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The Business Research Company's Lab Supplies Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The lab supplies market has experienced significant growth in recent years. It is projected to increase from $35.56 billion in 2023 to $38.65 billion in 2024, with a compound annual growth rate (CAGR) of 8.7%. This growth during the historical period can be attributed to factors such as advancements in scientific research and discovery, progress in biotechnology and pharmaceuticals, the demand for healthcare diagnostics and testing, the needs of academic and educational institutions, and industrial quality control and assurance.
What Are The Forecasts For The Global Lab Supplies Market Size And The Predicted Annual Growth Rates?
The lab supplies market is projected to experience robust growth in the coming years. It is expected to reach $53.09 billion by 2028, with a compound annual growth rate (CAGR) of 8.3%. This growth during the forecast period can be linked to the rise in life sciences research, a heightened emphasis on environmental testing, the expanding role of point-of-care testing, global responses to health emergencies, and advancements in genomic medicine.
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What Are The Major Factors Driving The Growth Of The Lab Supplies Market?
The growing number of testing laboratories worldwide is expected to drive the growth of the lab supplies market in the future. A testing laboratory is a facility where diagnostic tests or research activities are conducted, utilizing lab supplies to facilitate reactions and contain chemicals. As the number of testing laboratories increases, so does the demand for lab supplies, thereby fueling market growth.
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Which Major Market Players Are Propelling the Lab Supplies Market?
Key players 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 Trends Are Shaping the Future of the Lab Supplies Market Size?
Key players in the market are launching new and innovative technologies to maintain their competitive edge. These advancements in the lab supplies market enhance efficiency, accuracy, and capabilities, fostering progress in research, diagnostics, and experimentation.
What Is the Segmentation of the Global Lab Supplies Market?
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
Regional Insights: North America's Dominance in the Lab Supplies Market
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition Of The Lab Supplies Market?
Lab supplies consist of the equipment and instruments utilized in laboratories for scientific research or practical science education. These tools are essential for containing chemicals, conducting reactions, and measuring outcomes.
The Lab Supplies Global Market Report 2024 from The Business Research Company includes the following key information:
. Market size data for both historical and future periods
. Analysis of both macro and microeconomic factors that have impacted the market over the past five years
. Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
. Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Lab Supplies Market Report: Trends, Opportunities, Strategies, and More
The Lab Supplies Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into lab supplies market size, lab supplies market drivers and trends, lab supplies competitors' revenues, and lab supplies market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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The Business Research Company has published more than 15,000 reports spanning 27 industries and over 60 regions. Our research is supported by 1.5 million datasets, thorough secondary research, and unique insights gained from interviews with industry experts. We offer ongoing and customized research services, featuring a variety of specialized packages designed to meet your specific needs, such as Market Entry Research, Competitor Tracking, Supplier & Distributor Packages, and many others.
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Oliver Guirdham
The Business Research Company
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