Burlingame, 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
- U.S.
- Canada
- 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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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
