Lab Supplies Market Size Worth $49.6 Billion By 2027 | CAGR: 7.1%: Grand View Research, Inc.

Lab Supplies Market Size Worth $49.6 Billion By 2027 | CAGR: 7.1%: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Aug. 31, 2020

SAN FRANCISCO, Aug. 31, 2020 /PRNewswire/ -- The global lab supplies market size is expected to reach USD 49.6 billion by 2027, expanding at a CAGR of 7.1%, according to a new report by Grand View Research, Inc. Focus on R&D drives the demand for lab equipment market, thereby boosting the market growth.

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In June 2019, the D.O.D's Defense Logistics Agency settled the bidding process for USD 312.0 million contracts, for lab equipment and supplies. There are instances of huge government spending in the category including White House's budget of 2020 that provides USD 134.0 billion for federal R&D, including significant investments in R&D facilities and equipment.

Key suggestions from the report:

Read 120 page research report with ToC on "Lab Supplies Market Size, Share & Trends Analysis Report By Product (Equipment (Autoclaves & Sterilizers, Lab Air Filtration System), Disposables (Tubes, Gloves)), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/laboratory-supply-market

Laboratories have emerged as multipurpose research facilities in which various types of testing mechanisms, research analogies, and novel developments are carried out. This has also led to an increase in the demand for lab equipment and supplies market. Furthermore, the trend of research-based studies has been gaining traction over the past decade. This has resulted in the development of new laboratories in academic institutes, thereby boosting the market growth.

Recently, clinical laboratories have also gone through major technological advancements. With intense R&D going in the field of the pathogenesis of diseases and personalized medicine, advanced diagnostics methods and tests are being implemented extensively. Technological improvements in instrumentation continue to bring real benefits that accrue from greater ease of use, increased capacity, speed of analysis, higher precision, operational efficiencies, enhanced reliability, improved safety, and numerous other intangibles.

Grand View Research has segmented the global lab supplies market based on product and region:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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