The worldwide laboratory supplies market is expected to grow at a rapid rate in the coming years and it is estimated to reach US$ 1.7 trillion by 2025. According to the data revealed by Research and Markets, it is found that the laboratory supplies market stood at US$30.121 billion in 2019.
And the major reason behind the expected increase in R&D spending by various countries by taking into consideration sustainable development goals. Continuous investment is being made by different countries to fuel the growth of R&D facilities in the area of life sciences.
Factors such as increasing healthcare expenditure and the introduction of various rare diseases have put a lot of pressure on the life sciences industry. Hence, efforts are being made by this industry to speed up the drug discovery and development process. It is eventually boosting the demand for laboratory supplies at a global level.
Various governments are now taking measures to increase investments to expand the research laboratories in the education sector. And it is impacting the growth of the worldwide laboratory supplies market. Moreover, the outbreak of the COVID-19 global pandemic has created a lot of shortage of laboratory supplies and it has caused an increase in their demand.
The demand for peptides pt 141 and other related items has seen a sharp increase recently and many companies are supplying different peptides at wholesale rates. North America is expected to contribute a major share in the growth of the laboratory supplies market. Many new companies will come out to provide laboratory supplies in different parts of the world.