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The laboratory supplies are the tools widely used in manufacturing, and research & diagnostics purposes across clinical diagnostic laboratories, microbiology laboratories, research laboratories, and pathology laboratories. Moreover, the increase in the number of clinical and pathology tests, and procedures, and rise in private & public healthcare investments by pharmaceutical and biotechnology companies are some of the factors, propelling the demand for laboratory supplies. For instance, according to the article published by Congressional Budget Office in August 2019, around USD 83.00 billion was spent on research and development activities by pharmaceutical companies.
Moreover, government bodies of several countries have also increased the expenditure on the healthcare industry, thereby leading to an increase in growth prospects for laboratory supplies.
Currently, the market for laboratory supplies is witnessing lucrative growth, owing to the rising investment to modernize diagnostic centers.
Furthermore, clinical laboratories are using modern laboratory supplies to perform various diagnostics procedures. There are several benefits of using technologically advanced laboratory supplies, such as ease of use, speed of analysis, improved safety, higher precision, increased capacity, operational efficiencies, and enhanced reliability, owing to which, the demand for laboratory supplies is projected to rise in the coming years.
The COVID-19 pandemic had a negative impact on the laboratory supplies market. Several research laboratories and research institutes were closed, owing to the implementation of the lockdown. Moreover, the shutdown of manufacturing facilities, coupled with border restrictions across several countries, led to disruptions in the supply chain, which lead to a shortage of laboratory supplies.
According to the article published by Nature in March 2021, various research projects related to healthcare were stopped or were slowed down, owing to the limited availability of plastic tips, gloves, centrifuge tubes, and several other laboratory essentials during COVID-19. The shortages of laboratory supplies, and supply chain disruptions, hampered the market growth during COVID-19. However, the negative impact was compensated by the increased demand for newly launched emergency-use authorized IVD tests, and laboratory supplies, that were used in the COVID-19 detection. Moreover, the revenue growth for major players were driven by the increase in the sales of COVID-19 diagnostic tests, thereby reducing the impact of COVID-19 on the laboratory supplies market.
The report will cover the following key insights:
The pipettes segment accounted for a major share of the global laboratory supplies market. Pipettes are widely used in several laboratory experiments such as DNA isolation, PCR, and purification, as they handle minute fluid volumes with precision. The rise in the research, and development activities in the biotechnology and pharmaceutical companies are some of the factors, leading to the increase in the adoption of the pipettes.
Furthermore, technological advancements in pipettes are projected to drive the growth of the segment.
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North America constituted a major share of the global laboratory supplies market, owing to the presence of several clinical research laboratories across the U.S., and around 3,000 independent labs have their operations across the country. Moreover, several research centers, pharmaceutical, and biotechnology companies are engaged in research and development activities. According to an article published by Pharmaceutical Research and Manufacturers of America (PhRMA) in September 2022, the PhRMA member companies invested around USD 102.30 billion in research and development activities. The investment in research and development activities is anticipated to increase the adoption of laboratory supplies.
The report includes the profiles of key players including Bio-Rad Laboratories, Inc., Agilent Technologies Inc., Bruker, Sartorius AG, PerkinElmer Inc., Shimadzu Corporation, Thermo Fisher Scientific, Inc., FUJIFILM Irvine Scientific., Waters Corporation, INTEGRA Biosciences AG, and Sysmex Corporation.
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