The Lab Supplies Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Lab Supplies Global Market Report 2024, 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.
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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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
Major companies operating in the market are introducing new and innovative technologies to sustain their position in the market. Innovative technologies in the lab supplies market boost efficiency, accuracy, and capabilities, driving progress in research, diagnostics, and experimentation. For instance, in June 2023, Eaton Corporation, an Ireland-based multinational power management company, has launched its first Supply Chain Digital Incubation Lab in Pune, India. The lab is part of Eaton’s digital transformation and innovation efforts, aiming to foster supply chain innovation. It serves as a physical and virtual laboratory where ideas and technologies related to supply chain management are measured, evaluated, and tested, with the potential for commercialization. This initiative reflects Eaton’s commitment to integrating digitalization and Industry 4.0 technologies into its operations, as well as enhancing its internal productivity and customer experience.
The lab supplies market report table of contents includes:
1. Executive Summary
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