The Laboratory Equipment Market size is estimated to reach a worth of USD 85,801.35 million by the end of the year 2030, growing at a compound annual growth rate of a CAGR of 7.40%.
According to the latest research reports, The Laboratory Equipment Market size is estimated to reach a worth of USD 85,801.35 million by the end of the year 2030, growing at a compound annual growth rate of a CAGR of 7.40%. There has been significant technical advancement in laboratory equipment in recent years, contributing to the expansion of the laboratory equipment market. In addition, since laboratory equipment is used intensively for research and testing reasons, corporations are spending in this sector to stay competitive.
The rising number of research operations in medicines, the increasing adoption for accurate and timely illness treatment, and the expanding amount of private and public research funding to cover scientific research actions are the primary engines of success in the laboratory equipment market. Nevertheless, the trend away from laboratory-based diagnosis toward home-based/point-of-care testing, as well as the high price of service agreements, are the primary issues limiting the development of this industry.
This report contains all the information on the global Laboratory Equipment Market analysis and its strengths. In addition, the report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other essential factors. And a detailed analysis of the global Laboratory Equipment Market forecast for 2030 is also included in the report.
Covid 19 Analysis
As a consequence of the Covid-19 outbreak, coronavirus studies have seen an uptick. Nevertheless, since the shutdown was primarily intended to prevent direct contact with each other, there was limited availability for lab materials among those doing pre-pandemic illness research laboratories. As per Stat News, many scientists have mentioned that the speed of other new advances has been slowed significantly as a result of a massive and prolonged shutdown. Biopharma companies' internal lab testing capacity has been limited due to some of the first interruptions, which has raised the workload for CROs.
In response to improvements in the fields of biological or chemical research, there is an increase in the supply of laboratory items. According to the industry, the growing amount of life science research studies and clinical laboratory testing is driving up the need for laboratory disposables. In addition, purchasing executives in the healthcare and pharmaceutical industries are expected to increase their need for a consistent supply of important laboratory gadgets and equipment in the coming years.
To conduct testing and studies, laboratories need a range of tools. General lab technology is used in research, teaching, clinical labs, quality management, R&D, marketing, and more. Using laboratory technology provides quicker analysis, boosting the laboratory's value by providing more tests each day. This might minimize commodities, upkeep, regulatory paperwork, and overall expenses.
Shift away from laboratory-based diagnosis, and toward point-of-care diagnosis, the absence of laboratory facilities in emerging and undeveloped countries is the most significant constraint on the market.
It is anticipated that the massive prices of service agreements, as well as the rising move towards home-based testing, would stifle overall growth throughout the projection period.
Cumulative Growth Analysis
The vendor environment of the laboratory equipment market outlook is characterized by the implementation of effective business strategies by the various suppliers. The laboratory equipment industry is highly fragmented, and suppliers are using a variety of organic and artificial growth tactics in order to remain competitive in the marketplace.
Market players should concentrate their efforts on the development potential in the fast-growing categories while preserving their presence in the slow-growing categories in order to make the most out of the chances and rebound from the post-COVID-19 effect.
Value Chain Analysis
According to the reports, the laboratory equipment market is categorized according to the type of equipment, contract type, service provider, and end-user. The laboratory equipment services market is divided into four categories based on the kind of equipment used: analytical equipment, speciality equipment, general equipment, and support equipment. The categories into which the market is divided are repair and maintenance services, validation services, calibration services, and other services.
Initial equipment makers (OEMs), third-party service providers, and others are the three segments that make up the laboratory equipment services market share service provider sector. The market is divided into two categories based on the kind of contract: conventional service contracts and customized service contracts. The pharmaceutical and biotechnology industry, clinical and diagnostic labs, and academic and research organizations are the three main end-user segments in the market.
The market is segmented based on the kind of equipment, the type of contract, the type of service provider, the end-user and regions. The global laboratory equipment market trends are expected to witness decent growth during the forecast period.
Laboratory Equipment Market, By Application
Based on the Application, the market is segmented into Repair and maintenance services, validation services, calibration services, and other services.
Laboratory Equipment Market, By end-users
The market is segmented into the pharmaceutical and biotechnology industry, clinical and diagnostic labs, and academic and research organizations based on the propulsion types.
Laboratory Equipment Market, Regional Analysis
According to the reports, the global laboratory equipment market is divided into America, Europe, Asia Pacific, and the middle east and Africa. The Americas are the most important regional market. Countries like the United States and Canada have well-established labs equipped with cutting-edge laboratory systems and equipment. As a result, the laboratory equipment industry in this area is expected to continue to expand.
As experimental studies continue to develop, and as the number of scientific organizations continues to grow, the laboratory equipment market value in Europe is predicted to grow at a faster rate.
As predicted, the Asia-Pacific area will expand at the quickest rate in the worldwide laboratory equipment market, which is expected to be the fastest increasing region globally. There has been an uptick in the population of persons suffering from chronic ailments in this area. This necessitates the development of more advanced disease test equipment.
Developing markets in the Middle East and Africa are the most constrained owing to a lack of medical infrastructure and minimal access to technical improvements.
Growing numbers of contract research organizations increasing numbers of life science research and development activities, increasing imports of lab equipment, and the growing influence of key market players in developing markets such as India and China are just a few of the factors responsible for the laboratory equipment market growth.
Laboratory Equipment Market Key Players
The following report comprises of –
Laboratory Equipment Services Market, by Equipment Type
Laboratory Equipment Services Market, by Type
Laboratory Equipment Services Market, by Service Providers
Laboratory Equipment Services Market, by Contract Type
Laboratory Equipment Services Market, by Region
|Market Size||85,801.35 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Application, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Agilent Technologies, Inc. (US), BD (US), Beckman Coulter, Inc. (US), Bio-Rad Laboratories, Inc. (US), Bruker (US), Eppendorf AG (Germany), Hoffmann LA-Roche AG (Switzerland), PerkinElmer Inc. (US), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc. (US), Waters (US)|
|Key Market Opportunities||The growing number of clearances and product launches by key players|
|Key Market Drivers||
A List of laboratory equipment and Their Uses- Incubators, centrifuges, spectrometers, scopes, sonicators, autoclaves, and others. Laboratory equipment are the tools used by lab technicians or scientists to work in a laboratory. These instruments and devices aid in various tasks such as preparation of cell culture mediums for research, analysis of the biological samples of patients, studying tissues for diagnosis of various diseases, and others.
BD (US), Agilent Technologies, Inc. (US), Beckman Coulter, Inc. (US), Bruker (US), Bio-Rad Laboratories, Inc. (US), Eppendorf AG (Germany), PerkinElmer Inc. (US), F. Hoffmann LA-Roche AG (Switzerland), Shimadzu Corporation (Japan), Waters (US), and Thermo Fisher Scientific Inc. (US), are some of the major players operating in the laboratory equipment market.
The laboratory equipment market is projected to reach a valuation of USD 85,801.35 MN by 2030
The laboratory equipment market is projected to grow at approximately 7.40% CAGR during forecast period (2020-2030).
Increasing research activities in pharmaceutical and biotechnology industries. Growing technological advancements. Rising need for accurate diagnosis. Upsurging support by public and private companies. Increasing mergers and acquisitions by prominent players in the market. Growing funding by government organizations
North America holds the largest share in the global laboratory equipment market followed by Europe and Asia Pacific, respectively.
On the basis of application, the laboratory equipment market is segmented into into biochemistry, endocrinology, microbiology, hematology, genetic testing, and others.