Lab Supplies Market Growth Accelerates: Strategic Forecast Predicts $56.39 Billion by 2029

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What Will the Lab Supplies Industry Market Size Be by 2025?
The market size for lab supplies has demonstrated robust growth lately. The estimates predict an increase from $37.65 billion in 2024 to $40.3 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.1%. The growth observed in the past years can be credited to the advancements in scientific research, biotechnology, and pharmaceuticals, requirements for healare diagnostics and testing, the role of academic and educational institutions, and the needs of industrial quality control and assurance.

What's the Long-Term Growth Forecast for the Lab Supplies Market Size Through 2029?
There is an anticipation of robust expansion in the lab supplies market over the upcoming years. The market is projected to escalate to a size of $56.39 billion by 2029, propelling at a compound annual growth rate (CAGR) of 8.8%. The surge in the estimated period could be linked to the increased emphasis on life sciences research, environmental testing, the extended role of point-of-care testing, worldwide health emergencies response, and advancements in genomic medicine. Key trends for the forecast period encompass investment in biodegradable materials, implementation of strict safety and quality standards, partnerships with research institutions, optimization of the global supply chain, and a focus on single-use technologies.

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What Are the Key Growth Drivers Fueling the Lab Supplies Market Expansion?
The growth of the lab supplies market is anticipated to be driven by the escalating number of testing labs around the globe. These labs, where diagnostic and research tests are conducted, require lab supplies to execute reactions and store chemicals. Hence, with more testing labs, the usage of lab supplies goes up, thus stimulating the market growth. As an illustration, the International Laboratory Accreditation Cooperation, based in Australia, reported that between September 2022 and April 2023, Full Members of the ILAC accredited approximately 85,000 to 88,000 laboratories, 13,000 to 13,900 inspection bodies, 600 to 604 proficiency testing providers (PTP), and 250 to 260 reference material producers (RMP) across 154 organizations in 129 economies worldwide. Consequently, the upswing in the count of global testing laboratories is fuelling the expansion of the lab supplies market.

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What Are the Key Trends Driving Lab Supplies Market Growth?
In the laboratory supplies market, one notable trend is the growing prominence of product innovations. To maintain their market standing, major firms are debuting unique and inventive products. Q2 Solutions, a clinical trial laboratory services enterprise based in the US, in October 2022, launched the US clinical trial participants' first self-collection safety lab panel. This novel product utilizes self-collection technology, allowing clinical trial participants to contribute blood samples from their residences. It offers a clinical-grade remote sampling system that facilitates decentralized lab testing, without compromising on the sample's quality. The solution includes straightforward at-home self-collection kits featuring guidelines and videos, a method for direct-to-patient distribution and a streamlined process for specimen processing and shipping requirements.

How Is the Lab Supplies Market Segmented?
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

Subsegments:
1) By Equipment: Laboratory Instruments, Analytical Equipment, Safety Equipment, Storage Equipment
2) By Disposables: Glassware, Plasticware, Consumables, Biohazard Bags And Containers

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Which Companies Are Leading the Charge in Lab Supplies Market Innovation?
Major companies operating in the lab supplies market include Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthineers, Fujifilm Holdings Corporation, Becton inson and Company, GE Healare, 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.

Which Regions Are Leading the Global Lab Supplies Market in Revenue?
North America was the largest region in the lab supplies market in 2024. The regions covered in the lab supplies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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