laboratory Furniture
- Laboratory IPS Units
- School & Colleges Laboratories
- Medical Laboratories
- Pharma Labs
- Biotech Labs
- Government Labs
- CRO Labs
- Semi-conductor Labs
- Diagnostic research Labs
- Chemical Labs
- North America
- Asia Pacific
- Middle East & Africa
- South America
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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