by Laboratory supplies are tools, equipment, consumables and reagents essential for several end use applications ranging from biology to chemistry. Rise in chronic disease prevalence has increased demand for drugs and personalized medicine which is propelling life science research activities. This has accelerated need for laboratory supplies globally. Laboratory supplies help achieve accuracy and efficiency in various testing processes by automating repetitive tasks. Growing concern towards safety and growing focus on limiting human errors have fueled adoption of automated systems requiring sophisticated lab supplies. The Global laboratory supplies market is driven by swift expansion of life science industry and biomedical sector.
The global laboratory supplies market is estimated to be valued at US$ 39.20 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the laboratory supplies market are Bio-Rad Laboratories, Inc., Bruker Corporation, Danaher Corporation, Fujifilm Holdings Corporation, Agilent Technologies, Inc., PerkinElmer, Inc., Shimadzu Corporation, Thermo Fisher Scientific, Inc., Waters Corporation, Eppendorf AG, Becton, Dickinson and Company (BD), Merck KGaA (Sigma-Aldrich), Sartorius AG, VWR International, GE Healthcare, Abbott Laboratories, Charles River Laboratories, and MilliporeSigma.
The rising prevalence of chronic and infectious diseases globally has increased the Laboratory Supplies Market Demand for diagnostics and clinical tests, augmenting the need for laboratory instruments and consumables. Various technological advancements in diagnostic testing such as automated ELISA and PCR have boosted the demand for high-quality laboratory consumables.
The pharmaceutical and biotechnology companies are increasingly outsourcing research activities to contract research organizations (CROs) due to cost competitiveness. This has led to expansion of CROs globally causing increased demand for sophisticated laboratory equipment and consumables.
Market Key Trends
One of the key trends gaining traction in the laboratory supplies market is the increased applications of automated systems. Technologies such as robotics, artificial intelligence, 3D printing and internet of things (IoT) are revolutionizing operations in clinical and research laboratories. Automated systems help save time and reduce manual errors. For instance, automated liquid handling systems are widely adopted as they improve productivity of researchers by automating pipetting and dispensing tasks.
Porter’s Analysis
Threat of new entrants: Low capital requirements to enter the Laboratory Supplies Market Analysis poses a threat of new entrants. However, presence of established players and need for strong distribution channels limits the threat.
Bargaining power of buyers: Large number of buyers and products being commodities increases buyer’s bargaining power in the market. Standard products further strengthen buyer’s power.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power due to availability of suppliers for raw materials used in manufacturing laboratory supplies. Switching costs are relatively low.
Threat of new substitutes: Potential substitutes like open-source hardware pose low threat as laboratory supplies have no close substitute and are an essential part of R&D processes.
Competitive rivalry: Intense due to presence of global and local players offering similar products. Significant R&D investments and new product launches intensify competition.
Geographical Regions
North America accounted for the largest share of the laboratory supplies market in 2024, mainly due to large biopharmaceutical industry and rising government investments in healthcare and life science sectors in the region.
Asia Pacific is expected to witness the fastest growth during the forecast period, attributed to rising investments by governments and companies, growing biotechnology industry, increasing R&D activities, and development of healthcare infrastructure in emerging economies of China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
