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Laboratory Essentials: The Micro Tube Box Market Expansion 2024
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According to The Business Research Company's, The micro tube box market size has grown strongly in recent years. It will grow from $1.86 billion in 2023 to $1.96 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to advancements in biotechnology, an increase in laboratory automation, regulatory compliance, and quality control, the rise of personalized medicine, and the global expansion of laboratory services.
The micro tube box market size is expected to see strong growth in the next few years. It will grow to $2.39 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to the expansion of genomic and proteomic research, increasing biobanking activities, advances in cryogenic storage, growing use of molecular diagnostics, sustainability, and eco-friendly products. Major trends in the forecast period include the adoption of advanced materials, focus on ergonomic design, demand for sterilizable solutions, digital tracking and management, and miniaturization and space efficiency.
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Market Drivers and Trends:
The growing diagnostic activities are expected to propel the growth of the micro tube box market going forward. Diagnostic activities are procedures and tests performed to identify and monitor diseases, conditions, or injuries in patients. Diagnostic activities are rising due to increased demand for early disease detection, advancements in medical technology, and a heightened focus on preventive healthcare. A microtube box is used in diagnostic activities for the organized storage and transportation of small sample tubes, ensuring secure containment and preservation of specimens during laboratory testing and analysis. For instance, in May 2023, according to the National Health Service (NHS), a UK-based publicly funded healthcare system, a total of 2,302,400 diagnostic tests were conducted in March 2023, reflecting an increase of 223,100 tests compared to March 2022. At the end of March 2023, the number of patients waiting for a key diagnostic test reached 1,628,300, marking an increase of 59,400 compared to March 2022. Therefore, growing diagnostic activities are driving the growth of the microtube box market.
Major companies operating in the micro tube box market are focusing on developing technologically advanced products, such as tube systems, to provide comprehensive solutions for both transforaminal lumbar interbody fusion (TLIF) and decompression. Tube systems are networks of tubes used for delivering fluids, medications, or gases to patients, as well as for drainage and diagnostic purposes within the medical field. For instance, in November 2022, NuVasive Inc., a US-based medical devices company, launched the NuVasive Tube System (NTS) and Excavation Micro. These systems enhance surgical workflow through efficient, controlled positioning and optimized access, incorporating Advanced Materials Science, expandable interbody implants, biologics, the Reline fixation system, and enabling technologies within the Pulse platform. The NTS and Excavation Micro solutions are engineered to increase workflow speed while improving safety and reproducibility, providing a comprehensive procedural solution.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc., Corning Incorporated, DKSH Holding Ltd., VWR International LLC, Thomas Scientific LLC, Chemglass Life Sciences LLC, Westlab Pty Ltd., Tarsons Products Limited, Neta Scientific Inc., The Starlab Group, Next Day Science Inc., Boekel Scientific, Abdos Labtech Private Limited, Analytical Sales and Services Inc., Scientific Industries Inc., Teklab Inc., Labnet International, Heathrow Scientific Inc., Lab Pro Inc., Research Products International Corp., Thistle Scientific Ltd., Boca Scientific Inc.
Micro Tube Box Market 2024 Key Insights:
• The micro tube box market size is expected to see strong growth in the next few years. It will grow to $2.39 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Growing Diagnostic Activities Fueling The Microtube Box Market Growth
• Technological Advancements In The Micro Tube Box Market
• North America was the largest region in the micro tube box market in 2023
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