Lab Supplies Market Report 2024 - 2033 | Insights, Analysis, Key Drivers

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Lab Supplies Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $53.09 billion In 2028 At A CAGR Of 8.3% :

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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Lab Supplies Market Major 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 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.

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Prominent Trend - 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.

Lab Supplies Market Players
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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Largest And Fastest Growing Region In The Market
North America was the largest region in the lab supplies market in 2023. The regions covered in the lab supplies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Lab Supplies Market Report Structure
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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