Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the U.S. Laboratory Disposable Products market.
Trusted Business Insights presents an updated and Latest Study on U.S. Laboratory Disposable Products Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the U.S. Laboratory Disposable Products market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: U.S. Laboratory Disposable Products Market
The U.S. laboratory disposable products market size was estimated at USD 1.08 billion in 2018 and is expected to register a CAGR of 8.1% during the forecast period. Rising demand for plastics in healthcare industry owing to its advantages, such as light-weight, cost-effectiveness, biocompatibility, and versatility is projected to drive the market. Favorable laboratory insurance policies are expected to further fuel the growth.
Use of disposable products in laboratories avoids contamination of medical products and offers better safety to patients. Moreover, use of disposable products instead of reusable products eliminates the reprocessing procedure. This factor is also expected to augment the demand for laboratory disposable products from the U.S. healthcare industry.
Introduction of novel technologies and trends are expected to fuel the growth of the laboratory disposables market in U.S. Some of the most popular trends include automation, cloud technology, compact equipment, and eco-friendly products. Automation is not a new trend in laboratories, but it is witnessing increasing adoption in various fields including robotics, primary screening, genomics, and proteomics. Automation tools allow researchers to perform the entire process efficiently.
Lab equipment are integrated with cloud technology for data recording and storage. The use of cloud technology is anticipated to witness significant growth in laboratory settings as the labs seek advanced data storage options that offer optimum accessibility to the advanced laboratory equipment. With cloud integration, technicians can get updates and alerts on their smartphones about cycles and lab processes. These alerts allow technicians to monitor laboratory procedures and respond to emergencies more efficiently.
In addition, rising use of disposable products to avoid infectious diseases and product contamination, is also expected positively influence growth of the U.S. laboratory disposable products market. Single-use medical plastics prevent the spread of serious infectious diseases. However, improper recycling of these materials could increase the risk of infection. This encourages the use of glass, metal, and other such alternatives. Having said that, availability, transportation, and inability to decontaminate are some of the basic challenges with these alternatives.
Rise in research studies and advancements in chemical, life science, and food and beverage industries to meet the growing demand are anticipated to augment the demand for laboratory disposables, thereby driving the growth of the U.S. market.
Product Insights of U.S. Laboratory Disposable Products Market
Specimen containers segment held the largest market share of 40.8% in 2018, due to increase in number of patients in U.S. Rise in geriatric population in U.S. is one of the major factors fuelling the product demand. Moreover, high prevalence of chronic disorders and rising geriatric population is also expected to drive the demand for laboratory disposable products. Growing incidence of various diseases demand pathological examination of urine, blood, stool, and sputum, which requires different disposables to confirm the diagnosis and to carry out a treatment plan.
Tissue collectors segment, on the other hand, is anticipated to register the highest CAGR of 9.6% over the forecast period. High prevalence of different types of cancer is anticipated to drive the segment growth. High prevalence of cancer is expected to drive the product demand in near future. Tissue examination is widely used for detecting different types of cancer. According to the National Cancer Institute, approximately 1,735,350 new patients were diagnosed with cancer in 2018, of which 609,640 cases resulted in death. Some common types of cancer reported in the country are lung and bronchus, prostate, breast, melanoma, bladder, colon, and rectal cancer.
Material Insights of U.S. Laboratory Disposable Products Market
The plastic segment is anticipated to continue holding the leading market share over the forecast period. The physical properties of plastic, easy availability, and increasing use of medical plastic disposables is projected to drive the growth of the segment. Glass segment is anticipated to expand at the fastest CAGR of over 9.0% over the forecast period. A large amount of medical plastic waste is generated in U.S., which is leading to a shift in usage from plastic to glass laboratory disposable products. Rising preference for eco-friendly products is expected to bode well for the segment growth. For instance, in 2016, Greenhealth Exchange, an online marketplace, was launched by four major healthcare companies and two NGOs in the U.S. to promote green products, ranging from IV tubes to cafeteria food.
According to a research article published by the National Center for Biotechnology Information (NCBI) in 2015, 20 pounds of plastic waste is produced from a single hysterectomy procedure in U.S. According to the Center for Chronic Disease Prevention (CDC), six in every 10 adults in U.S. suffer from a chronic disease. Increasing prevalence of chronic diseases is projected to boost the demand for hospital treatments and procedures. High demand for laboratory disposables in healthcare centers for diagnosis and other medical purposes on a daily basis is expected to fuel the growth in near future.
End Use Insights
The CROs segment is expected to hold the largest market share owing to increase in outsourcing by companies to save their time and to reduce investment. The hospital segment is expected to expand at a lucrative CAGR over the forecast period. The rapid growth can be attributed to increasing prevalence of cancer and chronic diseases in U.S.
According to the Agency for Healthcare Cost and Utilization Project, in 2014, 10.1 million patients in hospital stay, underwent operating room procedures. As per the Leukemia and Lymphoma Society, in 2019, one person is diagnosed with blood cancer every 3 minutes in U.S. Thus, there has been a rise in the number of hospitals stays and the prevalence of cancer and other chronic diseases in the country. Presence of a large patient pool is anticipated to increase the number of diagnostic tests performed, thereby driving the demand for laboratory disposables.
Market Share Insights of U.S. Laboratory Disposable Products Market
Some of the key market players include Cardinal Health; Thomas Scientific; Medicus Health; Therapak; Dynarex Corporation; Thermo Fisher Scientific Inc.; McKesson Corporation; Medline Industries, Inc.; and Becton Dickinson. These players focus on adopting various growth strategies, such as partnerships, mergers and acquisitions, and expansion of product portfolio among others.
AngioDynamics, Inc., a leader in offering advanced minimally invasive devices, recently announced the agreement to sell NAMIC fluid management business line to Medline Industries, Inc., a prominent manufacturer and distributor of healthcare supplies. The agreement includes NAMICs widely offered manifolds, closed fluid systems, contrast management systems, disposable transducers, interventional accessories, and guidewires.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of U.S. Laboratory Disposable Products Market Research Report
This report forecasts revenue growth at country level and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the U.S. laboratory disposable products market report on the basis of product, material, end use, and region:
Product Outlook (Revenue, USD Million, 2019 – 2030)
Collection and Transport Swabs
Material Outlook (Revenue, USD Million, 2019 – 2030)
End Use Type Outlook (Revenue, USD Million, 2019 – 2030)
Ambulatory Surgical Centers
Quick Read Table of Contents of this Report @ U.S. Laboratory Disposable Products Market, Market Research and Industry Forecast Report, 2026 (Includes Business Impact of COVID-19)
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