Global laboratory supplies market to reach USD 67.43 billion by 2031, driven by R&D and automation
From GlobeNewswire: 2024-11-28 06:40:00
The global laboratory supplies market is expected to reach USD 39.20 billion in 2024, growing at a CAGR of 8.1% to USD 67.43 billion by 2031. Rising pharmaceutical R&D activities drive market growth, with plastic consumables and automated liquid handling systems in demand. Automation improves efficiency, while advanced equipment reduces errors. North America leads in market share, with key players like Bio-Rad and Thermo Fisher Scientific. Market opportunities lie in disposable items and advanced laboratory equipment, with a focus on innovation and precision.
The laboratory supplies market is projected to witness a CAGR of 8.1% from 2024 to 2031, driven by increasing R&D expenditure and drug discovery focus. The equipment segment, particularly centrifuges, is expected to dominate, while clinical testing laboratories will lead in end-user segments. North America is set to maintain its dominant position due to higher healthcare expenditure and leading market players. Key competitors include Bio-Rad Laboratories, Thermo Fisher Scientific, and Danaher Corporation.
Recent developments in the laboratory supplies market include Shimadzu Europe’s announcement of the ORXross Fourier-transform infrared spectrophotometer and Precisa Gravimetrics AG’s introduction of the halo series of advanced UV-Vis spectrophotometers. By product type, equipment such as centrifuges and autoclaves, and disposables like pipettes and gloves, drive market growth. Clinical testing labs and pharmaceutical companies are major end-users, with North America leading geographically. The market is expected to reach USD 67.43 billion by 2031, with opportunities in technological advancements and growing demand for laboratory testing.
The laboratory proficiency testing market is projected to reach USD 2.11 billion by 2030, exhibiting a CAGR of 7.3% from 2023. Coherent Market Insights offers actionable insights and authentic reports across various sectors, including aerospace, defense, agriculture, and more. With a commitment to post-COVID insights, the organization delivers reliable and accurate market intelligence for clients worldwide. Follow Coherent Market Insights on LinkedIn and Twitter for more updates.
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