Market Overview
Laboratory equipment market is on track to secure a growth rate of 7.3% from 2019 to 2025 (evaluation period), says Market Research Future (MRFR). The MRFR study also expects the market to touch USD 58,960 Million by 2025.
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 researches 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.
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Segmentation
The global laboratory equipment market is segmented by product type, application, and end use.
By product type, the global laboratory equipment market is segmented into incubators, centrifuges, spectrometers, scopes, sonicators, autoclaves, and others. The incubators segment holds the largest share in the global laboratory equipment market due to its large range of applications. On the other hand, spectrometers can garner significant revenues over the forecast period due to new product launches.
By application, the global laboratory equipment market is segmented into biochemistry, endocrinology, microbiology, hematology, genetic testing, and others. The biochemistry sector holds the leading share in the global laboratory equipment market due to the growing demand for biochemical laboratory processes in the medical sector. The increasing demand for better disease diagnostics and more effective drugs is also likely to be a major driver for the biochemistry segment of the global laboratory equipment market. Endocrinology can grow at a rapid velocity due to large number of tests and the large patient pool.
By end use, the global laboratory equipment market is segmented into hospitals and clinics, diagnostic laboratories, and others. The hospitals and clinics segment holds the largest share in the global laboratory equipment market by end use. On the other hand, diagnostic centers can exhibit a tremendous growth rate during the forecast period due to preference for skilled professionals for conducting diagnostic tests.
Regional Overview
The laboratory equipment market report covers companies functional in the laboratory equipment market spread across regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world. The regional analysis of the laboratory equipment market can be found in the market research report. The North American laboratory equipment market has several key players functioning in the United States, Canada, and Mexico. Europe has companies in the laboratory equipment market across Germany, France, Spain, Italy, and the United Kingdom.
Competitive Outlook
Bruker, Thermo Fisher Scientific Inc., PerkinElmer Inc., Bio-Rad Laboratories, Inc., BD, Eppendorf AG, Shimadzu Corporation, Agilent Technologies, Inc., Waters, Hoffmann LA-Roche AG, and Beckman Coulter, Inc. are prominent players of the global laboratory equipment market.
Table of Contents
1. EXECUTIVE SUMMARY
1.1. Market Attractiveness Analysis
1.1.1. Global Laboratory Equipment Market, by Product Type
1.1.2. Global Laboratory Equipment Market, by Application
1.1.3. Global Laboratory Equipment Market, by End User
2. MARKET INTRODUCTION
2.1. Definition
2.2. Scope of the Study
2.2.1. Research Objective
2.2.2. Assumptions
2.2.3. Limitations
3. RESEARCH METHODOLOGY
3.1. Overview
3.2. Data Mining
3.3. Secondary Research
3.4. Primary Research
3.5. Breakdown of Primary Respondents
3.6. Forecasting Techniques
3.7. Research Methodology for Market Size Estimation
3.8. Bottom-Up Approach
3.9. Top-Down Approach
3.10. Data Triangulation
3.11. Validation
4. MARKET DYNAMICS
4.1. Overview
4.2. Drivers
4.3. Restraints
4.4. Opportunities
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