Laboratory Chemicals Market Analysis 2023-2027: Projected Market Size, Major Drivers And Key Segments As Per The Business Research Company's Laboratory Chemicals Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 28, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s laboratory chemicals global market report 2023, the global laboratory chemicals market is poised for significant growth, with the market size expected to increase from $3.59 billion in 2022 to $3.85 billion in 2023, reflecting a Compound Annual Growth Rate (CAGR) of 7.3%. Despite disruptions caused by the Russia-Ukraine war impacting global economic recovery, the laboratory chemicals market is anticipated to reach $4.9 billion in 2027 at a CAGR of 6.2%. Key factors driving this growth include the upsurge in clinical research activities and a burgeoning trend of product innovation.
Key Regions:
- Europe: The largest region in the laboratory chemicals market in 2022.
- Asia-Pacific: Expected to be the fastest-growing region in the forecast period.
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https://www.thebusinessresearchcompany.com/report/laboratory-chemicals-global-market-report
Key Segments:
-
Type:
- Cytokine And Chemokine Testing
- Biochemistry
- Molecular Biology
- Environmental Testing
- Cell Or Tissue Culture
- Carbohydrate Analysis
- Other Types
-
Application:
- Government
- Education
- Industrial
- Healthcare
-
End User:
- Pharmaceutical Companies
- Biotechnological Companies
- Academic And Research Institutions
- Other End-Users
Drivers:
The laboratory chemicals market is propelled by a surge in clinical research activities. Clinical research laboratories employ laboratory chemicals to conduct studies evaluating the safety and effectiveness of medical treatments, interventions, or diagnostic procedures. With the number of registered clinical research studies increasing globally, from 399,499 in 2022 to 437,533 in May 2023, the demand for laboratory chemicals is on the rise. These chemicals are essential in performing routine and specialized assays for patient care, utilizing advanced methodologies such as tandem mass spectrometry and high-performance liquid chromatography.
Trends:
Product innovation stands out as a key trend in the laboratory chemicals market. Major companies are focusing on creating and developing innovative products to enhance their market positions. For instance, Spectrum Chemical Mfg. Corp. launched Sodium Chloride UPS, an essential inorganic salt for bioprocessing, showcasing the industry's commitment to introducing advanced products. In March 2022, the company introduced a bioCERTIFIED product, providing biopharmaceutical R&D, scale-up, and production with improved batch traceability, supply chain transparency, and change control.
Developments:
In September 2022, Seatex, LLC, a chemical blending and manufacturing company, acquired ChemQuest Chemicals LLC. This strategic move enhances Seatex's manufacturing capabilities, capacity, and client base, strengthening its position in the laboratory chemicals market.
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In conclusion, the laboratory chemicals market presents robust growth prospects driven by increasing clinical research activities and a surge in product innovations. The laboratory chemicals market report offers valuable insights for industry players to navigate market dynamics effectively and capitalize on emerging opportunities. Companies can stay ahead by leveraging the comprehensive analysis provided in the laboratory chemicals market report, aligning strategies with market trends, and ensuring adaptability in the evolving landscape.
Laboratory Chemicals Global Market Report 2023 by The Business Research Company provides insights on the laboratory chemicals market size, laboratory chemicals market segments, laboratory chemicals market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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