The global laboratory supplies market was estimated at US$ 29.8 billion in 2020 and is expected to reach US$ 53.6 billion by 2030, poised to grow at a noteworthy CAGR of 6.1% from 2021 to 2030.
The laboratory supplies market is highly influenced by the developments in the pharmaceutical and biotechnology industries. The demand for the laboratory supplies is growing owing to the advancements in the research of the biology and chemicals. The laboratory supplies is extensively used in the experiments, measurements, and extracting data. The rising investments by the market players in the research of the biotechnology is fueling the growth of the global laboratory supplies market. To carry out the lab experiments efficiently, an uninterrupted and continuous supply of the laboratory products is needed. The surging presence of numerous contract research organizations across the globe is expected to foster the demand for the various laboratory supplies during the forecast period. The rising number of clinical lab tests and researches on the life sciences is significantly driving the demand for the laboratory consumables. The rising investments by the biopharmaceutical players in the research activities for the purpose of developing new and innovative medicines for various chronic disease is expected to spur the demand for the laboratory supplies in the forthcoming years.
The need for a wide variety of equipment and tools to conduct researches and tests that allows a quick analyses and results is a significant market driver. The technological advancements is enhancing the laboratory capabilities by improving the performance of the lab products by reducing the consumption of the lab consumable, thereby reducing the overall operational costs. The proliferation of the technologies such as artificial intelligence, miniaturization of devices, and automation is changing the way laboratories operates. The increasing pressure on the labs to provide results faster in order to boost the development process of the medicines and diagnostic devices faster is expected to positively impact the global laboratory supplies market growth. The high demand from the pharmaceutical sector for the services of the research laboratories and clinical tests is a major driver of the laboratory supplies market. The rising prevalence of various chronic and gene diseases is creating opportunities for the pharmaceutical industry players to heavily invest in the research programs, which in turn fuels the growth of the laboratory supplies market.
Scope of the Laboratory Supplies Market
|Market Size in 2030||US$ 53.66 billion|
|Growth Rate From 2021 to 2030||CAGR of 6.1%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Companies Mentioned||Bio-Rad Laboratories, Inc., Bruker Corporation, Danaher Corporation, Fujifilm Holdings Corporation, Agilent Technologies Inc., PerkinElmer Inc., Shimadzu Corporation, Thermo Fisher Scientific, Inc., Waters Corporation|
Based on the product, the equipment segment accounted for around 64% of the market share in 2020. The laboratory equipment are generally a long term investments that needs to be installed once and is operated for many years. This involves high costs, which results in an increased revenues of this segment. The laboratory equipment are generally utilized for experiments and similar procedures. The easy availability of different laboratory equipment and instruments along with the rising number of CROs is further spurring the growth of the equipment segment.
On the other hand, the consumables is estimated to be the most opportunistic segment during the forecast period. The surging number of laboratories, scientific companies, and research organizations across the globe is fostering the demand for the various lab consumables. The volume demand for the consumables like gloves, masks, pipettes, and tubes is higher and the continuous supply of these disposable consumables is fueling the growth of the laboratory supplies market.
Based on the region, North America accounted for around 38% of the market share in 2020. North America is the home to numerous top biopharmaceutical companies. Biopharmaceutical companies are the major investors of most of the researches in North America. Therefore, the growth of the laboratory supplies market is highly influenced by the growth of the biopharmaceutical industry in the region. The supportive government regulations and the active role of the FDA in observing the clinical test results and developments and the rising number of approvals are the major drivers of the laboratory supplies market in North America. The rising presence of the contract research organizations in the region is fostering the growth of the market significantly.
On the other hand, Asia Pacific is estimated to be the most opportunistic market during the forecast period. This is attributed to the favorable government regulatory frameworks that attracts the investments of the top pharmaceutical companies in the region. Moreover, the availability of cheap factors of production and efficient and qualified research professionals in the countries like China and India is expected to boosting the number of the research organizations in the region, which in turn is expected to drive the growth of the laboratory supplies market in the upcoming future.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In April 2018, Agilent started a new logistic hub in Shanghai to provide quick delivery of laboratory equipment and consumables to the research organizations in China.
The various developmental strategies like new product launches, acquisition, partnerships, mergers, and government policies fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global laboratory supplies market include:
Segments Covered in the Report
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