Lab Supplies Market Report Discloses Growth Rate, Size, and Strategies Driving Industry || Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthineers

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Lab Supplies Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The lab supplies market size has grown strongly in recent years. It will grow from $35.56 billion in 2023 to $38.65 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. 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 $53.09 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. 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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Market Segmentation:
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

Major Driver - Surge In Testing Laboratories Propels Global Growth Of 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 2021, according to the International Laboratory Accreditation Cooperation (ILAC), a Denmark-based organization of laboratory accreditation bodies, in 2021, the ILAC MRA (Mutual Recognition Arrangement) Signatories accredited about 85,000 laboratories globally, with nearly 13,000 inspection bodies, over 600 proficiency testing providers, and 250 suppliers of reference materials. Therefore, the rise in the number of testing laboratories in the world is driving the growth of the lab supplies market.

Competitive Landscape:
Major companies operating in the lab supplies market report are 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.

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Top Trend - Eaton Pioneers Supply Chain Innovation With Launch Of Digital Incubation Lab
Major companies operating in the market are introducing new and innovative technologies to sustain their position in the market. Innovative technologies in the lab supplies market boost efficiency, accuracy, and capabilities, driving progress in research, diagnostics, and experimentation. For instance, in June 2023, Eaton Corporation, an Ireland-based multinational power management company, has launched its first Supply Chain Digital Incubation Lab in Pune, India. The lab is part of Eaton's digital transformation and innovation efforts, aiming to foster supply chain innovation. It serves as a physical and virtual laboratory where ideas and technologies related to supply chain management are measured, evaluated, and tested, with the potential for commercialization. This initiative reflects Eaton's commitment to integrating digitalization and Industry 4.0 technologies into its operations, as well as enhancing its internal productivity and customer experience.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Lab Supplies Market Characteristics
3. Lab Supplies Market Trends And Strategies
4. Lab Supplies Market - Macro Economic Scenario
5. Lab Supplies Market Size And Growth
…..
27. Lab Supplies Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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