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The Laboratory Equipment Market is estimated to be valued at US$ 50.27 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Laboratory equipment consists of various analytical instruments, tools, and other equipment utilized to conduct experiments in laboratories across industries such as pharmaceuticals, healthcare, biotechnology, environmental testing, and food and beverage testing. Some common laboratory equipment include analytical balances, autoclaves, centrifuges, dry baths, electrophoresis equipment, incubators, microarrays, microscopes, pH meters, water purification systems, refrigerators and freezers, and spectrophotometers. Advances in life sciences research and rising demand for technologically advanced medical devices drive the need for sophisticated laboratory equipment tools.
Market Dynamics:
One of the primary drivers fueling growth of the laboratory equipment market is increasing research and development investment in pharmaceutical and life sciences sector. Persistent efforts to develop new treatment options and drugs to treat various diseases such as cancer, diabetes, cardiovascular diseases has spurred growth. Moreover, constant need to achieve efficiencies by minimizing costs and development timelines in healthcare and biotechnology industries has accelerated adoption of advanced technologies such as 3D cell culture, microfluidics, and analytical instruments like chromatography and mass spectrometry systems across research laboratories. Another driver is increasing volume of drug discovery activities outsourced to contract research organizations by pharmaceutical companies in order to reduce development costs. These CROs expand their service portfolios by investing in high-throughput screening equipment and other laboratory instrumentation.
Segment Analysis
The laboratory equipment market is dominated by the life science segment. Life science equipment accounts for over 50% share of the total market with instruments like microarrays, PCR machines, cell counters, blood analyzers, and centrifuges being extensively used in life science research and clinical testing. The growth in this segment is driven by rising investments in R&D by pharmaceutical companies and growing focus on precision medicine. Within life science, the sub-segment of research instruments is the largest with reagents and consumables following next.
PEST Analysis
Political: Increased government spending on healthcare and scientific research through initiatives like National Institutes of Health (US) and DFID’s research strategy (UK) is fueling industry growth.
Economic: Growth in pharma and biotech industries along with rise of CROs is driving demand for advanced laboratory equipment from industry players.
Social: Growing awareness about diseases and focus on early detection is raising investments in healthcare research and clinical testing.
Technological: Adoption of AI, robotics, and digital technologies in equipment is enhancing efficiency, speed, and automation in labs while reducing errors.
Key Takeaways
The global laboratory equipment market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing investments in biomedical research across industries.
North America dominated the market in 2023 with over 35% share owing to strong presence of leading players and availability of funding for research activities in the region. Within regions, Asia Pacific is projected to grow at fastest pace during the forecast period accounting for over 25% CAGR led by increasing investments in life science infrastructure by India and China.
Key players operating in the laboratory equipment market are Thermo Fisher Scientific, Danaher Corporation, Agilent Technologies, PerkinElmer, Merck KGaA, Bio-Rad Laboratories, Bruker Corporation, Waters Corporation, Shimadzu Corporation, and Labconco Corporation. Thermo Fisher and Danaher are the current leaders with their wide product portfolio and global presence across main geographies of US, Europe and Asia. Other mid-sized players are expanding their offerings around specific applications like PCR, chromatography etc to gain market share.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
