Global Laboratory Supplies Market is set to surge to US$ 81.61 billion in sales by 2032, buoyed by escalating R&D financing for biotech and pharma  | FMI Report

The global laboratory supplies market is projected to increase at a CAGR of 8% during the forecast period between 2022 and 2032, the market is estimated at a market value of US$ 37.8 Billion by 2022, reaching a total of US$ 81.61 Billion by 2032, according to a report from Future Market Insights (FMI). From 2017 to 2021, sales witnessed significant growth, registering a CAGR of 6%.

Rise in investment for R&D activities by countries, the amalgamation of lab equipment with state-of-the-art technology, and increase in demand for plastics in the healthcare industry due to its advantages over metal and glass, which includes cost-effectiveness, lightweight, versatility, and biocompatibility, are factors driving the market.

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Laboratories have developed as multipurpose research facilities in which numerous types of testing mechanisms, research comparisons, and different developments are carried out. This has also led to a rise in the laboratory supply market demand. Moreover, the trend of lab supplies research has been gaining a strong grip over the past decade. This has resulted in the expansion of new laboratories in academic institutions, thereby driving the market growth.

Furthermore, clinical laboratories are also going through major technological developments. With intense research and development going on in the field of personalized medicine and the pathogenesis of diseases, advanced diagnostics procedures and tests are being executed widely. The technological improvements in the laboratory continue to bring real benefits that increase from greater ease of use, speed of analysis, improved safety, higher precision, increased capacity, operational efficiencies, enhanced reliability, and numerous other intangibles.

Key Takeaways from Market Study:

• The equipment segment dominates the market with a share of over 63.4% due to the high costs associated with them
• The disposables segment is anticipated to witness a rapid growth rate of 8.3% during the forecast period as they help in avoiding contamination and reducing errors in the procedures
• Among disposables, the tube segment accounts for a maximum share of 19.2%. They are mostly used in laboratories to view, store, and transport samples
• North America was the leading regional segment in terms of revenue and market share.

“The demand for laboratory products is rising due to technological advancements in the field of chemical and biological research. The increasing volume of clinical laboratory tests and life science research investigations is driving the demand for laboratory disposable products,” says an analyst at Future Market Insights

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Market Competition:

Major players are channelling efforts toward expanding their production capacities to strengthen their market share and cater to the growing demand. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market.

• Bio-Rad Laboratories, Inc.
• Bruker Corporation
• Danaher Corporation
• Fujifilm Holdings Corporation (Irvine Scientific Sales Company, Inc.).
• Agilent Technologies Inc.
• PerkinElmer Inc.
• Sartorius AG
• Shimadzu Corporation
• Thermo Fisher Scientific, Inc.
• Waters Corporation

Recent Development:

• In March 2022, Precisa Gravimetrics AG introduced their Halo range of sophisticated UV-Vis spectrophotometers GB 30 under the Dynamica brand.
• In February 2021, INTEGRA Biosciences launched the D-ONE single-channel pipetting module for hands-free transfers from individual tubes or wells using the ASSIST PLUS pipetting robot. This system effectively automates tedious tasks such as serial dilutions, sample normalization, hit picking, or pipetting of complex plate layouts, increasing productivity and reproducibility in the lab while reducing hands-on time, processing errors, and physical strain.

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Key Segments Profiled in the Laboratory Supplies Market Industry Survey:

Laboratory Supplies Market By Product Type:

• Equipment
  • Incubators
  • Laminar Flow Hood
  • Micro Manipulation Systems
  • Centrifuges
  • Lab Air Filtration System
  • Scopes
  • Sonicators And Homogenizers
  • Autoclaves And Sterilizers
  • Spectrophotometer And Microarray Equipment
  • Others
• Disposables
  • Pipettes
  • Tips
  • Tubes
  • Cuvettes
  • Dishes
  • Gloves
  • Masks
  • Cell Imaging Consumables
  • Cell Culture Consumables

Laboratory Supplies Market By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa (MEA)

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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