Laboratory Equipment Market Overview
Laboratory Equipment Market Size was valued at USD 47.9 billion in 2021 and is projected to grow from USD 51.44 Billion in 2022 to USD 84.79 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.40% during the forecast period (2022 – 2030).
Top Boosters and Challenges
The laboratory equipment industry benefits the large-scale investments in extensive research and development activities in the field of biotechnology and pharmaceutical. The market is also strongly influenced by the increasing availability of advanced laboratory supplies and their growing use by procurement managers in industries like healthcare and pharmaceutical. Innovations in chemical and biological research combined with the surge in clinical laboratory tests along with life science researches can also foster market growth in the ensuing period.
Introduction of new technologies and their adoption have been picking up speed in the market, thereby facilitating enhanced laboratory capabilities. Adoption of modern techniques is proving to be favorable for scientists and laboratory technicians as they are able to achieve more efficient and accurate results. Automation, artificial intelligence, miniaturization and smart technology are the prevailing trends and are witnessing high demand among laboratory equipment manufacturers.
Medical lab equipment vendors are putting in efforts to facilitate simpler order processes and product selection, whereas laboratory managers are working on bolstering the efficiency by elevating the purchasing process. The trend of easy to use and compact equipment with built-in connectivity is also emerging at a promising rate, while the construction of new labs with advanced equipment and supplies by renowned companies can induce substantial market growth in the years ahead.
The laboratory equipment industry has been segregated with respect to product type, application, and end user.
The product types studied are centrifuges, incubators, scopes, spectrometers, autoclaves, sonicators, and others. The incubators segment can obtain the top spot in the global market, as the device’s application range is expanding in several areas of testing. The spectrometers segment could procure the fastest expansion rate.
The laboratory equipment market, with respect to application, comprises genetic testing, endocrinology, biochemistry, hematology, microbiology, and more. The biochemistry segment is slated to capture the highest share in the market, owing to the significant number of biochemical tests that are generally conducted in laboratories. The endocrinology category is confirmed to advance at the fastest pace, on account of the expanding patient pool and the surge in the number of tests.
The end users considered in the report include diagnostic centers, hospitals and clinics, and more. The hospitals and clinics sector can take the lead in the market as these end-users extensively use a variety of laboratory equipment. The diagnostic centers segment can however, advance at the fastest rate in the forthcoming years, as a result of the rising preference for conducting diagnostic tests by medical professionals, with the use of highly advanced lab equipment and supplies.
The market for laboratory equipment has been regionally distributed on the basis of the Americas, MEA or the Middle East & Africa, APAC/Asia Pacific, and Europe.
Americas has been identified as the most lucrative market, while the US and Canada are in the lead in the region due to their highly developed laboratories with modern equipment as well as instruments. Strong presence of a number of renowned biopharmaceutical and pharmaceutical companies that are actively involved in extensive R&D activities will further bolster the region’s attractiveness in the coming years. A few other growth boosting factors include the soaring number of grants including NIH or National Institute of Health that aim to encourage research in the region.
APAC should procure the fastest CAGR in the near future, thanks to the surging cases of infectious diseases such as AIDS, tuberculosis and hepatitis that require accurate laboratory testing. Escalating burden of cancer in the region, especially in India and China can also benefit the market in the upcoming years.
Key laboratory equipment market players in the worldwide industry are BD (US), Eppendorf AG (Germany), Thermo Fisher Scientific Inc. (US), Bio-Rad Laboratories, Inc. (US), Hoffmann LA-Roche AG (Switzerland), Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Bruker (US), Beckman Coulter, Inc. (US), Waters (US), PerkinElmer Inc. (US), and more.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)