Lab Supplies Market To Hit Value .6 Billion By 2027 |Grand View Research, IncPosted by Mrudula Anil Karmarkar on February 10th, 2021 The global lab supplies market size is expected to reach USD 49.6 billion by 2027, expanding at a CAGR of 7.1%, according to a new report by Grand View Research, Inc. Focus on R&D drives the demand for lab equipment market, thereby boosting the market growth. In June 2020, the D.O.D’s Defense Logistics Agency settled the bidding process for USD 312.0 million contracts, for lab equipment and supplies. There are instances of huge government spending in the category including White House’s budget of 2020 that provides USD 134.0 billion for federal R&D, including significant investments in R&D facilities and equipment. Laboratories have emerged as multipurpose research facilities in which various types of testing mechanisms, research analogies, and novel developments are carried out. This has also led to an increase in the demand for lab equipment and supplies market. Furthermore, the trend of research-based studies has been gaining traction over the past decade. This has resulted in the development of new laboratories in academic institutes, thereby boosting the market growth. Recently, clinical laboratories have also gone through major technological advancements. With intense R&D going in the field of the pathogenesis of diseases and personalized medicine, advanced diagnostics methods and tests are being implemented extensively. Technological improvements in instrumentation continue to bring real benefits that accrue from greater ease of use, increased capacity, speed of analysis, higher precision, operational efficiencies, enhanced reliability, improved safety, and numerous other intangibles. Laboratories require a variety of equipment and instruments to run tests and research and can be found in research labs, educational labs, diagnostic testing in medical labs, quality assurance, research and development, and manufacturing. The use of laboratory supplies allows faster analyses that add value to the laboratory itself by increasing the capacity of the instrument and allow performing more tests every day. The faster methods may even allow testing to be consolidated onto fewer instruments that can reduce consumables, maintenance, requirements for regulatory documentation, and overall costs. Lab Supplies Market Report Highlights
Technology trends are also increasing laboratory capabilities. Innovative technology and methods allow scientists and laboratory technicians to work more efficiently and accurately than ever before. Smart technology, automation, miniaturization, and artificial intelligence are becoming real-world, streamlining life in the lab. Simultaneously the pressure to deliver results quickly is also increasing. Hence, laboratories must be fast and agile. For laboratory managers, the best way to increase efficiency is to improve the purchasing process. Significantly, the lab suppliers are also trying to make simpler product selection and order processes. Technological advancements in lab equipment are also driving the market. Modern laboratory instruments have interfaces that make their operation easy for users. BrandTech Scientific, Inc. offers an electronic pipette with touch screen operation and automatic tip ejection. It has a screen that operates like smartphones, allowing users to swipe and access available functions. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/450809/ibb The equipment segment accounted for the largest share of 63.0% in 2020 in the market for laboratory equipment and supplies market. This is attributed to the high cost of the equipment resulting in one-time instalment for many years. The laboratory equipment is another technical filed that leads to experiments, process controls, and quality assurance. It serves for quick capture and orientation in different categories. The corresponding laboratory instruments, machines, and equipment can be found systematically, easy, and fast. Key companies are introducing new products with advanced features and technologies that ease the operation of samples. There is a trend for smaller and easy to use instruments with built-in connectivity. Hence, Double Helix launched a module for widefield microscopes that allow 3D visualization of both intercellular and intracellular at a nanoscale level. Some of the prominent players in the lab supplies market include:
Grand View Research has segmented the global lab supplies market based on product: Laboratory Supplies Product Outlook (Revenue, USD Million, 2016 - 2027)
o Incubators o Laminar flow hood o Micro manipulation systems o Centrifuges o Lab air filtration system o Scopes o Sonicators and homogenizers o Autoclaves and sterilizers o Spectrophotometer and microarray equipment o Others
o Pipettes o Tips o Tubes o Cuvettes o Dishes o Gloves o Masks o Cell imaging consumables o Cell culture consumables About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |