SAN FRANCISCO, Aug. 31, 2020 /PRNewswire/ — 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.
Key suggestions from the report:
- 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.
Read 120 page research report with ToC on “Lab Supplies Market Size, Share & Trends Analysis Report By Product (Equipment (Autoclaves & Sterilizers, Lab Air Filtration System), Disposables (Tubes, Gloves)), By Region, And Segment Forecasts, 2020 – 2027” at: https://www.grandviewresearch.com/industry-analysis/laboratory-supply-market
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.
Grand View Research has segmented the global lab supplies market based on product and region:
- Laboratory Supplies Product Outlook (Revenue, USD Million, 2016 – 2027)
- Laminar flow hood
- Micro manipulation systems
- Lab air filtration system
- Sonicators and homogenizers
- Autoclaves and sterilizers
- Spectrophotometer and microarray equipment
- Cell imaging consumables
- Cell culture consumables
- Laboratory Supplies Regional Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- 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.
Find more research reports on Medical Devices Industry, by Grand View Research:
- Laboratory Filtration Market– The global laboratory filtration market was valued at USD 1.94 billion in 2015. Demand from pharmaceutical, biopharmaceutical, and food & beverage industries and the rising demand for more efficient filters are the key factors accentuating the market growth.
- Electronic Lab Notebook Market– The global Electronic Lab Notebook (ELN) market size was estimated at USD 532.0 million in 2018 and is anticipated to expand at a CAGR of 4.8% over the forecast period. An increase in demand for automation in laboratories is expected to fuel the adoption of ELN.
- Laboratory Information Management System Market– The global laboratory information management system (LIMS) market size was estimated at USD 1.11 billion in 2017. It is expected to witness a CAGR of 9.1% during the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
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