PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1468711
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1468711
Market Overview
The lab supplies industry is valued at USD 40.3 billion in 2023, which is projected to attain USD 66.4 billion by 2030, advancing at a CAGR of 7.6% over the projection period.
This is attributed to the fact that the ongoing research and development on the emergence of these entities have been increased due to the increased spending of life science companies on this aspect, the number of these firms has gone up and the occurrence of infectious conditions is widespread.
Nowadays, the connectivity of innovations in the diagnostic testing sector and scientific instruments to advanced technologies markedly elevated laboratory functionalities. Achievement of these innovative technologies and their processes facilitates open work ground and leads to high precision and efficiency of researchers and lab techs. AI, Automation, smart stands, and analysis tools, as well as the way to miniaturize, have now become indispensable for the lab environment, which makes it easier to handle the processes and gain more accurate outcomes.
As time passes by, results become more and more required and urgent; with this in mind, laboratories must be faster and more efficient. Lab managers can create a more efficient buying process which is the retailer's main margin for survival and this can in turn largely enhance the buying operation. Furthermore, the companies that provide musical instruments and consumables to these facilities are now trying to develop a selection of their products and order procedures that will be convenient for the clients.
Key Insights
The equipment category holds the largest market share of 70% in the lab supplies market in 2023.
This dominance is mainly caused by the established demand of such quality instruments by pharmaceutical and biotechnology companies, R&D centers, labs, and scientific organizations.
These devices are the essential ones for conducting a number of successful experiments, tests and studies.
The instrument quality, strength and durability highly influence the accuracy and speed of the results.
The industry continuously produces appliances that facilitate labor intensity and help achieve perfect results in scientific work.
Research and development centers hold the largest market share of 40% in the end-user segment of the lab supplies market in 2023.
This dominance is attributed to the growing number of research initiatives in the biopharmaceutical, pharmaceutical, and biotechnology industries.
The increasing demand for advanced drugs and tests has fueled the expansion of research and development activities.
Consequently, there is a rising engagement of R&D labs, leading to the significant market share held by this category.
North America leads the sector due to the presence of numerous biopharmaceutical, pharmaceutical, and biotechnology giants actively engaged in R&D.
Research agencies in the region are enhancing their infrastructure with government funding.
The region's major players offer excellent data quality and track records, attracting research funds.
The incidence of serious diseases is quite high and many of these diseases are supported by government and non-government funded drug launches and clinical trials.
Europe is anticipated to boast high growth on the strength of considerable number of research institutions and increasing research grants.
Launching of solid medication safety regulations propels overall quality control activities and consequently promotes a regional market position.