LABORATORY SUPPLIES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Laboratory Supplies Market Size and Trends

 Global laboratory supplies market is estimated to be valued at USD 39.20 Bn in 2024 and is expected to reach USD 67.43 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.1% from 2024 to 2031.

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Global laboratory supplies market growth is driven by growing pharmaceutical & biotechnology companies globally. Rapid advancement in research areas such as drug discovery, genomics and cancer research can boost demand for advanced analytical instruments and consumables. Rising healthcare expenditures also boosts investments towards development of new medical technologies. However, high costs associated with procurement of technologically advanced analytical instruments can hamper the market growth. The pandemic has emphasized on strengthening healthcare systems worldwide, and this can drive the laboratory supplies market growth in the near future.

Growing demand for laboratory testing

Rising demand for laboratory testing services can drive the market growth. Due to increasing focus on preventive healthcare and rising awareness about various diseases, more people are opting for periodic health checkups. This has significantly increased the volume of tests being conducted across clinical laboratories. Moreover, growing geriatric population also boosts the number of diagnostic tests. Older people are more prone to chronic diseases and often require routine monitoring of various health parameters. Apart from individuals, there has been huge demand from hospitals and other healthcare facilities.  With expanding in-patient and out-patient patient loads, hospitals now rely heavily on laboratory services to aid in diagnosis and disease management. Laboratories play a pivotal role in clinical decision making as these provide objective evidences through examination of bodily fluids and tissues. Their valuable inputs help doctors accurately determine the right treatment protocols. As healthcare costs  increases globally, there is rising emphasis on precisely diagnosing medical conditions at the earliest to avoid additional treatment costs. This has boosted outsourcing of laboratory testing by hospitals. 

Advances in medical technology

Technological advancements have significantly expanded the breadth and depth of tests that can be performed in laboratories. Introduction of new and sophisticated analyzers, equipment as well as automation solutions have enabled laboratories to carry out a wide range of complex analyses with higher accuracy and precision. Automated systems have replaced manual processes, thus, improving productivity and throughput. Artificial intelligence and robotics are also finding increasing applications in various pre-analytical and post-analytical stages. Advances in fields like molecular diagnostics, genetics, proteomics and precision medicine have opened up new frontiers of diagnostic testing. Technologies such as polymerase chain reaction (PCR), next generation sequencing (NGS) and chromatography-mass spectrometry enable detection of diseases at a very early, sometimes presymptomatic stage by analyzing biomarkers, DNA, RNA or proteins. This allows for timely clinical intervention and personalized treatment options tailored to individual patient's molecular makeup and genomic alterations. The ability to efficiently sequence the human genome has revolutionized diagnosis of chronic and complex conditions including various forms of cancer.