NEW YORK, May 20, 2021 /PRNewswire/ -- Award winning market research firm Fact.MR projects the laboratory furniture market to post impressive growth through 2021 and beyond. Expansion of the market is expected to be underpinned by the surging demand for sustainable modular laboratory furniture from pharmaceutical and educational sectors. The rising demand for modular laboratory furniture and increasing spending on sustainable and cost-effective laboratory furniture will aid the overall expansion of the market.
The market experienced decelerating growth amidst the COVID-19 crisis, with laboratory furniture sales declining and with the production process at standstill. However, a resurgence is being experienced as supply chains return to normalcy, creating growth prospects. Furthermore, manufacturers are adopting various strategies such as advanced technology and 3D visualization techniques to attract end-users and increase their revenue pools.
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Manufacturers of laboratory furniture are likely to discover potential revenue pools across North America. Increasing government investment in education and healthcare infrastructure, expansion of pharmaceutical sector, and high investment in biotechnology are some of the factors aiding the industry growth. According to Fact.MR, medical laboratories across the globe are anticipated to exhibit higher demand for laboratory furniture owing to the growing number of research and project activities carried out for the diagnosis of various diseases. This, in turn, is expected to foster the laboratory furniture sales.
"High demand for modular furniture and increasing awareness about the environmental impact by manufacturing of laboratory furniture have pushed the manufacturer to adopt sustainable raw materials for the production," says a Fact.MR analyst.
Key Takeaways
- Global laboratory furniture market is poised to expand at a CAGR of over 4% through 2031
- Pharmaceutical laboratories and education sector, both, are the primary end-users of laboratory furniture market
- China is expected to remain dominant throughout the forecast period backed by the increasing production and abundance of raw material in the region
- The U.S. is expected to be the dominant laboratory furniture manufacturer in North America owing to the surging demand from pharmaceutical sector
- India is anticipated to emerge as a potential market, followed by Brazil
- France and Germany are expected to witness positive growth in the upcoming decade
Competitive Landscape
Friatec GmbH, GE Healthcare Services, Kewaunee Scientific, LOC Scientific, MERCI SRO, Mott Manufacturing Ltd., PSA Laboratory Furniture LLC, Symbiote, Thermo Fisher Scientific, and Waldner Laboreinrichtungen GmbH & Co. KG. Are some of the laboratory furniture manufacturers profiled by Fact.MR. According to Fact.MR, aforementioned players are relying on the blend of organic and in-organic strategies such as mergers, collaborations and strengthening their regional & distribution networks. Also, key players are relying on advanced technology to woo more end-users and meet their specific customization and need. For instance, manufacturers are using online tools so that the customer can select and design the furniture according to their labs and as per their requirement.
In March 2020, leading lower-middle-market equity firm Huron Capital announced the acquisition of Lab Crafters, a manufacturer of specialized furniture for laboratories in the biotech, pharmaceutical, higher education, and government sectors.
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In its latest research report, Fact.MR delivers an insightful details on the global laboratory furniture market trends and growth scenario for the period of 2021 and 2031. To gain a better understanding on the shortcomings and forthcomings of the global laboratory furniture market, the market is segmented on the basis of product (laboratory tables, laboratory stools & chairs, laboratory storage & cabinets, pedestal laboratory furniture, laboratory IPS units, and others), end-user (school & college laboratories, medical laboratories, pharma labs, biotech labs, government labs, CRO labs, semi-conductor labs, diagnostic research labs, and chemical labs), distribution channel (offline and online) across major regions such as North America, Europe, Asia Pacific, Middle East & Africa and South America.
Key Questions Covered in the Report
- What will be the future growth outlook of global laboratory furniture market?
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- Which region is expected to provide growth opportunities for laboratory furniture market players?
- How has Covid-19 impacted the sales of laboratory furniture?
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