AI-powered self-service platform for all your sourcing decision needs across 1,200+ categories like Lab Chemicals.
Market Data, Sourcing & Supplier Intelligence, and Price & Cost Benchmarking.Schedule a Demo
Lab Chemicals Market Monitoring Dashboard
Understand the correlation between costs, margins, and prices impacting your category on a real time basis on Beroe LiVE.Ai™Schedule a Demo
Lab Chemicals Industry Benchmarks
The average annual savings achieved in Lab Chemicals category is 18.50%
The industry average payment terms in Lab Chemicals category for the current quarter is 75.0 days
Compare your category performance against peers and industry benchmarks across 20+ parameters on Beroe LiVE.Ai™
Category Strategy and Flexibility
Price per Unit Competitiveness
Minimum Order Quality
The World’s first Digital Market Analyst
The World’s first Digital Market Analyst
Abi, the AI-powered digital assistant brings together data, insights, and intelligence for faster answers to sourcing questions
Abi is now supercharged with GPT4 AI engine. Enjoy the ease of ChatGPT, now on Abi
Lab Chemicals market report transcript
Lab Chemicals Global Market Outlook:
Global Laboratory Chemical Market: $18.88 Billion (2022E)
Global Growth CAGR of Lab Chemical Market: 6.8 percent (2021–2027F)
The global pharmaceutical lab chemicals market is growing at a CAGR of 6.8 percent, and the current market value is estimated at $18.88 Billion (2022E).
With respect to demand of lab chemicals, a steep demand is experienced in APAC, followed by North America and Europe. North America dominates the lab chemicals market, due to increased innovations in the pharma, biopharma, and biological sciences industry
Due to the COVID pandemic, analytical testing and drug development has increased, which is creating a high demand of lab chemicals across the globe, and the supply–demand gap is increasing
Surge in investments in the field of life sciences: primarily fueled by factors such as the rise in the older adult population, increase in chronic diseases, population growth, and adoption of advanced therapies
The usage of lab consumables continues to be a critical driver of this sector as per the innovation: this translates to the need for new reagents and markers for every process, regardless of the technology or method employed
End-users that conduct a high number of testing tend to rent equipment due to the high costs; however, they purchase the reagents that are required to run the tests, providing suppliers an opportunity to generate revenue with the high quantity sales of reagents.
Market Capture: The nature of the product, coupled with the niche end-user market, makes it difficult for suppliers to market these products. Lab consumables have a limited role in the sale of large equipment products
Advertising and marketing of buffers and reagents are restricted to search engines and other online media due to the low return on investment and limited visibility of other media
Volatile raw material costs, exchange rates create a dynamic environment within the chemical industry. This in turn can affect pharma companies who are unable to negotiate their contracts to benefit price realizations
Lab Chemicals Market Trends
Chemical companies are investing on systems which will manage inventory and reduce the resource wastage
Brookhaven is using RFID tags to locate the chemicals in their labs quickly and efficiently, although more application can be done to make the chemical inventory more efficient
Sysmex has introduced eSupply, which uses friendly interface and utilizes predictive learning algorithms to analyze and recommend inventory quantity based on previous reagent usage.
Jagger and CiteAB are collaborating to improve Jagger RMM, which will enable scientists to identify, select, and procure the apt regents for their research activities. This will offer cost savings, make the workflow efficient and improve compliance
Regulatory requirements significantly increase as the environmental impact of emissions and waste gets more and more evident.
EPA would be conducting risk evaluations for chemicals under the TSCA and would be assessing the chemical’s impact on the surrounding environment. EPA is developing a screening method to assess the air and water quality impacted by the exposure to chemicals
Integration of AI/Mixed Reality
Chemicals companies plan to invest heavily on digitization to produce near-term benefits across three primary business dimensions: operations, customer-facing, and organizational
BenchSci is an AI-enabled software, which assists in reagent selection and experimental design, ultimately accelerating the drug discovery process. Researchers are using it to spend less time on validating reagents. LabVantage Solutions is leveraging virtual reality Microsoft HoloLens 2 googles guides technicians with experiments, as it provides hologram overlaps that helps them with identifying and managing reagents, making the process efficient and increases productivity
A boost in partnerships with regional or niche chemical companies has been observed after the COVID pandemic to supply chemicals to the pharma companies and analytical labs to continue their ongoing research and testing activities
Biosynth Carbosynth has acquired Aalto Bio Reagents to expand the product portfolio and provide more biochemicals, antibodies therefore expanding their diagnostic business offerings; Calibre Scientific has acquired Serviquimia to expand their footprint into the European market and Dynalab to expand footprint in the US to have a strong portfolio, in terms of lab consumables, chemicals, and equipment.
Discover the world of market intelligence and how it can elevate your business strategies.
Learn more about how market intelligence can enable informed decision-making, help identify growth opportunities, manage risks, and shape your business's strategic direction.