Global Lab Supplies Market to Reach USD 66.4 Billion by 2030

(MENAFN- P&S Intelligence) According to the latest market research study published by P&S Intelligence, the global lab supplies market is projected to grow from USD 40.3 billion in 2023 to USD 66.4 billion by 2030, with a robust compound annual growth rate (CAGR) of 7.6% during the forecast period from 2024 to 2030. The significant growth is primarily attributed to the increasing research and development activities across life sciences firms, driven by the rising demand for diagnostics, therapeutics, and medical research. Additionally, the growing prevalence of infectious diseases and chronic ailments is further boosting the demand for lab supplies in clinical and research laboratories.

Moreover, advancements in laboratory testing equipment, including automation, artificial intelligence, and miniaturization, are revolutionizing the market by enabling more efficient and precise laboratory processes. The market is also experiencing an increased focus on sustainability, with initiatives promoting the reduction of single-use plastics and the use of more sustainable materials like glass, further influencing the market dynamics.

Key Insights

• The lab supplies market is divided into equipment, consumables, and other products. Equipment holds the largest market share, with 70% of the market in 2023, due to its essential role in conducting complex scientific research and diagnostics.

• Research and development centers represent the largest end-user segment, accounting for 40% of the market in 2023. This is fueled by the increasing investment in biopharmaceutical, pharmaceutical, and biotechnology research for the development of new treatments and drugs.

• North America is the largest revenue contributor, driven by the presence of major biopharmaceutical and biotechnology companies, along with robust government funding for research initiatives, contributing to advanced infrastructure and technological developments in the region.

• The rising demand for disposable consumables like pipettes, cuvettes, gloves, and tubes is another key factor in the market’s growth. These items are essential for daily tasks in laboratories, particularly in the fields of medicine, biology, and chemistry.

• Technological advancements are a major driver of market growth. For instance, innovations such as the electronic repeating pipette with automatic tip ejection and touchscreen interfaces by BrandTech Scientific Inc. are enhancing operational efficiency and accuracy in labs.

• The market is seeing a growing adoption of sustainability initiatives in clinical laboratories. Companies like My Green Lab are promoting eco-friendly lab supplies to reduce environmental impact, such as replacing plastic with glass and reducing single-use plastics.

• The COVID-19 pandemic significantly accelerated research activities and the demand for lab supplies, particularly in the development of vaccines, diagnostics, and therapeutics, which continues to influence market growth.

• In terms of geographical trends, Asia Pacific is expected to experience significant growth due to the increasing number of research initiatives and the expansion of healthcare infrastructure in countries like China and India.

• The increasing reliance on biopharmaceuticals and vaccines to combat diseases, alongside the demand for innovative laboratory technologies, presents continuous growth opportunities for companies in the lab supplies market.

• Key players in the lab supplies market are investing in new technologies to enhance the performance of laboratory equipment and consumables, creating more efficient and user-friendly solutions for researchers and healthcare professionals.

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