(MENAFN- GlobeNewsWire - Nasdaq) Global laboratory supplies market is estimated to be valued at USD 39.20 Bn in 2024 and is expected to reach USD 67.43 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.1% from 2024 to 2031Burlingame, Nov. 28, 2024 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global laboratory supplies market size is estimated to be valued at USD 39.20 billion in 2024 and is expected to surpass USD 67.43 billion by 2031, growing at a CAGR of 8.1% from 2024 to 2031.
Rising Pharmaceutical and biotechnology research and development (R&D) activities around the world fuels market growth. Pharmaceutical companies are focusing on developing new drug molecules. It has significantly boosted demand for various laboratory consumables. Rising incidences of chronic diseases has accelerated clinical diagnostics, drug discovery, and life science research. This has propelled sales of equipment, disposables, and reagents in the global market.
Market Trends :
Growing demand for plastic consumables and automated liquid handling systems will aid in promoting growth. Plastic consumables account for a major share in terms of both value and volume. This is attributed to advantages offered by plastic such as lightweight, chemical resistance, transparency, and flexibility.
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Automation reduces manual errors and improves productivity of high-throughput screening in pharmaceutical laboratories. Key market players are focusing on developing innovative automated liquid handling equipment with advanced features to gain competitive edge.
Market Opportunities :
The laboratory equipment segment is expected to account for the major share in the market in 2024. The advanced laboratory equipment helps to reduce errors, save time, and allow for unattended operation. They offer high precision and accuracy for testing. This has increased their demand significantly in clinical and research laboratories.
The disposable segment includes disposable pipette tips, tubes, bottles, gloves, masks, and other items. These have single use and help avoid cross-contamination. With the COVID pandemic, the use of disposables has increased substantially in clinical testing. Their low cost advantage has also boosted their adoption.
Laboratory Supplies Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $39.20 billion |
| Estimated Value by 2031 | $67.43 billion |
| Growth Rate | Poised to grow at a CAGR of 8.1% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | . Growing demand for laboratory testing
. Advances in medical technology |
| Restraints & Challenges | . High costs associated with technologically advanced instruments
. Stringent regulations |
Key Market Takeaways
The global laboratory supplies market is anticipated to witness a CAGR of 8.1% during the forecast period 2024-2031. Growth is driven by increasing R&D expenditure and rising focus on drug discovery.
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By product, the equipment segment is expected to hold the dominant position owing to its high accuracy and efficiency benefits. Within this segment, centrifuges are expected to remain the most popular sub-segment.
By end user, the clinical testing laboratories segment is expected to hold the dominant position over the forecast period. This is due to growing patient pool and diagnostic requirements.
North America is expected to hold the dominant position over the forecast period. This is owing to presence of leading players and higher healthcare expenditure.
Competitor Insights
- Bio-Rad Laboratories, Inc.
- Bruker Corporation
- Danaher Corporation
- Fujifilm Holdings Corporation
- Agilent Technologies, Inc.
- PerkinElmer Inc.
- Shimadzu Corporation
- Thermo Fisher Scientific, Inc.
- Waters Corporation
- Eppendorf AG
- Becton
- Dickinson and Company
- Merck KGaA
- Sartorius AG
- VWR International
- GE Healthcare
- Abbott Laboratories
- Charles River Laboratories
- MilliporeSigma.
Recent Developments :
In September 2022, Shimadzu Europe GmbH announced the ORXross Fourier-transform infrared spectrophotometer. It delivers high-performance capabilities, including exceptional measurement speed and user-friendliness.
In March 2022, Precisa Gravimetrics AG introduced the halo series of advanced UV-Vis spectrophotometers, model GB 30.
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Detailed Segmentation-
By Product:
Equipment
Incubators Laminar Flow Hood Micro Manipulation Systems Centrifuges Lab Air Filtration System Scopes Sonicators & Homogenizers Autoclaves & Sterilizers Spectrophotometer & Microarray Equipment Others
Disposables
Pipettes Tips Tubes Cuvettes Dishes Gloves Masks Cell Imaging Consumables Cell Culture Consumables
By End User :
Clinical Testing Labs Pharmaceutical Companies Biotechnology Companies Academic & Research Institutes Others
By Region:
North America Latin America Brazil Argentina Mexico Rest of Latin America
Europe Germany U.K. Spain France Italy Russia Rest of Europe
Asia Pacific China India Japan Australia South Korea ASEAN Rest of Asia Pacific
Middle East GCC Countries Israel Rest of Middle East
Africa South Africa North Africa Central Africa
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