What Has Been the Growth of the Lab Supplies Market So Far?
The lab supplies market has seen considerable growth due to a variety of factors.
• In recent years, the laboratory supplies market has experienced substantial growth. It is forecasted to increase from $37.65 billion in 2024 to $40.63 billion in 2025, at a compound annual growth rate (CAGR) of 7.9%.
Factors contributing to this growth during the historical period include progress in scientific research and discovery, advancements in biotechnology and pharmaceuticals, the requirements of healthcare diagnostics and testing, and the needs of academic and educational institutions as well as industrial quality assurance.
What is the Market Size Forecast for the Lab Supplies Market?
The lab supplies market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of lab supplies is predicted to experience substantial growth in the following years. It is forecasted to reach a value of $57.2 billion in 2029, with a compound annual growth rate (CAGR) of 8.9%.
The anticipated development during this forecast period can be linked to factors such as the surge in life sciences research, heightened attention to environmental testing, the expanding importance of point-of-care testing, worldwide responses to health crises, and progress in genomic medicine. Key trends for this forecast period encompass focus on environmentally friendly materials, adherence to strict quality and safety standards, partnerships with research organizations, optimization of the global supply chain, and emphasis on disposable technologies.
What Are The Primary Growth Drivers In The Lab Supplies Market?
The growth of the lab supplies market is anticipated to be spurred by the increasing number of testing laboratories globally. These laboratories, which serve as venues for research and diagnostic testing, utilize lab supplies for chemical containment and reaction procedures. As the number of these labs rises, so does the demand for lab supplies, fueling the market's expansion. For example, the International Laboratory Accreditation Cooperation, an accreditation organization based in Australia, reported in April 2023 that between September 2022 and April 2023, its Full Members accredited between 85,000 to 88,000 laboratories, 13,000 to 13,900 inspection agencies, 600 to 604 proficiency testing providers, and 250 to 260 reference material producers across 154 organizations in 129 economies globally. Consequently, the increasing prevalence of testing laboratories worldwide is pushing the lab supplies market growth.
What Are The Major Segments Within The Lab Supplies Market?
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 Trends Are Expected To Transform The Lab Supplies Market?
One of the apparent trends escalating in the lab supplies market is product innovation. To maintain their standing, dominant corporations in this sphere are unveiling new and unique offerings. An example is Q2 Solutions, a clinical trial laboratory services firm in the U.S., which in October 2022, rolled out its inaugural self-collection safety lab panel for U.S. clinical trial participants. The innovative product is self-collection technology-dependent, allowing clinical trial participants to send blood specimens right from their homes. It includes an easy-to-use at-home self-collection kit complete with detailed instructions and videos, a delivery method aimed directly at patients, and streamlined specimen processing and shipping requirements. This clinical-grade remote sampling system permits decentralized lab testing without compromising the quality of the samples.
Who Are the Key Players in the Lab Supplies Market?
Major companies operating in the lab supplies market include:
• 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.
What Is The Most Dominant Region In The Lab Supplies Market?
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.
