The global lab supplies market revenue is projected to reach USD 66.4 billion by 2030, witnessing a CAGR of 7.6% during 2024–2030. This can be attributed to the increasing number of pharmaceutical product launches, increasing count of collaborations among the top players, adoption of sustainable practices in clinical laboratories, and increasing R&D initiatives by biopharmaceutical, pharmaceuticals, and biotechnology firms.
Essentially, the significant usage of lab supplies across different entities, such as academic institutions, biotechnology, and pharmaceutical firms, and diagnostic centers, is creating a lucrative growth for the market players. Therefore, there has been a rise in the number of product launches by the top players in the lab supplies market in recent years, as they look to gain a competitive edge.
For instance, in September 2021, Scientific Laboratory Supplies Ltd. announced the launch of a new line of generators, i.e., liquid nitrogen (LN2) generator and SLS Lab Pro gas generator. These generators provide labs with complete control over their liquid nitrogen and gas supplies, thereby eradicating the requirement for the long-distance transportation of Dewar flasks and gas canisters.
Additionally, a British company, named PG Instruments Limited, announced the launch of a range of UV-visible spectrophotometers. The models include T85+, T65, T85 and T95+, all of which are controlled by CFR21-compliant software.
On the basis of distribution channel, distributors and suppliers hold the largest market share, of 45%, in 2023. This is because this distribution channels offers a number of advantages, including a lower requirement for repetitive purchase ordering and the arrival of the required number of products from a single distribution center, which results in a reduction in administrative costs. In addition, distributors and suppliers may provide lower pricing than manufacturers, through agreements, in addition to single-day deliveries.
Moreover, distributors can customize the quantity and other aspects of the order as per the requirement. Furthermore, through this distribution channel, any issue regarding replaced, defective, missing, and wrong items can be rectified timely.
As per our regional analysis, Asia-Pacific is projected to witness the highest CAGR, of 8.2%, during the forecast period. This is because of the growing private- and public-sector funding, technological advancements in the clinical and academic research infrastructure in the region, and increasing health concerns of people.
Moreover, in the last few years, nations in the region, especially India, have grown rapidly in terms of economy, which is enabling the biopharmaceutical and pharmaceutical sectors to attract huge foreign direct investments. Essentially, the medical sector has received a huge investment in the region, which, in turn, is driving the demand for lab supplies.
Additionally, the rising incidence of illnesses and the presence of a massive geriatric population and patient pool are forcing the life sciences industry to launch a large number of medications, aided by a rising count of research and development initiatives. This, in turn, is increasing the number of lab tests, be it clinical trials, quality assurance, or for sterility, for which a large variety of consumables and systems are bought by laboratories.
Key players in the market include Bio-Rad Laboratories Inc., Bruker Corporation, Danaher Corporation, Agilent Technologies Inc., Merck KGaA, Sartorius AG, Shimadzu Corporation, and Thermo Fisher Scientific Inc.