The global laboratory supplies market is poised for extraordinary expansion, with a projected Compound Annual Growth Rate (CAGR) of 8% from 2022 to 2032, according to a recent report by Future Market Insights (FMI). The report indicates that the industry, currently valued at US$ 37.8 Billion in 2022, is expected to soar to an impressive US$ 81.61 Billion by 2032.
This remarkable surge follows a period of substantial growth from 2017 to 2021, during which the sector experienced a notable CAGR of 6%, underscoring the escalating demand and evolution within the industry.
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The robust growth forecast underscores the increasing significance of laboratory supplies across various sectors, including healthcare, pharmaceuticals, biotechnology, and academic research. As industries continue to prioritize innovation and technological advancements, the demand for high-quality laboratory equipment, consumables, and services is expected to escalate significantly.
Commenting on the report, Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.), stated, “The projected growth trajectory of the laboratory supplies industry signifies a pivotal moment for stakeholders worldwide. As we witness rapid advancements in scientific research and development, the demand for cutting-edge laboratory solutions is at an all-time high. This presents immense opportunities for industry players to innovate and cater to the evolving needs of the market.”
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.
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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
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.
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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
Laboratory Supplies Market By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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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