Laboratory Chemicals Market 2024 Analysis By Size, Share, Growth, Trends Up To 2033 | Honeywell International Inc., BD Biosciences Systems and Reagents Inc., GE Healthcare Inc

"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.

Market Overview -
Laboratory chemicals refer to any chemicals used in laboratory testing, experiments, and research for performing experimental and investigative procedures and for preparing drugs and other chemicals. They are used in various fields of study and are crucial in advancing scientific knowledge and developing new technologies.

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Clinical Research Propels Growth In The Laboratory Chemicals Market
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.

Competitive Landscape -
Major companies operating in the laboratory chemicals market report are Honeywell International Inc., BD Biosciences Systems and Reagents Inc., GE Healthcare Inc., ITW Reagents Division, Avantor Inc., Agilent Technologies Inc., Hitachi High-Technologies Corporation, bioMérieux SA, PerkinElmer Inc., Beckman Coulter Inc., Shimadzu Corporation, Hamilton Company, Meridian Life Science Inc., Takara Bio Inc., Cole-Parmer Instrument Company LLC., Toronto Research Chemicals Inc., Spectrum Chemical Mfg. Corp., FUJIFILM Wako Pure Chemical Corp, Biosynth AG, Merck Millipore Ltd., GFS Chemicals Inc., Dasit Group S.p.A., Thomas Scientific LLC, Labconco Corp., Pathtech Pty Ltd., Lonza Biologics Inc., Morphisto GmbH, KNAUER Wissenschaftliche Geräte GmbH, Molecular BioProducts Inc., Biochrom Ltd.

Innovation For Enhanced Biopharmaceutical Applications
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.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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