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North America currently accounts for a majority of the demand for laboratory furniture, followed by Europe. Increasing government investment in education and healthcare infrastructure 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.
Increasing environmental awareness has reinforced the reception of environment-friendly materials among laboratory furniture producers. The expanding utilization of sustainable materials which doesn’t just increase the lifetime of the furniture also makes recycling possible, is a significant continuous trend that will keep on impacting the development of the laboratory furniture market.
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As per the report published by Fact.MR, the laboratory furniture market is anticipated to surpass US$ 1.2 Bn by 2031 and is poised to expand at a CAGR of more than 4% over the next ten years.
Key Takeaways from Market Study
- Laboratory furniture market achieved a recorded sales of ~3.1 billion units in 2019, reaching a valuation of ~US$ 838 million
- The demand for laboratory furniture is predicted to increase in the forecast years with the increasing number of government and private medical colleges, globally
- Increasing safety regulations are enhancing the demand for laboratory testing services
- North America is set to dominate market revenue in 2024, and is expected to follow the same trajectory in the forecasting period
- Laboratory furniture market is most likely to focus on adopting sustainable raw materials due to rise in the demand for modular laboratory furniture
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- The rising demand of laboratory furniture in different fields like healthcare, education, pharmaceutical, chemical industries and semiconductor labs is lead to give a positive impact on the market.
- Eco-friendly design elements is anticipated to adopt by the manufactures.
“High R&D spending to present custom furniture will aid market growth over the coming years,” says a Fact.MR analyst.
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Vital players have been spending on research & development to come up with new ideas to improve the design and space requirements claimed. Laboratory furniture manufacturers are predicted to provide online tools that allow their clients to design their labs and ultimately customize their laboratory furniture according to their needs.
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