The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s lab supplies market report forecasts the lab supplies market size to grow to $47.12 Billion by 2027, with a CAGR (compound annual growth rate) of more than 7%.

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Lab Supplies Market Size Forecast
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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global lab supplies market size is expected to grow to $47.12 billion in 2027 at a CAGR of 7.5%.

North America held the largest lab supplies market share.

Key Lab Supplies Market Driver ­– Rise In The Number Of Testing Laboratories In The World
According to the International Laboratory Accreditation Cooperation (ILAC), a Denmark-based organisation of laboratory accreditation bodies, in 2021, the ILAC MRA (Mutual Recognition Arrangement) Signatories accredited approximately 85,000 laboratories globally, with nearly 13,000 inspection bodies, over 600 proficiency testing providers, and 250 reference material suppliers. As a result, the growing number of testing laboratories around the world is propelling the growth of the lab supplies market.

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Key Lab Supplies Market Trend – Product Innovations
To maintain their market position, major market players are introducing new and innovative products. For example, in October 2022, Q2 Solutions, a clinical trial laboratory services organisation based in the United States, launched the first self-collection safety lab panel for US clinical trial participants. The new product is based on self-collection technology and allows clinical trial participants to provide blood specimens from the comfort of their own homes. The clinical-grade remote sampling system allows for decentralised laboratory testing while maintaining sample quality. The solution includes simple at-home self-collection kits with instructions and videos, a method for direct-to-patient delivery, and simplified specimen processing and shipping requirements.

Lab Supplies Market Segment
1) By Product: Equipment, Disposables
2) By Application: Biochemistry, Endocrinology, Microbiology, Genetic Testing, Other Applications
3) By End Users: Academic Institutes, Clinical And Diagnostic Laboratories, Pharmaceutical And Biotechnology Companies, Other End Users

Lab Supplies Market Major Players and Strategies
Major players in the lab supplies market are 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, and Eppendorf AG.

Calibre Scientific Inc., a US-based developer, manufacturer, and distributor of consumable products in the life sciences and diagnostics markets, purchased Dynalab Corp. in January 2023 for an undisclosed sum. Calibre Scientific expands its global distribution network and broadens the range of products it already offers in the laboratory supplies market with this acquisition. Dynalab Corp. is a distributor and manufacturer of laboratory plastics, consumables, equipment, supplies, and custom-fabricated products for the scientific, industrial, agricultural, water, pharmaceutical, and educational markets in the United States.

The Lab Supplies Global Market Report 2023 covers regional data on lab supplies market size, lab supplies market trends and drivers, opportunities, strategies, and lab supplies market competitor analysis. The countries covered in the lab supplies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Equipment and instruments used in laboratories to conduct scientific research or teach practical science are referred to as lab supplies. These devices are used to contain chemicals, perform reactions, and measure the outcomes.

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