|Product Code: ETC365844||Publication Date: Aug 2023||Product Type: Market Research Report|
|Publisher: 6Wresearch||No. of Pages: 75||No. of Figures: 35||No. of Tables: 20|
India Laboratory Supplies Market registered a growth of 4.41% in value shipments in 2022 as compared to 2021 and an increase of 2.81% CAGR in 2022 over a period of 2017. In Laboratory Supplies Market India is becoming more competitive as the HHI index in 2022 was 1657 while in 2017 it was 1660. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on domestic production to meet its growing demand in Laboratory Supplies Market.
India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Laboratory Supplies Market in 2022 was 0.69 while in 2017 it was 0.9. Singapore, Germany, China, USA and Japan were among the top players of the market in 2022, where Singapore acquired the largest market share of 23.73% with a shipment value of 4.67 million USD in 2022 Singapore also offered the product above the average market price, but remained at the leadership position indicating the trust it holds in the Laboratory Supplies Market. In 2017 USA had the largest market share of 25.88% with the shipment value of 4.13 million USD. The country was offering its product with an average price which is higher than the average market price offered in the country. Although USA offers its product above the market average price, it remained at the leadership position indicating the brand value it holds in the India Laboratory Supplies Market in 2017.
The India laboratory supplies market was valued at approximately USD 3 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 9% during the forecast period. Growing research & development activities, technological advancements in diagnostics kits & reagents along with rising adoption of point-of-care testing devices are likely driving the regional markets growth. Government initiatives such as the Make in India program have further encouraged domestic production which has resulted in the availability of low-cost diagnostic tests resulting in increased demand for laboratory supplies across hospitals/clinics/diagnostic centers, thereby propelling India lab supplies sector forward.
The India Laboratory Supplies Market has experienced steady growth due to the expanding pharmaceutical, biotechnology, and research sectors, which require a wide range of laboratory consumables. The increasing number of research and testing laboratories has contributed to market demand for laboratory supplies such as glassware, reagents, plasticware, and other consumables. The emphasis on research and development, along with the growth of the healthcare sector, has further boosted market growth.
One significant challenge is the presence of counterfeit and substandard laboratory supplies in the market. Low-quality products can compromise research results and pose safety risks in laboratory settings. Ensuring product authenticity and establishing quality standards for laboratory supplies will be crucial to maintaining the reputation and reliability of the market. Moreover, the volatility in raw material prices can impact the cost of laboratory supplies. Many laboratory consumables are derived from petroleum-based materials, and fluctuations in oil prices can lead to price variations. Manufacturers and suppliers need to manage these price fluctuations and maintain product affordability for end-users.
The COVID-19 pandemic had a significant impact on the Laboratory Supplies Market in India. The initial disruptions in manufacturing and logistics posed challenges to the supply of laboratory consumables and equipment. However, with the pandemic highlighting the importance of testing, diagnostics, and research, the demand for laboratory supplies, including personal protective equipment, testing kits, and disposable consumables, surged. The healthcare and pharmaceutical industries played a crucial role in driving the market`s growth as they expanded their testing capacities and research efforts. Moreover, increased awareness of hygiene and safety protocols across various sectors further sustained the demand for laboratory supplies. The market is likely to witness continued growth as research, testing, and healthcare industries invest in modernizing their infrastructure and capabilities.
Key players in the India Laboratory Supplies Market include Merck KGaA, Thermo Fisher Scientific Inc., and Borosil Glass Works Ltd.