DUBLIN--(BUSINESS WIRE)--The "Laboratory Supplies Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The laboratory supplies market was valued at US$30.121 billion in 2019. Global spending on R&D has reached a record high of almost US$ 1.7 trillion.
About 10 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 great pressure to increase the speed of drug discovery and development. This, in turn, is escalating the demand for laboratory supplies worldwide, thereby driving the market growth.
- Lab Connections
- Th. Geyer GmbH & Co. KG.
- Thermo Fisher Scientific
- Spectrum Chemical Manufacturing Corp.
- Ing. Petr vec - PENTA s.r.o.
- Scientific OEM
Increasing investments by governments to improve the education sector so as 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.
The recent COVID-19 global pandemic outbreak has caused a sudden spike in the demand for laboratory supplies across the globe, thus creating a dire shortage. Many affected countries are facing dwindling supplies of both chemical components and basic swabs needed to collect patient samples. In order to fill this demand-supply gap, companies are focusing on the possible capacity expansion and playing their role in battling this global pandemic. The Dutch diagnostic manufacturer Quiagen is planning to scale up the production of the RNA test reagents, that are being used to perform certain COVID-19 diagnostics, to support more than 10 million coronavirus tests per month by the end of June.
The company hopes to deliver the chemical reagent for more than 20 million monthly tests by the end of the year through its production sites in the United States and Europe. Novacyt has collaborated with GSK, AstraZeneca, and the University of Cambridge to establish a new testing laboratory as part of the UK government's five-pillar plan regarding the testing of COVID-19. The lab is being used for screening of coronavirus testing and the analysis of alternative chemical reagent use for test kits in order to mitigate supply shortages. Moreover, governments are also relaxing regulations and guidance in order to increase the number of patients being tested per day so as to prevent the further spread of this disease. For example, On February 28, the FDA (U.S. Food and Drug Administration) declared the EUA (emergency use authorization) process to high-complexity CLIA labs to meet the burgeoning demand for clinical testing. With commercial labs also involved in testing and pursuing emergency use under these guidelines, the demand for laboratory supplies continues to increase in the country.
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 government, life sciences, industrial, and others.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Laboratory Supplies Market Analysis, By Offering
5.2. Chemicals and Reagents
6. Laboratory Supplies Market Analysis, By End User
6.3. Life Sciences
7. Laboratory Supplies Market Analysis, By Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.6. Asia Pacific
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/9gkiqu