The Global Lab Supplies Market Is Projected To Grow At A 7% Rate Through The Forecast Period As Per The Business Research Company's Lab Supplies Global Market Report 2023

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, May 03, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the lab supplies market forecasts the global lab supplies market to increase from $32.6 billion in 2022 to $35.2 billion in 2023, with a compound annual growth rate (CAGR) of more than 8%. Furthermore, it is expected to reach $47.1 billion by 2027, with a CAGR of more than 7%.

This growth is likely due to the increasing number of testing laboratories worldwide, which drives the use of lab supplies. According to the International Laboratory Accreditation Cooperation (ILAC), in 2021, there were approximately 85,000 laboratories globally, with almost 13,000 inspection bodies, over 600 proficiency testing providers, and 250 suppliers of reference materials.

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Major lab supplies companies include Agilent Technologies Inc., Bio-Rad Laboratories Inc., Bruker Corporation, Danaher Corporation, Fujifilm Holdings Corporation, PerkinElmer Inc. and Sartorius AG.

Innovation in lab supplies is also key trend in the market. Major companies are introducing new and innovative products to maintain their market position. For example, Q2 Solutions launched a self-collection safety lab panel that allows clinical trial participants to provide blood specimens from their homes. The solution includes at-home self-collection kits, direct-to-patient delivery, and streamlined processing and shipping needs.

Furthermore, recent acquisitions have been made in the lab supplies market, with Calibre Scientific Inc. acquiring Dynalab Corp. This acquisition broadens Calibre Scientific's product range and expands its global distribution network. Dynalab Corp. is a US-based distributor and manufacturer of laboratory plastics, consumables, equipment, supplies, and custom-fabricated products used in the scientific, industrial, agricultural, water, pharma, and educational markets.

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The global lab supplies market is segmented as

1) By Product: Equipment, Disposables

2) By Application: Biochemistry, Endocrinology, Microbiology, Genetic Testing, Other Applications

3) By End Users: Academic Institutes, Clinical And Diagnostic Laboratories, Pharmaceutical And Biotechnology Companies, Other End Users

The lab supplies market report highlights the current scenario and projected growth of the lab supplies market. As per the report, the lab supplies market is highly competitive, with a significant number of key players operating in the industry. The significant growth in this market provides ample opportunities for both established players and new entrants in the market. The report further delves into strategies that players can adopt to tap on this growth potential.

Lab Supplies Global Market Report 2023 by The Business Research Company provides insights on the lab supplies market size, lab supplies market segments, lab supplies market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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