Albany NY, United States: An increase in the funding activities in the biotechnology sector coupled with the latest advancements in biological and chemical research will bring immense growth prospects for the laboratory supplies market during the forecast period of 2021-2031.
Albany NY, United States: An increase in the funding activities in the biotechnology sector coupled with the latest advancements in biological and chemical research will bring immense growth prospects for the laboratory supplies market during the forecast period of 2021-2031.
Laboratory supplies are the tools, apparatuses, and equipment utilized in diagnostic, research, and manufacturing applications. They are also utilized in the process of manufacturing drugs and chemicals. On the basis of product, the laboratory supplies market can be classified into disposables and equipment.
The widening scope of laboratory supplies across various applications in pharmaceutical and biotechnology companies, academic institutes, and diagnostic laboratories will bring tremendous growth opportunities for the global market.
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Laboratory Supplies Market: TMR (Threats. Major Growth Drivers. Recent Developments) Approach
The T.M.R (Threats. Major Growth Drivers. Recent Developments) Approach applied in the report will enlighten the stakeholders about the overall current landscape of the laboratory supplies market.
Threats
High Manufacturing Costs due to Volatility in Raw Material Prices
The consistent volatility in the prices of raw materials leads to an increase in the manufacturing costs. The high costs discourage sales. This factor will restrain the growth of the laboratory supplies market to a considerable extent.
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Supply and Demand Disruptions due to COVID-19
The COVID-19 pandemic presented a major threat for the growth of the laboratory supplies market. The sudden lockdowns and shutdown of manufacturing facilities for a brief time coupled with border restrictions across many countries led to great disruptions, which affected the growth trajectory.
Major Growth Drivers
Increasing Government Funding Initiatives and Expenditure on Medical Research to Boost Growth Opportunities
The expenditure of the government bodies of numerous countries on the healthcare industry will bring good growth prospects for the laboratory supplies market. Further, the funding initiatives undertaken by various government and non-government organizations will prove to be profitable growth generators for the laboratory supplies market.
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Small and Easy-To-Use Laboratory Supplies To Bring Substantial Growth
The growing popularity of small laboratory supplies along with easy usage will invite substantial growth. The convenience quotient plays a profound role in strengthening the growth structure of the laboratory supplies market.
Recent Developments
Sustainable Laboratory Supplies Gaining Considerable Traction
Penetrating sustainability in clinical laboratories where energy, water, and single-use plastics are used massively has been an uphill task. However, in the recent years, many campaigns and initiatives are prompting the use of sustainable laboratory supplies. Use of glass laboratory equipment instead of single-use plastics is one of the prominent trends.
My Green Lab is a classic instance of the growing influence of sustainability in the laboratory space. My Green Lab is an organization that provides sustainability certification programs and guides how to use laboratory equipment in a sustainable way.
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Novel Product Launches Triggering Growth Opportunities
The players in laboratory supplies market are developing new products that are beneficial for the end-users. For instance, Scientific Laboratory Supplies (SLS) recently introduced a SLS Lab Pro gas and liquid nitrogen (LN2) generator that offers laboratories control over their LN2 and gas supplies. These generators eliminated the need of transporting gas canisters and Dewar flasks. Such developments bode well for the laboratory supplies market growth.
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Laboratory Supplies Market: Industrial Insights
The laboratory supplies market is fragmented with many players vying for a top position among others. Research and development activities along with strategic collaborations form an important part of the growth structure of the laboratory supplies market.
Some well-established players in the laboratory supplies market are Shimadzu Corporation, Danaher Corporation, PerkinElmer Inc., and Waters Corporation.
Laboratory Supplies Market: Regional Dimensions
North America’s laboratory supplies market is expected to hold a dominating position during the forecast period of 2021-2031. The presence of various biopharmaceutical firms in the region will help in boosting the growth prospects. Asia Pacific and Europe are also expected to bring extensive growth for the laboratory supplies market.
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