Ottawa, Dec. 30, 2021 (GLOBE NEWSWIRE) — The global laboratory supplies market size was valued at US$ 31.56 billion in 2021. The rapidly growing pharmaceutical and biotechnology industry across the globe is fueling the growth of the global laboratory supplies market. The huge investments made by the pharmaceutical industries for the development of new drugs and diagnostic equipment is significantly driving the demand for the laboratory supplies. Moreover, the rising number of scientific companies and research organizations across the globe is estimated to foster the consumption of various laboratory equipment and consumables in the forthcoming years.
The recent outbreak of the COVID-19 disease has suddenly spiked the demand for the various laboratory consumables as most of the research organizations were involved in conducting researches and experiments regarding the virus and development of vaccines. The COVID-19 pandemic compelled the various government and the pharmaceutical companies to heavily infuse funds in the research activities. Moreover, various developmental strategies adopted by the key market players highly influence the market as there are few market players. Furthermore, the rising number of approvals of the medicines and diagnostic equipment is encouraging the pharmaceutical companies to invest more in the research activities.
Scope of the Laboratory Supplies Market
|Market Size in 2021||US$ 31.56 Billion|
|Growth Rate From 2021 to 2030||CAGR of 6.1%|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2021 to 2030|
|Companies Covered||Bio-Rad Laboratories, Inc., Bruker Corporation, Danaher Corporation, Fujifilm Holdings Corporation, Agilent Technologies Inc., PerkinElmer Inc., Shimadzu Corporation, Thermo Fisher Scientific, Inc., Waters Corporation|
North America dominated the global laboratory supplies market, garnering around 38% of the market share in 2020. This can be attributed to the rising number of grants by the government organizations to carry out research activities in the region has fueled the market growth. The presence of top biopharmaceutical industry players in the region is another major factors that contributes towards the growth of the laboratory supplies market. The biopharmaceutical industry in North America is a huge investor that heavily invests in the research organizations to develop various new diagnostic tools and drugs. Moreover, the presence of numerous companies that are involved in the development of new vaccines and therapeutics is boosting the demand for the laboratory supplies in the region.
On the other hand, Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is the home to several top research organizations and laboratory product manufacturers. The countries like China is a major supplier of various laboratory equipment and consumables in the Asia Pacific region. The increasing investments by the government in the research and development of various vaccines are expected to fuel the growth of the market.
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- Based on the product, the equipment segment dominated the global laboratory supplies market, garnering a market share of around 64% in 2020. This is attributable to the increased number of research organizations and extensive demand for the laboratory products. The general lab products and equipment are costly assets that can be operated for many years and hence, the huge cost of the equipment results in the generation of higher revenues of this segment.
Rapidly growing pharmaceutical and biotechnology companies
The biopharmaceutical sector is a prominent investor of the research activities. The research & developmental activities funded by the biotechnology companies are targeted towards the development of the new drugs and diagnostic techniques. The rising prevalence of the various gene diseases and other chronic diseases are presenting lucrative growth opportunities to the biotechnology companies. This compels them to increasingly invest in the research activities.
High investments involved in the research
A huge cost is involved in funding the research activities. Research also involves longer time periods for generating the desired outcomes related to the drug development. Therefore, the small and medium biopharmaceutical companies are unable to involve in such research activities, which may hamper the growth of the global laboratory supplies market.
Proliferation of the latest technologies in the lab equipment
The proliferation of latest technologies like artificial intelligence equipped with the various lab equipment helps the researchers to effectively conduct analysis and generate faster results. Moreover, the automation of the lab equipment helps in increasing the productivity of the research activities undertaken. Hence, the latest technologies are expected to provide growth avenues to the stakeholders in the forthcoming years.
Lack of efficient professionals and adequate time
There is a lack of experienced and efficient research professionals. Therefore, the increasing investments and increasing number of research programs are building a huge pressure on the research organizations to produce faster results. This may hamper the quality of the research. This is a major challenge faced by the market players and this may restrict the market growth.
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Segments Covered in the Report
- Lab Air Filtration System
- Laminar Flow Hood
- Micro Manipulation Systems
- Autoclaves & Sterilizers
- Sonicators& Homogenizers
- Cell Imaging Consumables
- Cell Culture Consumables
- North America
- Asia Pacific
- South Korea
- Rest of the World
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