The global laboratory supplies market is on the brink of unprecedented expansion, as revealed by the latest Future Market Insights (FMI) report. The comprehensive analysis highlights a robust Compound Annual Growth Rate (CAGR) of 8% projected over the next decade, indicating that the industry is set to surge from its current valuation of USD 37.8 Billion in 2022 to an impressive USD 81.61 Billion by 2032.
This remarkable projection follows a period of substantial growth between 2017 and 2021, during which the market demonstrated a notable CAGR of 6%. The consistent upward trend underscores the escalating demand and ongoing evolution within the laboratory supplies sector.
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The FMI report attributes this growth to several key factors, including technological advancements, increased research and development activities, and rising investments in laboratory infrastructure. As laboratories continue to evolve and expand their capabilities, the demand for advanced and efficient laboratory supplies is expected to rise significantly.
“The laboratory supplies market is on the cusp of significant transformation, driven by advancements in technology and increased research and development activities,” said a FMI. “Our findings indicate a robust and sustained growth pattern, reflecting the critical role of laboratory supplies in various scientific and industrial applications.”
Key factors contributing to this growth include the rising investment in healthcare infrastructure, the proliferation of research activities in life sciences, and the increasing need for advanced laboratory instruments and consumables. As the industry continues to innovate and expand, stakeholders can expect substantial opportunities for growth and development.
Key factors driving the expansion of the laboratory supplies industry include:
- Advancements in Research and Development: Technological breakthroughs and increased funding for R&D activities are driving the need for sophisticated laboratory equipment and supplies.
- Rising Healthcare Expenditure: The growing emphasis on healthcare infrastructure and services globally is fueling demand for diagnostic tools, laboratory instruments, and medical consumables.
- Expansion of Biotechnology and Pharmaceutical Sectors: With the continuous development of new drugs and therapies, there is a rising demand for specialized laboratory supplies to support drug discovery, development, and manufacturing processes.
- Increasing Focus on Quality and Compliance: Stringent regulations and quality standards necessitate the use of reliable and precise laboratory equipment and consumables, driving market growth.
As the laboratory supplies industry continues its upward trajectory, companies are urged to embrace innovation, sustainability, and strategic partnerships to capitalize on emerging opportunities and address evolving customer needs.
Market Competition:
Major players are channelling efforts toward expanding their production capacities to strengthen their market share and cater to the growing demand. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market.
- Bio-Rad Laboratories, Inc.
- Bruker Corporation
- Danaher Corporation
- Fujifilm Holdings Corporation (Irvine Scientific Sales Company, Inc.).
- Agilent Technologies Inc.
- PerkinElmer Inc.
- Sartorius AG
- Shimadzu Corporation
- Thermo Fisher Scientific, Inc.
- Waters Corporation
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Recent Development:
- In March 2022, Precisa Gravimetrics AG introduced their Halo range of sophisticated UV-Vis spectrophotometers GB 30 under the Dynamica brand.
- In February 2021, INTEGRA Biosciences launched the D-ONE single-channel pipetting module for hands-free transfers from individual tubes or wells using the ASSIST PLUS pipetting robot. This system effectively automates tedious tasks such as serial dilutions, sample normalization, hit picking, or pipetting of complex plate layouts, increasing productivity and reproducibility in the lab while reducing hands-on time, processing errors, and physical strain.
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
Laboratory Supplies Market By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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