The global laboratory supplies market size was valued at USD 30.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2028. The market is majorly driven by increasing funding and investment in research & development activities in the field of biotechnology and pharmaceutical. The market is expected to grow at a steady rate in the coming years owing to the continuous and stable supply of laboratory equipment. The Covid-19 pandemic had resulted in an increase in research pertaining to coronavirus. However, labs carrying out research pertaining to other diseases pre-pandemic were shut down as the major goal of the lockdown was to avoid close contact with others, which led to low demand for lab supplies. According to Stat News, many researchers have stated that widespread and lengthy shutdown have had significant implications on the pace of other scientific discoveries. Some of the initial disruptions have increased the workload on CROs or reduced the internal lab testing capacities of biopharmaceutical firms.
The demand for laboratory products is rising due to advancements in the field of biological and chemical research. The increasing volume of life science research investigations and clinical laboratory tests is boosting the demand for laboratory disposable products. The market is also projected to gain continuous demand for a constant supply of key laboratory devices and equipment among procurement managers in the pharmaceutical and healthcare sectors.
Laboratories require a variety of equipment and instruments to run tests and research. General lab equipment can be found in research labs, educational labs, diagnostic testing in medical labs, quality assurance, research & development, manufacturing, and more. The use of laboratory equipment allows faster analyses that add value to the laboratory itself by increasing the capacity of the instrument, thus allowing to perform more tests every day. The faster methods may even allow testing to be consolidated onto fewer instruments that can reduce consumables, maintenance, requirements for regulatory documentation, and overall costs.
Technology trends are also increasing laboratory capabilities. Innovative technology and methods allow scientists and laboratory technicians to work more efficiently and accurately than ever before. Smart technology, automation, miniaturization, and artificial intelligence are becoming real-world, streamlining life in the lab. Simultaneously, the pressure to deliver results quickly is also increasing. Hence, laboratories must be fast and agile. For laboratory managers, a key way to increase efficiency is improving the purchasing process. The lab suppliers are also trying to make the product selection and ordering processes simpler.
Technological advancements in laboratory equipment are also driving its adoption. Modern laboratory instruments have interfaces that make their operation easy for users. BrandTech Scientific, Inc. offers an electronic pipette with touchscreen operation and automatic tip ejection. It has a screen that operates like a smartphone, allowing users to access functions with a simple swipe.
The equipment segment accounted for the largest share of over 63.0% in 2020. This is attributed to the high cost of the equipment resulting in one-time installment for many years. Laboratory equipment is another technical field. With the help of the equipment, experiments, process controls, and quality assurance are carried out. It serves for quick capture and orientation in different categories. The corresponding laboratory instruments, machines, and equipment can be found systematically, easy and fast.
Scientific establishments such as research centers, laboratories, and companies require superior quality laboratory equipment to perform a range of tests and experiments. The success of these activities depends upon the quality, strength, and durability of the equipment. They help to provide accurate results and also enhance work efficiency. This is eventually creating demand for the equipment and boosting the market growth.
North America accounted for the largest share of more than 37.0% in 2020. This is attributed to the presence of numerous pharmaceutical and biopharmaceutical firms engaged in R&D. Moreover, a rise in the number of grants - such as the National Institute of Health (NIH) to foster research activities - offered by government organizations is anticipated to boost the market growth. The quality and track record of firms that have operated in the region are believed to attract further investments for research over the forecast period.
The biopharmaceutical industry is one of the region’s leading sectors in terms of funding research. Many companies are focusing on the development of new leads and storing an enormous amount of samples, thereby creating demand for the products. Furthermore, a large number of companies are engaged in the development of therapeutics and vaccines due to the outbreak of coronavirus, hence boosting the market growth.
Key players in the market are introducing new products with advanced features and technology that ease the operation of samples. There is a trend for smaller and easy-to-use instruments with built-in connectivity. Hence, Double Helix launched a module for widefield microscopes that allow 3D visualization of both the intercellular and intracellular at a nanoscale level. Some prominent players in the global laboratory supplies market include:
Bio-Rad Laboratories, Inc.
Bruker Corporation
Danaher Corporation
Fujifilm Holdings Corporation (Irvine Scientific Sales Company, Inc.).
Agilent Technologies Inc.
PerkinElmer Inc.
Shimadzu Corporation
Thermo Fisher Scientific, Inc.
Waters Corporation
Report Attribute |
Details |
Market Size value in 2021 |
USD 32.6 billion |
Revenue forecast in 2028 |
USD 54.1 billion |
Growth Rate |
CAGR of 7.5% from 2021 to 2028 |
Market demand in 2021 |
518,972,748.3 units |
Volume forecast in 2028 |
1,198,737,414.1 units |
Base year for estimation |
2020 |
Historical data |
2016 - 2019 |
Forecast period |
2021 - 2028 |
Quantitative units |
Revenue in USD million/billion, volume in units, and CAGR from 2021 to 2028 |
Report coverage |
Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; China; India; Japan; Australia; South Korea; Mexico; Brazil; Argentina; South Africa; Saudi Arabia; UAE |
Key companies profiled |
Bio-Rad Laboratories, Inc.; Bruker Corporation; Danaher Corporation; Fujifilm Holdings Corporation (Irvine Scientific Sales Company, Inc.); Agilent Technologies Inc.; PerkinElmer Inc.; Shimadzu Corporation; Thermo Fisher Scientific, Inc.; Waters Corporation |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global laboratory supplies market report on the basis of product and region:
Product Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
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
Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
North America
U.S.
Canada
Europe
U.K.
Germany
France
Spain
Italy
Asia Pacific
India
Japan
China
Australia
South Korea
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
South Africa
Saudi Arabia
UAE
b. North America dominated the laboratory supplies market with a share of 37.3% in 2020. This is attributable to rising R&D investment in this region that is creating the need for laboratory products.
b. Some key players operating in the laboratory supplies market include Bio-Rad Laboratories, Inc.; Bruker Corporation; Danaher Corporation; Fujifilm Holdings Corporation; Agilent technologies Inc.; PerkinElmer Inc.; Shimadzu Corporation; Thermo Fisher Scientific, Inc.; and Waters Corporation.
b. The global laboratory supplies market size was estimated at USD 30.6 billion in 2020 and is expected to reach USD 32.6 billion in 2021.
b. The global laboratory supplies market is expected to grow at a compound annual growth rate of 7.5% from 2021 to 2028 to reach USD 54.1 billion by 2028.
b. Key factors that are driving the laboratory supplies market growth include increasing funding & investment in research & development activities in the field of biotechnology & pharmaceutical; and advancements in the field of biological and chemical research.
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