BUSINESS

increased funding and expenditure in pharmaceuticals and biotechnology R&D procedures are propelling the Laboratory Supplies industry in Korea

The Korean market is predicted to reach $1 billion by 2032. The market is primarily driven by increased funding and investment in pharmaceutical and biotechnology R&D operations. Because of the consistent and predictable supply of laboratory equipment, the market is projected to expand at a steady rate over the next several years.

The demand for laboratory products in this country is escalating as a result of technological advances in the fields of chemical and biological research. The soaring volume of clinical laboratory studies and life science research investigations is racing up requirements for laboratory disposables. The market is also predicted to obtain continuous demand from procurement managers in the pharmaceutical and medical sectors for a consistent supply of vital laboratory equipment and tools.

The growth strategies chosen by asset management firms in the service sector are essential for the expansion of the laboratory supplies market. The life science and pharmaceutical industries in this nation have witnessed an upsurge in laboratory compliance for drug development and testing, which is anticipated to travel significant growth for laboratory equipment services in the region. Furthermore, the rising prevalence of chronic conditions and medical tourism in this country is asserted to be significant for market growth. In contrast, the types of services required are much more diverse, and the prospects for innovation are diminished by low quantities, which can demonstrate to be a constraint if not addressed sooner.

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Key Takeaways

  • From 2022 to 2032, the Korean laboratory supplies industry is poised to increase at a compound annual growth rate (CAGR) of 7%.
  • In 2021, the equipment segment held the largest share.
  • Because of the high equipment costs, which result in one-time installments for many years, the equipment segment is the biggest.
  • High production costs for laboratory supplies may stymie market growth in the near future.
  • The Korean market is predicted to reach $1 billion by 2032.
  • Automation, miniaturization, artificial intelligence and smart technology are becoming commonplace, simplifying lab life.

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Competitive Landscape

Technological advancements, mergers and acquisitions, new product introductions, and research and development are all aspects where industry players intend to invest. Furthermore, they are likely to put a stronger emphasis on spending funds on new breakthroughs and items in order to extend their market reach. There is a trend toward smaller, easier-to-use instruments with built-in connectivity.

Many enterprises are focusing on the development of solid prospects and the storage of massive amounts of samples in order to create demand for these products. Furthermore, as a result of the coronavirus outbreak, a large number of companies are developing therapeutics and vaccines, boosting sales growth.

Recent Developments

  • Sunset Laboratory Inc. is a pioneer in organic carbon and elemental carbon (OC-EC) aerosol assessment; their instruments and testing services are developed to serve the needs of air quality scientists worldwide.
  • Bruker launched microESR in March 2022, a small, portable research-grade instrument for evaluating free radical oxidation and shelf life in foodstuff that can fit easily on a bench, fume hood, or even be transmitted into the field. It doesn’t require any special configuration or maintenance.
  • Korea Ace Scientific is a leading distributor of laboratory supplies and scientific products in the Korean market. Our company has a 20-year history of supplying selected products at reasonable costs to various research and testing labs in Korea.

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Key Segments Profiled in the Laboratory Supplies Market Industry Survey

Laboratory Supplies Market By Product Type:

  • Equipment
    • Incubators
    • Laminar Flow Hood
    • Micro Manipulation Systems
    • Centrifuges
    • Lab Air Filtration System
    • Scopes
    • Sonicators And Homogenizers
    • Autoclaves And Sterilizers
    • Spectrophotometer And Microarray Equipment
    • Others
  • Disposables
    • Pipettes
    • Tips
    • Tubes
    • Cuvettes
    • Dishes
    • Gloves
    • Masks
    • Cell Imaging Consumables
    • Cell Culture Consumables