Lab Consumables Market Booms as R&D Sector and Demand for Sustainable Alternatives Drive Growth, says Beroe Inc
Source: PR Newswire
Feb 16 Raleigh, NC - The lab consumable market, which includes products such as reagents, chemicals, and labware, is expected to have a 8 percent CAGR driven by a growing need for additional supplies in the R&D sector and an increase in biological and chemical research, according to latest report by Beroe Inc.
One of the major drivers in the industry is the growth of investments in the research sector, as well as an increase in demand for lab supplies. However, the market also faces constraints, including the rising cost and demand for environmentally-friendly alternatives. The ongoing COVID-19 pandemic has also had an impact on the market, as pharmaceutical companies are seeking to source supplies from regional suppliers and placing a greater emphasis on quality, says Beroe Inc, a leading Procurement Intelligence firm.
Pharmaceutical and biotech companies make up 30 percent of the overall demand for lab supplies, making them a key market for suppliers. These companies are viewed as core accounts and suppliers are willing to engage in strategic partnerships to offer better options for technology updates and regular support. Additionally, end-users who conduct a high number of tests often opt to rent equipment due to high costs, but they do purchase the necessary reagents and consumables, providing suppliers with the opportunity to generate revenue through high-quantity sales.
One of the key trends in the lab supplies market is an increase in mergers and acquisitions, leading to higher digital procurement adoption and manufacturing capacity expansions. Partnerships and collaborations between niche vendors and technology companies are also becoming more prevalent, with an emphasis on distribution channel expansions and technology expertise. The use of digital solutions, such as mobile apps and e-procurement, is also on the rise, and there is a growing trend towards the use of industrial robots in laboratories.
In addition to these trends, the market is also seeing an increase in facility expansions and a focus on recycling and sustainable options. Vendors are expanding their facilities in multiple regions to meet the growing demand for supplies, while also investing in initiatives to reduce waste in labs and recycle products on a larger scale, resulting in long-term cost savings and more environmentally-friendly options.
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Beroe is a global SaaS-based procurement intelligence and analytics provider. We deliver intelligence, data, and insights that enable companies to make smarter sourcing decisions – leading to lower cost, reduced risk, and greater profits. Beroe has been a trusted source of intelligence for more than 15 years and presently partners with 10,000 companies worldwide, including 400 of the Fortune 500 companies. For more information about Beroe Inc., please visit https://www.beroeinc.com/.