According to the research report titled ‘Global Laboratory Supplies Market Size studyBy Product {Equipment (Autoclaves & Sterilizers, Spectrophotometer & Microarray Equipment), Disposables (Tubes, Masks)}, and Regional Forecasts 2021-2027’, available with MarketStudyReport, global laboratory supplies market was valued at USD 30.6 billion in 2020 and is anticipated to record a healthy CAGR of 7.5% to amass a valuation of USD 50.8 billion by the end of 2027.
 

Increasing funding & investments from government for supporting R&D activities is propelling the growth of global laboratory supplies market. According to Congressional Research Services, funding and federal investment in research & development has steadily increased from USD 3.5 billion in 1955 to USD 138.9 billion in 2019, representing a total annual growth rate of 5.9%.
 

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For the unversed, laboratory supplies comprise of equipment, instruments, and apparatuses used to carry chemicals and other materials utilized in scientific experiments, such as in laboratories, buildings, or rooms fitted for performing scientific research or teaching practical science, 
 

Furthermore, surging demand for technologically advanced equipment in labs, growing number of testing and research organizations, as well as fast paced developments in the field of biotechnology are boosting the industry expansion.
 

 On the downside, highly priced advanced technology laboratory equipment may stifle the market growth during the analysis timeframe.
 

On the basis of product, global laboratory supplies industry is categorized into equipment (spectrophotometer & microarray equipment, and autoclaves & sterilizers), and disposables (masks, and tubes).
 

Considering the regional landscape, the report studies the market trends in Asia Pacific, North America, Europe, Latin America and rest of the world. Among these, North America market currently holds a significant share in the industry and is posed to grow at a considerable rate over the analysis timespan.
 

This can be attributed  to factors such as rising pharmaceutical and other science & technology organizations, growing demand for advanced technology, and adoption of research & testing organizations throughout the region.
 

Major players in worldwide laboratory supplies market are Danaher Corporation, Thermo Fisher Scientific, Inc., Waters Corporation, Shimadzu Corporation, PerkinElmer, Inc., Agilent Technologies, Inc, Bruker Corporation, Bio-Rad Laboratories, Inc., and Fujifilm Holdings Corporation.