Laboratory Equipment Market Growth is Expected to Account for 7.40% CAGR to Gain USD 84.79 Billion by 2030
Research Reports
Aug 25, 2023
Laboratory Equipment Market Research Report Information By Product Type (Incubators, Centrifuges, Spectrometers, Scopes, Sonicators, Autoclaves, and others), By application (Biochemistry, Endocrinology, Microbiology, Genetic Testing, and others), By End Users (Hospitals and Clinics, and Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
The global laboratory equipment market is expected to reach USD 84.79 billion at a CAGR of 7.40% from 2022 to 2030. The growth of the market is being driven by the increasing research activity in the pharmaceutical and biotechnology sectors, growing need for the effective and timely diagnosis of diseases, and the rising investments and government research funding to support biomedical research activities.
The maintenance and calibration of laboratory equipment is also important. Equipment should be regularly maintained to ensure that it is in good working order. Calibration is the process of ensuring that an instrument is accurate and precise. It is important to calibrate laboratory equipment on a regular basis to ensure that the results produced are reliable.
The laboratory equipment market is a dynamic and growing market. The market is expected to witness significant growth in the coming years due to the factors mentioned above. The key players in the market are focusing on developing innovative products and services to meet the growing demand of the customers.
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Competitive Outlook
The leading firms listed in the MRFR study are BD (US), Eppendorf AG (Germany), Thermo Fisher Scientific Inc. (US), Bio-Rad Laboratories, Inc. (US), Hoffmann LA-Roche AG (Switzerland), Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Bruker (US), Beckman Coulter, Inc. (US), Waters (US), PerkinElmer Inc. (US), and more.
Market Segmentation:
The laboratory equipment market can be segmented based on product type, end-use industry, and geography.
Based on product type, the market can be segmented into: Analytical Instruments: This includes instruments such as chromatography systems, mass spectrometers, and spectroscopy systems.
General Equipment: This includes laboratory ovens, incubators, refrigerators, and freezers.
Specialty Equipment: This includes specialized equipment such as microscopes, centrifuges, and histology equipment.
Consumables and Reagents: This includes laboratory consumables and reagents such as pipettes, test tubes, and chemicals.
Based on end-use industry, the market can be segmented into: Healthcare: This includes hospitals, clinics, and diagnostic laboratories.
Pharmaceutical and Biotechnology: This includes pharmaceutical companies, biotechnology companies, and research institutes.
Food and Beverage: This includes food and beverage processing companies and research institutes.
Academic and Research Institutes: This includes academic and research institutes, universities, and colleges.
Based on geography, the market can be segmented into: North America: This includes the United States and Canada.
Regional Analysis:
The global laboratory equipment market size has been regionally considered with respect to the Americas, APAC/Asia Pacific, MEA or the Middle East & Africa as well as Europe.
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Americas is currently the market leader, with US and Canada standing at the vanguard armed with their well-developed laboratories with advanced equipment and instruments. The robust presence of several biopharmaceutical and pharmaceutical firms that actively participate in R&D activities also add to the market’s attractiveness. Other factors that facilitate market growth in the region include the rising number of grants like NIH/National Institute of Health, which helps promote research activities.
APAC is touted to be the fastest progressing market for laboratory equipment, thanks to the increasing burden of infectious diseases like AIDS, hepatitis, tuberculosis, and more, which require effective laboratory testing and ultimately advanced laboratory equipment. The rising cases of cancer of various types could also benefit the APAC market in the following period.
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