The global laboratory supplies market was valued at USD 35 Billion in 2021 and is projected to exhibit a compound annual growth rate (CAGR) of 8% from 2022 to 2032.
The market is majorly driven by the rise in funding and investment in R&D activities in the field of pharmaceutical and biotechnology. 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 researching other pre-pandemic diseases 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 shutdowns 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.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 35 Billion |
| Expected Market Value (2022) | USD 37.8 Billion |
| Anticipated Forecast Value (2032) | USD 81.61 Billion |
| Projected Growth Rate (2022 to 2032) | 8% CAGR |
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The global demand for Laboratory Supplies is projected to increase at a CAGR of 8% during the forecast period between 2022 and 2032, reaching a total of USD 81.61 Billion in 2032, according to a report from Future Market Insights (FMI). From 2017 to 2021, sales witnessed significant growth, registering a CAGR of 6%.
Scientific institutions such as laboratories, research centers, and companies need quality laboratory equipment to perform a variety of tests, studies, and experiments. The results of these activities depend upon the quality, strength, and durability of the equipment. They aid to offer accurate results and also improve work efficiency. This is eventually creating demand for the equipment and boost market growth.
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. provides an electronic pipette with touchscreen operation & automatic tip ejection. This has a screen that works like a smartphone, letting users access functions with a simple swipe.
Advancements in Laboratory Testing Approaches paving Way for Robust Supplies
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.
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 need a range of equipment & instruments to run tests and research studies. General lab equipment & instruments can be found in educational labs, research labs, quality assurance, diagnostic testing in medical labs, R&D, manufacturing, and others.
The use of laboratory equipment allows faster analyses that add value to the laboratory itself by increasing the capacity of the instruments, thus letting it perform more tests every day. The faster procedures may even allow testing to be combined into fewer instruments which can decrease maintenance, consumables, the need for regulatory documentation, and overall costs.
Technology trends are also improving laboratory capabilities. Innovative technologies and procedures allow laboratory technicians and scientists to work more accurately and efficiently than ever before. Automation, miniaturization, artificial intelligence, and smart technology are becoming real-world, streamlining life in the lab. Concurrently, 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 by improving the purchasing process. The lab suppliers are also trying to make the product selection and ordering processes simpler.
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High Manufacturing Costs of Laboratory Supplies Hindering Growth
High costs associated with the manufacturing of laboratory supplies can impede market growth in the near future. The consistent volatility in the prices of raw materials leads to an increase in manufacturing costs. The high costs discourage sales. This factor will restrain the growth of the laboratory supplies market to a considerable extent.
Rising Number of Biopharmaceutical and Pharmaceutical Firms Engaged in R&D Driving Market for Laboratory Supplies
North America accounted for the largest share of more than 37.5% in 2021. This is attributed to the presence of several biopharmaceutical and pharmaceutical firms engaged in R&D. In addition, an increase in the number of grants, such as the National Institute of Health (NIH), to enhance research activities provided by government establishments 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 during 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 these 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.
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Expansion of the Research and Development (R&D) Expenditure in The USA. Will Drive the Adoption of Laboratory Supplies
The presence of R&D bases of major pharmaceutical and biotech companies and prominent research and academic institutes makes the United States the leader in pharmaceutical-related R&D.
According to a report published in September 2021 by the Pharmaceutical Research and Manufacturers of America (PhRMA), in the last decade, biopharmaceutical companies invested more than a trillion dollars in research and development, including a record-breaking year in 2020 where PhRMA member companies invested about USD 91 Billion in the research and development. Thus, increasing research and development expenditure boosts the market over the forecast period.
Increasing Investments in India is Spurring Demand for Laboratory Supplies
India is projected to exhibit a fast growth rate in the forecast period owing to rising public health concerns, and increased government and private sector investments. As a result of technological advancements, lab supplies manufacturers have been able to develop innovative products.
According to the report of NITI Ayog in 2021, over the last two decades, India has emerged as one of the fastest-growing emerging economies, attracting large FDI in pharmaceutical sector inflows that have increased from USD 2.5 billion in 2000 to 01 to USD 50 Billion in 2019 to 20.
