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DUBLIN--(BUSINESS WIRE)--Nov 23, 2022--
The "Laboratory Supplies Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The laboratory supplies market was valued at US$54.323 billion in 2020. According to the statistics derived by the UNESCO Institute of Statistics, the global expenditure on R&D has reached as high as US$ 1.7 trillion. About ten countries account for 80% of spending.
As part of the Sustainable Development Goals (SDGs), countries have pledged to substantially increase public and private R&D spending as well as the number of researchers by 2030. Moreover, there have been continuous investments to fuel the expansion of R&D facilities, especially life sciences, across the globe.
With rising healthcare expenditure and growing incidence of rare and orphan diseases, the life sciences industry is under tremendous pressure to increase the speed of drug discovery and development. This, in turn, is escalating the demand for laboratory supplies worldwide, thereby driving market growth.
Increasing investments by governments to improve the education sector to generate a great pool of talent is also supporting the expansion of research laboratories across the education sector, thus positively impacting the market growth of laboratory supplies. For example, in March 2019, the Canadian government provided funding of $763 million for the Canada Foundation for Innovation (CFI) over the next five years and $462 million per year starting in 2023-24. This investment will allow CFI to continue to support researchers by investing in advanced labs and research equipment in Canadian universities, colleges, and research hospitals while creating a new generation of researchers.
Laboratory supply market players continuously adopt various growth strategies to expand their global market share. In February 2018, Thomas Scientific partnered with Zageno, an online biotech marketplace, to feature its full spectrum of offerings on the Zageno platform such that research scientists can easily search and order Thomas' portfolio of products while enabling them to focus more on performing experiments instead of gathering supplies.
The laboratory supplies market growth is also being driven by rising investments into the digital supply chain both by players across it and by companies that seek to tap the growth potential this transformation holds. For instance, Quartzy, an online platform that facilitates laboratory supply management and placing orders for supplies, is working with IndieBio, which works towards accelerating the growth of biotechnology start-ups. As these investments continue to increase, sales of laboratory supplies will also witness an impressive growth on account of the improved efficiency of the overall process.
The laboratory supplies market is segmented by offering, end-user, and geography. By offering, the global laboratory supplies market is segmented into chemicals and reagents, kits, and consumables. By end-user, the market is segmented into life science, industrial, government, and others .
North America is anticipated to hold a significant market share in the projected period.
Geographically, the laboratory supplies market is segmented as North America, South America, Europe, the Middle East and Africa (MEA), and Asia Pacific (APAC). North America accounted for a decent market share in 2019. Growing R&D spending across various sectors, especially pharmaceuticals and chemicals in the U.S., is significantly augmenting the demand for laboratory supplies across the region. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), the U.S. pharmaceutical R&D expenditure has increased from $2 million in 1980 to more than $70 million in 2017.
Segmentation
By Offering
By End-User
By Geography
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. LABORATORY SUPPLIES MARKET ANALYSIS, BY OFFERING
6. LABORATORY SUPPLIES MARKET ANALYSIS, BY END-USER
7. LABORATORY SUPPLIES MARKET ANALYSIS, BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT and ANALYSIS
9. COMPANY PROFILES
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/c3lwdh
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/23/2022 05:30 AM/DISC: 11/23/2022 05:32 AM
http://www.businesswire.com/news/home/20221123005223/en