Lab Supplies Procurement Intelligence: Insights and Opportunities

The global lab supplies category is anticipated to grow at a CAGR of 7.5% from 2023 to 2030. Growth of the category can be attributed to a rise in life science research and clinical laboratory testing, and growth in financial support and investment for biotechnology and pharmaceutical research & development. The category is anticipated to witness steady growth over the forecasted timeframe due to uninterrupted and ongoing supply of laboratory equipments. Over time, laboratories have evolved into multifunctional research spaces where a wide range of testing procedures and comparison studies are conducted. The market need for laboratory supplies has increased as a result of this. In addition, the field of lab supply research has become increasingly dominant over the past ten years. As a result, academic institutions have expanded their labs, which has further fuelled the category's growth.

Technologies that drive the global category include automation, cloud, advanced analytics, smart lab devices, single-use technologies, nanotechnology, and 3D-printing. Workflows in laboratories are being revolutionized by automation, which reduces human error and streamline repetitive operations. Faster and more precise data generation is made possible by robotic devices for high-throughput screening, chemical synthesis, and sample handling. in addition, latest lab equipments are capable in recording data and adding it on cloud. The apparatus can also notify a scientist or lab technician in case of malfunction. Furthermore, Researchers are becoming more knowledgeable about intricate chemical systems because of developments in analytical techniques. Unmatched detail is being provided by methods like electron microscopy, NMR (nuclear magnetic resonance) spectroscopy, and HRMS (high-resolution mass spectrometry), which is propelling advancements in disciplines like drug development, materials research, and metabolomics.

Order your copy of the Lab Supplies Procurement Intelligence Report, 2023 - 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

The category for lab supplies is fragmented, with the presence of regional and global suppliers. Players in the industry are investing heavily in improving existing products and launching new products with cutting-edge features and technologies to streamline sampling operations. For instance, in 2022, Waters Corporation released ‘Extraction+ Connected Device’ which records & automates solid phase extraction technique utilized in sample preparation for research applications in clinical studies, environmental, forensic, food, and biological applications. In addition, the players are indulging in activities such as mergers & acquisitions, partnerships, etc. to increase their market share and stay competitive. Since the category is fragmented, the buyers in this category possess higher negotiation power as they can look for alternative providers who can provide at a lower cost with better quality. However bargaining power of big players is still high owing to their operational and functional capabilities, making it challenging for the buyers to get the price of their choice.

Cost of products (equipments, disposables, reagents), labor cost, transportation cost and insurance cost are the key cost components in this category. In 2022, the cost of raw materials reached all-time highs for plastic converters in North America, Europe, and Asia. Also, the price of consumables getting shipped from North America, Europe, and Asia got affected by the Ukraine-Russia conflict. Goods being transported by rail from China has increased recently, which has decreased the need for shipping containers as well as the costs connected with gasoline for transportation. The prices of centrifuges offered in the category ranges from USD 27 to USD 63,000 depending on type of centrifuge (mini, micro and benchtop), RPM speed and relative centrifugal field (RCF). In addition, the prices of incubators offered in the category ranges from USD 31 to USD 49,900 depending on chamber size, temperature ranges, and features (smartphone notification, alarms, etc.)

North America region dominates the global lab supplies category, holding over 37.6% of global market share. The need for products offered in the category throughout the region is being greatly influenced by rising research & development investments in number of industries, including chemicals and pharmaceuticals in the United States. In addition, favourable government regulations, active engagement of FDA in monitoring clinical test findings and advances, and the growing number of approvals is further supporting the growth of the category in the region. Furthermore, assessing the range of products offered by a supplier, lead time being guaranteed by a supplier, ensuring that the supplier offers technical assistance post sales, comparing the prices offered by different suppliers are some of the best sourcing practices considered in this category.

Browse through Grand View Research’s collection of procurement intelligence studies:

• Drug Testing Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

• Ammonia Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Lab Supplies Procurement Intelligence Report Scope

• Lab Supplies Category Growth Rate: CAGR of 7.5% from 2023 to 2030

• 5% - 10% increase (Annually): Pricing Models

• Cost-plus pricing, Fixed pricing: Supplier Selection Scope: Cost and pricing, Past engagements, Productivity, Geographical presence

• Supplier Selection Criteria: Industries served, years in service, geographic service provision, certifications, types of products, features, technical support, lead time, regulatory compliance, and others

• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model

Key Companies 

• Agilent Technologies, Inc.

• Becton

• Dickinson and Company

• Bio-Rad Laboratories, Inc.

• Danaher Corporation

• Hilton Instruments Ltd.

• Medline Industries, LP

• PerkinElmer Inc.

• Sartorius AG

• Shimadzu Corporation

• Th. Geyer GmbH & Co. KG

• Thermo Fisher Scientific Inc.

• Waters Corporation