How has the lab supplies market evolved, and where is it heading next?
The lab supplies market size has grown strongly in recent years. It will grow from $37.65 billion in 2024 to $40.63 billion in 2025 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to scientific research and discovery, biotechnology and pharmaceutical advancements, healthcare diagnostics and testing needs, academic and educational institutions, industrial quality control and assurance.
The lab supplies market size is expected to see strong growth in the next few years. It will grow to $57.2 billion in 2029 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to rise in life sciences research, increased focus on environmental testing, expanding role of point-of-care testing, global response to health emergencies, advancements in genomic medicine. Major trends in the forecast period include focus on biodegradable materials, stringent quality and safety standards, collaboration with research institutions, global supply chain optimization, emphasis on single-use technologies.
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Which major factors have contributed to the expansion of the lab supplies market?
The rise in the number of testing laboratories in the world is expected to propel the growth of the lab supplies market going forward. A testing laboratory is a site where diagnostic tests or research is performed. Testing laboratories use lab supplies for conducting reactions and containing chemicals. The increasing number of testing laboratories increases the use of lab supplies and hence drives the lab supplies market. For instance, in April 2023, according to the International Laboratory Accreditation Cooperation, an Australia-based international organization for accreditation bodies, from September 2022 to April 2023, ILAC Full Members accredited over 85,000 to 88,000 laboratories, 13,000 to 13,900 inspection bodies, 600 to 604 proficiency testing providers (PTP), and 250 to 260 reference material producers (RMP) across 154 organizations in 129 economies worldwide. Therefore, the rise in the number of testing laboratories in the world is driving the growth of the lab supplies market.
How is the lab supplies market segmented?
The lab supplies market covered in this report is segmented –
1) By Product: Equipment, Disposables
2) By Application: Biochemistry, Endocrinology, Microbiology, Genetic Testing, Other Applications
3) By End Users: Academic Institutes, Clinical And Diagnostic Laboratories, Pharmaceutical And Biotechnology Companies, Other End Users
Subsegments:
1) By Equipment: Laboratory Instruments, Analytical Equipment, Safety Equipment, Storage Equipment
2) By Disposables: Glassware, Plasticware, Consumables, Biohazard Bags And Containers
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Who are the top competitors in the lab supplies market?
Major companies operating in the lab supplies market include Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthineers, Fujifilm Holdings Corporation, Becton Dickinson and Company, GE Healthcare, Corning Inc., Agilent Technologies Inc., Avantor, MilliporeSigma, PerkinElmer Inc., VWR International, Sartorius AG, Mettler Toledo, Shimadzu Corporation, Waters Corporation, Bio-Rad Laboratories Inc., Bruker Corporation, Qiagen N.V., Eppendorf AG, Pace Analytical Services LLC, LabWare Inc., Labworks LLC, Cole-Parmer, Spectrum Chemical Manufacturing Corp, LabVantage Solutions Inc., Autoscribe Informatics, Lab Pro Inc., BrandTech Scientific Inc.
Which key trends are expected to influence the lab supplies market in the coming years?
Product innovations are a key trend gaining popularity in the lab supplies market. Major companies operating in the market are introducing new and innovative products to sustain their position in the market. For instance, in October 2022, Q2 Solutions, a US-based clinical trial laboratory services organization, launched the first self-collection safety lab panel for the US clinical trial participants. The new product is based-on self-collection technology and enables participants in a clinical trial to provide blood specimens from the comfort of their homes. The clinical-grade remote sampling system enables decentralized laboratory testing without affecting sample quality. The solution comprises simple at-home self-collection kits with instructions and videos, a technique for direct-to-patient delivery, and streamlined specimen processing and shipping needs.
Which regional trends are influencing the lab supplies market, and which area dominates the industry?
The countries covered in the lab supplies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Lab Supplies Market Report 2025 Offer?
The lab supplies market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Lab supplies are equipment and instruments used in laboratories that conduct scientific research or teach practical science. These instruments are used to contain chemicals, carry out reactions and measure the results.
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