New York, USA, Sept. 02, 2022 (GLOBE NEWSWIRE) -- Laboratory Equipment Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Laboratory Equipment Market Information By Product Types, Applications, End User, And Region - Forecast till 2030", the market will reach USD 85,801.35 million by 2030, at 7.40% CAGR.
Laboratory Equipment Market Synopsis
Medical laboratories need various supplies to carry out tests and conduct research. These can be found in various labs, including research labs, clinical diagnostic labs, microbiology labs, and teaching labs, where they are used to conduct scientific experiments, conduct research, and perform analyses on various scientific materials. Innovative technologies, such as specialized tools, are being developed by both public and commercial research organizations in the context of research and development operations to diagnose and treat various diseases throughout the world. As a result of developments in biological and chemical research, there has been an increase in the availability of laboratory supplies. According to the sector, there is a growing need for laboratory equipment due to the growing number of clinical laboratory tests and life science research initiatives.
According to estimates, the market for laboratory equipment and disposables will expand significantly over the forecast period due to technological expansions in the field of lab equipment, an increase in the number of clinical diagnostic procedures, and increased investments in private and public healthcare. Favorable insurance policies for lab equipment also contribute to the market's expansion. Furthermore, the market for laboratory supplies and disposables is growing as a result of an increase in research in the fields of life sciences and biotechnology. Additionally, it is anticipated that buying managers in the pharmaceutical and healthcare sectors would have a higher demand for a consistent supply of essential laboratory equipment in the upcoming years.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 85801.35 Million |
| CAGR | 7.40% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Technical advancement in the laboratory equipment Industry |
| Rising number of research operations in medicines and adoption for accurate and timely illness treatment |
Laboratory Equipment Market Competitive Landscape:
The central players in the laboratory equipment market are:
- Agilent Technologies, Inc. (US)
- BD (US)
- Hoffmann LA-Roche AG (Switzerland)
- PerkinElmer Inc. (US)
- Beckman Coulter, Inc. (US)
- Bio-Rad Laboratories, Inc. (US)
- Bruker (US)
- Eppendorf AG (Germany)
- Shimadzu Corporation (Japan)
- Thermo Fisher Scientific Inc. (US)
- Waters (US)
Market U.S.P. Covered:
Market Drivers:
The vital growth drivers in the laboratory equipment market are the expanding number of pharmaceutical research operations, the rising demand for correct and prompt sickness treatment, and the rising levels of private and public research funding to support scientific research operations. Several tools are needed in laboratories to carry out testing and research. General lab technology is used in research, instruction, clinical labs, quality assurance, R&D, advertising, and other applications. By enabling speedier analysis through laboratory technology, the laboratory can do more daily tests, enhancing its value. This may result in cost reductions for supplies, upkeep, paperwork related to regulations, and general expenses.
There is an increasing demand for laboratory equipment to introduce cutting-edge technologies into the market due to the rise in chronic diseases like chronic respiratory, cardiovascular, and diabetes and the incidence of lifestyle diseases like heart disease, obesity, and atherosclerosis. Favorable insurance policies for lab equipment also contribute to the market's expansion. Furthermore, the market for laboratory supplies and disposables is growing as a result of an increase in research in the fields of life sciences and biotechnology.
Market Restraints:
The high cost of cutting-edge laboratory equipment and the scarcity of clinical laboratories in some countries restrain market expansion.
Laboratory Equipment Market COVID 19 Analysis
Research on coronaviruses has increased as a result of the COVID-19 pandemic. The need for SARS-CoV-2 testing in clinical laboratories increased as the pandemic spread. Laboratories increased expenditures on pathology equipment due to the increased demand for these testing kits. The introduction of beneficial government programs and the rising awareness of the need for better patient care will support market expansion shortly.
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However, because the main objective of the lockdown was to avoid intimate contact with others, labs conducting pre-pandemic disease research were closed down because there was little need for lab materials. Lab capabilities are expanding along with technological changes. Thanks to new technology, scientists and laboratory technicians may work more correctly and quickly than ever. Artificial intelligence, automation, miniaturization, and smart technology are advancing into the real world and simplifying lab life. The need to provide outcomes rapidly is also growing concurrently. So, laboratories need to be quick and flexible. For laboratory managers, streamlining the purchase procedure is a major strategy for boosting productivity. The lab suppliers are also simplifying the product ordering and selection processes.
Laboratory Equipment Market Segmentation
By Product Type
The market is segmented based on product type into Incubators, Centrifuges, Spectrometers, Scopes, Sonicators, Autoclaves, Others. The incubators segment will lead the overall market in the forecast period.
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By Application
The market is segmented based on application into Biochemistry, Endocrinology, Microbiology, Genetic Testing, Others. The biochemistry segment will lead the overall market in the forecast period.
End-User
The hospital segment will lead the overall market in the forecast period.
Laboratory Equipment Market Regional Insights
However, because the main objective of the lockdown was to avoid intimate contact with others, labs conducting pre-pandemic disease research were closed down because there was little need for lab materials. Lab capabilities are expanding along with technological changes. Thanks to new technology, scientists and laboratory technicians may work more correctly and quickly than ever. Artificial intelligence, automation, miniaturization, and smart technology are advancing into the real world and simplifying lab life. The need to provide outcomes rapidly is also growing concurrently. So, laboratories need to be quick and flexible. For laboratory managers, streamlining the purchase procedure is a major strategy for boosting productivity. The lab suppliers are also simplifying the product ordering and selection processes.
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Due to the coronavirus outbreak, numerous businesses are also working to create treatments and vaccines, helping the market expand. Due to rising clinical diagnostic testing adoption, rising disposable income, a surge in R&D and innovation activities, and raising awareness of disease prevention and early testing, the Asia-Pacific region holds a sizable market share for laboratory equipment and disposables and has high growth potential. Moreover, the prevalence of infectious diseases is rising.
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