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Laboratory Supplies Market Size to Worth Around US$ 53.56 Bn By 2030

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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.

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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

Report Coverage Details
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
Base Year 2021
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

Regional Snapshot

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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Report Highlights

  • 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.

Driver

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.

Restraints

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.

Opportunities

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.

Challenges

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

By Product

  • Equipment
    • Incubators
    • Lab Air Filtration System
    • Laminar Flow Hood
    • Centrifuges
    • Micro Manipulation Systems
    • Autoclaves & Sterilizers
    • Scopes
    • Sonicators& Homogenizers
    • Others
  • Consumables
    • Tubes
    • Tips
    • Gloves
    • Pipettes
    • Dishes
    • Cell Imaging Consumables
    • Masks
    • Cell Culture Consumables

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

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Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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Artificial Intelligence

ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform

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SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.

Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our ‘IP Led Transformations’ approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media [email protected] +1-408-387-5800
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