April 23, 2024

Laboratory Equipment Market is Estimated to Witness High Growth Owing to Growing Adoption of Research and Testing in Various Industries

The laboratory equipment market comprises various instruments and other equipment used to support scientific research and testing in various industries such as healthcare, pharmaceutical, and food and beverages. Major products in the market include spectrometers, sterilizers, centrifuges, microscopes, and analytical instruments that assist in conducting various chemical and biological analyses. Growing investments by private and public organizations into research and development as well as stringent quality control and safety regulations have boosted the adoption of laboratory equipment over the past few years.

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 from 2023 to 2030.

Key Takeaways

Key players operating in the laboratory equipment are Thermo Fisher Scientific, Danaher Corporation, Agilent Technologies, PerkinElmer, Merck KGaA, Bio-Rad Laboratories, Bruker Corporation, Waters Corporation, Shimadzu Corporation, and Labconco Corporation.

The key opportunities in the laboratory equipment market include growing need for implementing quality control measures for ensuring food and drug safety, increasing adoption of automated equipment to boost workflow and reduce costs, and rising healthcare expenditure in emerging nations augmenting research infrastructure development.

Globally, North America dominated the laboratory equipment market in 2020 owing to strong base of research institutes and presence of leading market players in the region. However, Asia Pacific is expected to witness the highest growth during the forecast period supported by improving research funding and rising healthcare expenditure in countries such as China and India.

Market Drivers

Growing R&D expenditure globally especially in pharmaceutical and biotechnology sectors is a key factor driving the demand for advanced laboratory equipment. Stringent regulatory guidelines regarding drug development and approval process have fueled the adoption of sophisticated laboratory instrumentation in research and testing. Furthermore, rising healthcare awareness and increasing incidence of chronic and infectious diseases have augmented the need for medical research, thus propelling the sales of laboratory equipment.

PEST Analysis

Political: Recent policy changes have mandated higher safety standards in laboratories. Strict regulations have increased demand for advanced equipment.

Economic: Growth in the global economy has elevated research spending across industrial sectors. Rising education budgets in developing nations have also expanded the target market for lab devices.

Social: Focus on healthcare and drug development and growing emphasis on quality control in manufacturing have augmented the role of labs in various industries. Rapid urbanization coupled with increasing health awareness drives preventive healthcare spending.

Technological: Adoption of automated systems, miniaturization of devices, and integration of IoT/AI capabilities are streamlining lab procedures. Adoption of multifunctional equipment suited for genomic and bioprocess applications boosts productivity and accelerates research.

Geographical Regions with Highest Market Value

North America dominates the global laboratory equipment market in terms of value, with the United States being the major revenue generator. This can be attributed to well-established healthcare and pharmaceutical industries, growing biotechnology sector, rising food safety concerns and stringent regulatory standards in the region. Large presence of key players and availability of advanced lab infrastructure and skilled professionals further support market growth.

Fastest Growing Regions

The Asia Pacific region is expected to witness the highest CAGR over the forecast period. Factors such as increasing healthcare expenditure, growing middle-class population, rising penetration of medical insurance, establishment of new labs and expansion of manufacturing sector propel the demand. Moreover, prominent players are shifting focus towards emerging Asia Pacific countries in view of their large population base and evolving research landscape.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it