The total value of the lab supplies market was USD 40.3 billion in 2023, which will touch USD 66.4 billion by 2030, powering at a rate of 7.6% by the end of this decade. This is credited to the growing R&D activities because of the increasing expenditure on this aspect by life sciences firms, their growing numbers, and extensive incidence of communicable diseases.
Based on offering, the equipment category leads the industry with a share, of 70%, in 2023. This is credited to the fact that pharma and biotech companies, R&D centers, labs, and further scientific establishments need quality instruments to achieve numerous experiments, tests, and studies.
Furthermore, the results fashioned throughout such activities are extremely reliant on the sturdiness, excellence, and strength of the instruments. Apparatus that aids in improving the competence of work and offering precise results is, consequently, required.
Also, equipment is vital for functioning studies connecting tissue or cell cultures, significant for research on toxicity of drug, drug efficiency, precision medicines, and cancer treatments. Numerous devices are used for excellence assurance tests, procedure control, and experiments.
North America lab supplies market is the leader of the industry with a considerable revenue share. This is because many biopharma, pharma, and biotech giants on the basis of the region are aggressively engaged in R&D actions.
Moreover, more than a few research agencies in the region are improving their infra with the funds offered by government organizations. Furthermore, the exceptional quality of the data offered by the key players in the region and their outstanding track records will attract funds for research in the years to come.
Furthermore, the high occurrence of severe diseases is resulting in a growing count of drug launches, which is increasing the incidence of clinical trials to check their effectiveness and safety. This is itself for the reason that numerous government and non-government organizations are offering funds for powering the healthcare sector, which would make a profitable growth prospect for the stalwarts operating in the region.
Europe will grow considerably in the future, because of numerous research institutions in the region. Furthermore, there was an increase in the count of research grants across Europe.
For example, in January 2023, the ERC granted EUR 657 million to scientists in the region to conduct studies on various topics, from engineering to life sciences. Moreover, the operation of strict guidelines with regards to the safety of medications makes quality assurance activities essential, thus resulting in the expansion of the regional industry.
It is because of the R&D activities all over the world, the demand for lab supplies solution will continue to grow in the years to come as well.
SOURCE: P&S Intelligence
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