Laboratory Supplies Increasing R&D Projects to Spell Growth of the Market

Posted by Ganesh Shinde on December 14th, 2022

The global demand for Laboratory Supplies is projected to increase at a CAGR of 8% during the forecast period between 2022 and 2032, reaching a total of US$ 81.61 Billionin 2032, according to a report from Future Market Insights (FMI). From 2017 to 2021, sales witnessed significant growth, registering a CAGR of 6%.

Rise in investment for R&D activities by countries, the amalgamation of lab equipment with state-of-the-art technology, and increase in demand for plastics in the healthcare industry due to its advantages over metal and glass, which includes cost-effectiveness, lightweight, versatility, and biocompatibility, are factors driving the market.

Laboratories have developed as multipurpose research facilities in which numerous types of testing mechanisms, research comparisons, and different developments are carried out. This has also led to a rise in the laboratory supply market demand. Moreover, the trend of lab supplies research has been gaining a strong grip over the past decade. This has resulted in the expansion of new laboratories in academic institutions, thereby driving the market growth.

Furthermore, clinical laboratories are also going through major technological developments. With intense research and development going on in the field of personalized medicine and the pathogenesis of diseases, advanced diagnostics procedures and tests are being executed widely. The technological improvements in the laboratory continue to bring real benefits that increase from greater ease of use, speed of analysis, improved safety, higher precision, increased capacity, operational efficiencies, enhanced reliability, and numerous other intangibles.

Key Takeaways from Market Study

• The equipment segment dominates the market with a share of over 63.4% due to the high costs associated with them
• The disposables segment is anticipated to witness a rapid growth rate of 8.3% during the forecast period as they help in avoiding contamination and reducing errors in the procedures
• Among disposables, the tube segment accounts for a maximum share of 19.2%. They are mostly used in laboratories to view, store, and transport samples
• North America was the leading regional segment in terms of revenue and market share.

Key Market Players 

Major players are channelling efforts toward expanding their production capacities to strengthen their market share and cater to the growing demand. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market. Some of the players in the Laboratory Supplies market are Bio-Rad Laboratories, Inc.; Bruker Corporation; Danaher Corporation; Fujifilm Holdings Corporation (Irvine Scientific Sales Company, Inc.); Agilent Technologies Inc.; and Others.

Read More@ https://www.futuremarketinsights.com/reports/laboratory-supplies-market