Lab Supplies Market Size Is Estimated To Reach $49.6 Billion By 2027

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 2019, 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.

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Lab Supplies Market Report Highlights

• Equipment segment dominated the market with a share of 63.0% in 2019 due to the high cost associated with them
• The disposables segment is anticipated to witness a rapid growth rate of 7.7% over the forecast period as they help in avoiding contamination and reducing errors in the procedures
• Among disposables, the tube segment accounted for a maximum share of 19.3% in 2019. They are mostly used in laboratories to view, store, and transport samples
• North America was the leading segment in terms of revenue and market share in 2019. It accounted for 37.0% of the market share in 2019 due to the increasing research activities being carried out in the region.

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Lab Supplies Market Segmentation

Grand View Research has segmented the global lab supplies market based on product and region:

Laboratory Supplies Product Outlook (Revenue, USD Million, 2016 - 2027)

• Equipment
• Incubators
• Laminar flow hood
• Micro manipulation systems
• Centrifuges
• Lab air filtration system
• Scopes
• Sonicators and homogenizers
• Autoclaves and sterilizers
• Spectrophotometer and microarray equipment
• Others
• Disposables
• Pipettes
• Tips
• Tubes
• Cuvettes
• Dishes
• Gloves
• Masks
• Cell imaging consumables
• Cell culture consumables

Laboratory Supplies Regional Outlook (Revenue, USD Million, 2016 - 2027)

• North America
• The U.S.
• Canada
• Europe
• The U.K.
• Germany
• France
• Spain
• Italy
• Asia Pacific
• India
• Japan
• China
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

List of Key Players of Laboratory Supply Market

• Agilent Technologies Inc.
• Danaher Corporation
• Bio-Rad Laboratories, Inc.
• Bruker Corporation
• Fujifilm Holdings Corporation (Irvine Scientific Sales Company, Inc.)
• PerkinElmer Inc.
• Shimadzu Corporation
• Thermo Fisher Scientific, Inc.
• Waters Corporation

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 info visit @ https://www.grandviewresearch.com