Lab Supplies Global Market Report 2023: Rising Number of Testing Labs to Boost $35 Billion Industry

Global Lab Supplies Market

Dublin, May 29, 2023 (GLOBE NEWSWIRE) -- The "Lab Supplies Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.The global lab supplies market is expected to grow from $32.65 billion in 2022 to $35.28 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The lab supplies market is expected to grow to $47.12 billion in 2027 at a CAGR of 7.5%.

The rise in the number of testing laboratories in the world is expected to propel the growth of the lab supplies market going forward. A testing laboratory is a site where diagnostic tests or research is performed. Testing laboratories use lab supplies for conducting reactions and containing chemicals. The increasing number of testing laboratories increases the use of lab supplies and hence drives the lab supplies market.

For instance, in 2021, according to the International Laboratory Accreditation Cooperation (ILAC), a Denmark-based organization of laboratory accreditation bodies, in 2021, the ILAC MRA (Mutual Recognition Arrangement) Signatories accredited about 85,000 laboratories globally, with nearly 13,000 inspection bodies, over 600 proficiency testing providers, and 250 suppliers of reference materials. Therefore, the rise in the number of testing laboratories in the world is driving the growth of the lab supplies market.Product innovations are a key trend gaining popularity in the lab supplies market. Major companies operating in the market are introducing new and innovative products to sustain their position in the market. For instance, in October 2022, Q2 Solutions, a US-based clinical trial laboratory services organization, launched the first self-collection safety lab panel for the US clinical trial participants. The new product is based-on self-collection technology and enables participants in a clinical trial to provide blood specimens from the comfort of their homes. The clinical-grade remote sampling system enables decentralized laboratory testing without affecting sample quality. The solution comprises simple at-home self-collection kits with instructions and videos, a technique for direct-to-patient delivery, and streamlined specimen processing and shipping needs.In January 2023, Calibre Scientific Inc., a US-based developer, manufacturer, and distributor of consumable products in the life sciences and diagnostics markets acquired Dynalab Corp. for an undisclosed amount. With this acquisition, Calibre Scientific broadens the range of products it already offers in the market for laboratory supplies, and expands its global distribution network by adding a significant market. Dynalab Corp. is a US-based distributor and manufacturer of laboratory plastics, consumables, equipment, supplies, and custom-fabricated products used in the United States' scientific, industrial, agricultural, water, pharma, and educational markets.North America was the largest region in the lab supplies market in 2022. The regions covered in the lab supplies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The countries covered in the lab supplies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.Reasons to Purchase

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Description:Where is the largest and fastest growing market for lab supplies ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The lab supplies market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.

The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.

The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.

The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.

The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.

The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope Markets Covered:1) By Product: Equipment; Disposables2) By Application: Biochemistry; Endocrinology; Microbiology; Genetic Testing; Other Applications3) By End Users: Academic Institutes; Clinical And Diagnostic Laboratories; Pharmaceutical And Biotechnology Companies; Other End UsersKey Attributes:

Report Attribute

Details

No. of Pages

250

Forecast Period

2023 - 2027

Estimated Market Value (USD) in 2023

$35.28 billion

Forecasted Market Value (USD) by 2027

$47.12 billion

Compound Annual Growth Rate

7.5%

Regions Covered

Global

Key Topics Covered: 1. Executive Summary 2. Lab Supplies Market Characteristics 3. Lab Supplies Market Trends And Strategies 4. Lab Supplies Market - Macro Economic Scenario4.1. COVID-19 Impact On Lab Supplies Market4.2. Ukraine-Russia War Impact On Lab Supplies Market4.3. Impact Of High Inflation On Lab Supplies Market5. Lab Supplies Market Size And Growth 6. Lab Supplies Market Segmentation

7. Lab Supplies Market Regional And Country Analysis7.1. Global Lab Supplies Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion7.2. Global Lab Supplies Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ BillionA selection of companies mentioned in this report includes

Agilent Technologies Inc.

Bio-Rad Laboratories Inc.

Bruker Corporation

Danaher Corporation

Fujifilm Holdings Corporation

PerkinElmer Inc.

Sartorius AG

Shimadzu Corporation

Thermo Fisher Scientific Inc.

Waters Corporation

LabWare Inc.

LabVantage Solutions Inc.

Abbott Laboratories

Labworks LLC

Autoscribe Informatics

Spectrum Chemical Manufacturing Corp.

Pace Analytical Services LLC

Eppendorf AG

For more information about this report visit https://www.researchandmarkets.com/r/5g3yqe

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Global Lab Supplies Market