Laboratory Equipment Market Poised for Strong Growth Due to Rising Adoption of Advanced Technologies

 


The laboratory equipment market involves devices, instruments, consumables, and solutions that facilitate the function of laboratories. It comprises analytical equipment, lab instruments, consumables, and software used in research, healthcare, education, industrial applications, and other sectors. The rising demand for testing of drugs, food, chemical, and environmental samples has augmented the need for various laboratory equipment. Factors like increasing research activities, technological developments, and stringent regulatory frameworks are contributing to market growth. The market is experiencing increased demand for refurbished laboratory equipment due to the cost-effective nature.

The global laboratory equipment market is estimated to be valued at US$ 50.27 Bn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030.

Key Takeaways
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.
Key opportunities in the market include increased healthcare and pharma R&D spending, growing focus on water and environment testing, upgrades of ageing laboratory infrastructure to modernize operations, and growing demand in academic institutions research capabilities.
Global expansion opportunities for players include partnerships, acquisitions, and establishing manufacturing and distribution networks in emerging markets of Asia, Africa, and Latin America where investments in healthcare, academia and industrial sectors are rising rapidly.

Market Drivers:
Increasing investments in pharmaceutical and biotech research is a key factor driving the laboratory equipment market. Growing initiatives of governments worldwide towards modernizing healthcare infrastructure is also propelling the market growth. Technological advancements enabling miniaturization, portability and automation are augmenting the demand for advanced laboratory equipment.

Market Restrains:
High costs associated with advanced laboratory equipment and maintenance hinders its adoption especially in price sensitive developing regions. Constant need for product upgradation poses challenges. Shortage of skilled lab professionals impacts efficient use of advanced laboratory equipment in some markets.


Segment Analysis

Laboratory Equipment Market is broadly segmented into two categories - Equipment and supplies. The Equipment segment currently dominates the market and holds around 65% share. It comprises instruments used for various analytical applications such as spectroscopy, liquid handling systems, centrifuges, microscopes and others. Among these, analytical instruments like chromatography, spectroscopy, and microscopy collectively account for over 50% share due to high demand from industries like pharmaceuticals, biotechnology and clinical laboratories for research and quality testing. Supplies segment consists of disposables, consumables and other supporting instruments that are required along with major equipment. This segment is growing steadily driven by recurring demand for consumables from end-users.

Global Analysis

North America holds the largest share of around 35% in the global laboratory equipment market owing to strong presence of major players and substantial investments in R&D by biopharmaceutical and clinical diagnostic companies in the region. Europe follows next with a share of 25% due to well-established healthcare and research infrastructure in countries like Germany, France and UK. Asia Pacific is fastest growing region and expected to expand at 10% CAGR during forecast period. This growth can be attributed to rising investments by governments to strengthen healthcare and industrial research capabilities, especially in China, Japan and India. Other emerging regions like Latin America and Middle East & Africa also expected to showcase growth opportunities for market players in coming years.

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