Global Laboratory Supplies Market to grow with a CAGR of 6.80 %

Increasing healthcare infrastructure and a supportive regulatory environment are the major drivers for the Global Laboratory Supplies Market.

According to TechSci Research report, “Global Laboratory Supplies Market Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Global Laboratory Supplies Market has valued at USD 38.02 billion in 2022 and is anticipated to witness an impressive growth in the forecast period with a CAGR of 6.80% through 2028. This can be due to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market. Material and chemical analysis plays a significant role in driving the demand for laboratory supplies. The need for precise, reliable, and sophisticated laboratory supplies is particularly pronounced in industries and research areas that involve material and chemical analysis. Industries such as manufacturing, automotive, and aerospace rely on material analysis to ensure the quality and safety of their products. Laboratory supplies, including spectrometers, X-ray diffraction systems, and chemical analysis reagents, are essential for quality control and assurance. Metallurgical analysis is vital for assessing the composition and properties of metals. Laboratories conducting metallurgical analysis require specialized laboratory supplies, such as metallography equipment and hardness testers. The chemical industry relies on laboratory supplies for product development, quality control, and chemical analysis. This includes supplies for titration, chemical reagents, and analytical instruments.

Laboratories engaged in materials science research require specialized equipment, including electron microscopes, thermal analyzers, and tensile testers. These laboratory supplies are fundamental for understanding the properties and behavior of materials. In forensic analysis, laboratories rely on a variety of laboratory supplies, including DNA analysis equipment, chromatography instruments, and forensic chemicals, to examine and analyze evidence. Laboratories in the mining and geology sectors use laboratory supplies for mineral analysis, ore characterization, and geological research. Equipment like X-ray fluorescence (XRF) analyzers and mineral identification kits are vital. Industries that involve coatings, such as automotive and electronics, rely on laboratory supplies for surface analysis and coating quality assessment. Equipment like profilometers and adhesion testers are used for this purpose.

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In July 2020, Thermo Fisher Scientific has unveiled an innovative product, compliance, and service package, designed to align with current Good Manufacturing Practice (cGMP) standards, with the primary goal of expediting the setup process for clinical and commercial cell and gene therapy manufacturing. Introducing the Thermo Scientific Cell Therapy Systems (CTS) Series Laboratory Equipment, this comprehensive solution streamlines and enhances the equipment installation and validation process required for cGMP. The CTS Series encompasses a wide range of essential laboratory equipment commonly used in cell and gene therapy manufacturing, including biological safety cabinets, centrifuges, and CO2 incubators. Each product is accompanied by a thorough factory acceptance test documentation package, containing essential items such as operating certificates, performance specifications, user guides, and technical manuals. Additionally, this portfolio is backed by top-notch field compliance services, which encompass installation setup, IQ, OQ, and supplementary support such as temperature mapping and calibration. Environmental sustainability is a growing challenge in the global laboratory supplies market. Laboratories, research institutions, and companies in the industry are increasingly recognizing the need to address sustainability concerns and reduce the environmental impact of laboratory supplies. Laboratories generate a significant amount of waste, including plastic consumables, chemical waste, and electronic waste (e-waste). Proper disposal and management of this waste pose sustainability challenges, as it can have harmful environmental effects. Many laboratory supplies, including pipette tips, microcentrifuge tubes, and petri dishes, are made of single-use plastics. The disposal of these items contributes to plastic pollution, which is a global environmental concern. The use and disposal of chemicals in laboratories can lead to chemical pollution of waterways and ecosystems. Proper disposal and the reduction of chemical waste are essential for environmental sustainability. Laboratories consume significant amounts of energy for heating, cooling, ventilation, and equipment operation. Reducing energy consumption and adopting energy-efficient technologies are sustainability challenges.

Global Laboratory Supplies Market is segmented based on Product, and by region.

Based on the type, the Global Laboratory Supplies Market is segmented into Equipment, Disposables. Disposable laboratory supplies refer to a category of laboratory materials and equipment that are designed for single-use and are discarded after a single experiment, analysis, or task. These disposable items are essential in laboratory settings for various reasons, including preventing contamination, ensuring the accuracy of experiments, and enhancing convenience. Disposable laboratory supplies are intended for one-time use. They are not meant to be sterilized or reused, which helps prevent cross-contamination and ensures consistency between experiments. Disposable items are convenient because they eliminate the need for cleaning, sterilization, and maintenance. After use, they can be simply discarded. These supplies reduce the risk of sample cross-contamination. Researchers can use a new, sterile item for each experiment, minimizing the chances of introducing contaminants from a previous use. In analytical chemistry and life sciences, disposable lab supplies help prevent sample carryover, which can distort results in subsequent tests.

Based on Region, North America held the largest share in the Global Laboratory Supplies Market. North American companies and research institutions are at the forefront of technological innovations in laboratory equipment and supplies. This innovation contributes to the region's ability to meet the evolving needs of laboratories worldwide. The relative economic prosperity of North America means that there is a substantial budget allocated to research and development in various sectors. This economic strength facilitates investment in cutting-edge laboratory supplies and equipment. The availability of venture capital and investment in North America supports the growth of startups and innovative companies in the laboratory supplies sector. North America has well-established trade and distribution networks, enabling the efficient movement of laboratory supplies within the region and globally.

Some of the major companies operating in the Global Laboratory Supplies Market include:

• Agilent Technologies, Inc.
• Bio-Rad Laboratories, Inc.
• Bruker Corp.
• Danaher Corp.
• FUJIFILM Holdings Corporation
• PerkinElmer Inc.
• Sartorius AG
• Shimadzu Corporation
• Thermo Fisher Scientific Inc.
• Waters Corporation

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“Certain areas, particularly in North America, are projected to exert significant demand for Laboratory Supplies. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhance the overall wellbeing of people each year, are expected to contribute to a remarkable growth of the Global Laboratory Supplies Market in the forecast period," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.

"Global Laboratory Supplies Market By Product (Equipment, Disposables), By Region, By Competition Forecast & Opportunities, 2018-2028F" has evaluated the future growth potential of Global Laboratory Supplies Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Laboratory Supplies Market.

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