Growth Accelerated by Increasing R&D Investments in Pharmaceutical and Biotechnology Industries

 Laboratory equipment are instruments and machines used for various scientific experiments and research activities in laboratories. They include microscopes, centrifuges, spectrophotometers, thermal cyclers and several other devices used for research and experiments in fields like pharmaceuticals, biotechnology, healthcare and other industries. Laboratory equipment help researchers, scientists and lab technicians to conduct experiments efficiently and accurately. They have become an indispensable part of research and development activities across various sectors.

The global Laboratory Equipment Market is estimated to be valued at US$ 82 billion 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 key trends:
The rising investments in research and development by pharmaceutical and biotechnology companies have been a major driving factor for the laboratory equipment market. Pharmaceutical giants are investing heavily in R&D to develop novel drug molecules and testing methods. They require advanced laboratory equipment to conduct various pre-clinical and clinical trials. Similarly, biotech companies involved in drug discovery and development activities are also major end-users of high-performance laboratory equipment. The trend of increasing R&D expenditures in the pharmaceutical and biotechnology industries is expected to boost the demand for laboratory equipment over the forecast period.
Segment Analysis
The global laboratory equipment market is dominated by the analytical instruments segment. Analytical instruments find widespread applications across various industries like healthcare, pharmaceuticals, environmental testing, and food and beverage. The increasing need for accurate and precise analytical testing in R&D activities has augmented the demand for analytical instruments like chromatography instruments, spectrometers, auto analyzers, and thermal cyclers. These instruments help obtain fast and reliable results with minimal manual errors or contaminations. This has further strengthened their position as the leading sub-segment in the laboratory equipment market.

Key Takeaways
The global laboratory equipment market is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: North America dominates the global laboratory equipment market currently. The region enjoys early technology adoption and vast investments in life sciences R&D. Several key players also have their headquarters in North America, facilitating easy accessibility to products. However, Asia Pacific is emerging as the fastest growing regional market due to rising healthcare expenditure levels and increasing adoption of advanced laboratory technologies in countries like China, India, and South Korea.

Key players: Key players operating in the laboratory equipment market are Thermo Fisher Scientific, Merck KGaA, Danaher Corporation, Agilent Technologies, and PerkinElmer. Thermo Fisher Scientific is the global leader in analytical instruments as well as laboratory equipment and consumables. It provides a wide product suite encompassing equipment and consumables for chromatography, mass spectrometry, and molecular spectroscopy among other analytical techniques. Merck KGaA is another top player globally with a major focus on life science reagents and equipment.