The healthcare sector, in particular, has attracted increased investor interest in recent years, with transaction values rising from USD 94 Million in 2011 to USD 1,275 Million in 2016 a 13.5-fold increase. Thus increasing healthcare investment is driving the market for laboratory supplies.
The equipment segment is expected to grow at a significant rate
The equipment segment accounted for the largest share of over 63.4% in 2021. The segment consists of incubators, centrifuges, laminar hoods, air filtration systems, microscopes, etc., and each product has a very crucial role when carrying out research on cell or tissue culture, which is essential to studying drug toxicology, oncology therapies, and personalized medicine. The equipment segment is the largest owing to the high equipment costs resulting in one-time installments for many years. With the help of the equipment, process controls, experiments, and quality assurance are carried out. It serves for quick capture and orientation in different categories.
Scientific institutions such as laboratories, research centers, and companies need quality laboratory equipment to perform a variety of tests, studies, and experiments. The results of these activities depend upon the quality, strength, and durability of the equipment. They aid to offer accurate results and also improve work efficiency. This is eventually creating demand for the equipment and boosting market growth.
Some of the start-ups in the Laboratory Supplies market include-
Key players in the Laboratory Supplies market are Bio-Rad Laboratories, Inc.; Bruker Corporation; Danaher Corporation; Fujifilm Holdings Corporation (Irvine Scientific Sales Company, Inc.); Agilent Technologies Inc.; and Others.
| Report Attribute | Details |
|---|---|
| Market Value in 2022 | USD 37.8 Billion |
| Market Value in 2032 | USD 81.61 Billion |
| Growth Rate | CAGR of 8% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
Product, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | The USA, Canada, Brazil, Argentina, Germany, The United Kingdom, France, Spain, Italy, Russia, Australia, China, Japan, India, South Korea, GCC Countries, South Africa, Saudi Arabia, UAE, Israel |
| Key Companies Profiled |
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 |
| Customization | Available Upon Request |
FMI projects the global Laboratory Supplies market to expand at a 8% value CAGR by 2032.
The global Laboratory Supplies market is estimated at a market value of USD 37.8 Billion.
The global Laboratory Supplies market is expected to garner a market value of USD 81.61 Billion.
FMI has projected North America to be one of the key regions for the laboratory supplies market.
Bio-Rad Laboratories, Inc.; Bruker Corporation; Danaher Corporation; Fujifilm Holdings Corporation (Irvine Scientific Sales Company, Inc.); Agilent Technologies Inc.; are some prominent Laboratory Supplies manufacturers.
The equipment segment accounted for the largest share of over 63.4% in 2021
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product 5.1. Equipment 5.1.1. Incubators 5.1.2. Laminar Flow Hood 5.1.3. Micro Manipulation Systems 5.1.4. Centrifuges 5.1.5. Lab Air Filtration System 5.1.6. Scopes 5.1.7. Sonicators and Homogenizers 5.1.8. Autoclaves and Sterilizers 5.1.9. Spectrophotometer and Microarray Equipment 5.1.10. Others 5.2. Disposables 5.2.1. Pipettes 5.2.2. Tips 5.2.3. Tubes 5.2.4. Cuvettes 5.2.5. Dishes 5.2.6. Gloves 5.2.7. Masks 5.2.8. Cell Imaging Consumables 5.2.9. Cell Culture Consumables 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 6.1. North America 6.2. Latin America 6.3. Europe 6.4. Asia Pacific 6.5. Middle East and Africa 7. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 8. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Key Countries Market Analysis 13. Market Structure Analysis 14. Competition Analysis 14.1. Bio-Rad Laboratories, Inc. 14.2. Bruker Corporation 14.3. Danaher Corporation 14.4. Fujifilm Holdings Corporation 14.5. Agilent Technologies Inc. 14.6. PerkinElmer Inc. 14.7. Sartorius AG 14.8. Shimadzu Corporation 14.9. Thermo Fisher Scientific, Inc. 14.10. Waters Corporation 15. Assumptions & Acronyms Used 16. Research Methodology
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Laboratory Supplies Market
