Lab Supplies Market Analysis Mapping Market Trends, Supply Chain Dynamics, and Emerging Opportunities to Drive Business Growth and Innovation

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.

Market Overview -
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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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.

Innovative Self-Collection Solutions Revolutionize Lab Supplies Market
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.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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