DUBLIN--(BUSINESS WIRE)--The "Lab Supplies Market Analysis by Product and by Region - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global lab supplies market size is estimated to be USD 10,517.2 million in 2021 and is expected to witness a CAGR of 13.81% during the forecast period.
Companies Mentioned
- Waters Corporation (U.S.)
- Thermo Fisher Scientific (U.S.)
- Shimadzu Corporation (Japan)
- Sartorius AG (Germany)
- PerkinElmer Inc. (U.S.)
- Fujifilm Holdings Corporation (Japan)
- Danaher Corporation (U.S.)
- Bruker Corporation (U.S.)
- Bio-Rad Laboratories Inc. (U.S.)
- Agilent Technologies Inc. (U.S.)
Rising R&D investment by biopharmaceutical and biotechnology companies for the quicker improved diagnostics is a key driver for the growth of the global lab supplies market.
Additionally, cross-infection cases during the COVID-19 pandemic, the increase in prevalence of transmittable diseases, government support and awareness programs, and growing demand for biologics for the treatment of chronic diseases are some of the other drivers propelling the market growth.
However, the increasing adoption of home-based/poc testing instead of lab based testing and expensive service contracts are expected to restrain the global market growth
By Product
Based on product, the market is segmented into disposables and equipment. In 2021, the equipment segment accounted for the maximum revenue share. This is attributed to the expensiveness of equipment leading to one-time capital investment for long time span worldwide.
This segment projected to grow at a profitable CAGR during the forecast period owing to benefits offered by equipment such as systematic testing, affordability of services, and easy upgradation and maintenance.
Regional Insights
In 2021, North America accounted for the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the presence of large laboratory service providers, huge consumer base, advanced healthcare infrastructure, and high investments in R&D in this region.
In U.S., increasing health awareness coupled with rise in medical reimbursements is fuelling the lab supplies market growth. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to the strengthening economies, increasing medical expenditure, rising demand for advanced diagnosis and treatment, and growing focus of laboratories & biopharmaceutical companies in this region.
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