Laboratory Equipment Market Key Growth Factors, Detailed Present Scenario and Growth Prospects 2027
The global laboratory equipment market size is likely to touch USD 58,960 million at a 7.3% CAGR between the period of 2019 to 2025 (forecast period), according to the recent Market Research Future (MRFR) report. Laboratory equipment are instruments used by scientists or lab technicians for conducting experiments. These are used in studying biopsies for diagnosis of different diseases, analysis of patients, preparation of cell culture mediums for research, and others.
Increasing funds by government organizations for fueling research and development, an increasing number of mergers & acquisitions by top industry players, increasing support by private & public companies, increasing need for accurate diagnosis, and growing technological advancements. New avenues of biotechnology, agritech, and microbiology are expected to pave the way for the market. Besides, favorable insurance policies for laboratory equipment and an increase in public & private healthcare investments are drivers favoring the laboratory equipment and disposables market.
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On the contrary, shortage of laboratories in underdeveloped and developing economies and shift to point-of-care diagnosis from lab-based diagnosis, are factors that may limit the laboratory equipment services market growth over the forecast period.
Competitive Analysis:
Leading players in the global laboratory equipment market include Agilent Technologies Inc., BD, Beckman Coulter Inc., Bio-Rad Laboratories Inc., Bruker, Eppendorf AG, F. Hoffman-La Roche AG, Perkinelmer Inc., Shimadzu Corporation, and Thermo Fisher Scientific Inc.
Segmentation:
The global laboratory equipment market is segmented based on product type, application, end use, and region.
- 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.
- 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.
- 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.
Regional Analysis
Based on the region, the global laboratory equipment market report covers the recent trends and growth opportunities across Europe, the Americas, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will lead the market over the forecast period due to well –established laboratories in Canada and the U.S., skilled scientists, and huge investments in research and development.
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Europe is predicted to hold the second-largest share over the forecast period for the increasing number of research organizations in the region. Inclination towards development of genetically-modified crops for sustaining food demands of the large populace can drive the global laboratory equipment market growth. In addition, the outbreak of the COVID-19 pandemic will fuel the market demand exponentially due to the infection speed of the virus.
The global laboratory equipment market in the APAC region is predicted to grow at a quick rate over the forecast period due to prevalence of chronic diseases, susceptibility in low-developed regions, and the surge in disposable income levels of users. Clinical trials testing new foods, medicines, and other products can galvanize the market demand in the coming years.
