Laboratory Equipment Market Size was valued at USD 47.9 billion in 2021 and is projected to grow from USD 51.44 Billion in 2022 to USD 84.79 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.40% during the forecast period (2024 - 2030). Growing research activity in the pharmaceutical and biotechnology sectors are the key market drivers enhancing the market growth.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
The growing requirement of laboratory equipment is directly proportional to laboratory equipment services' growth. Therefore, the growing need of laboratory equipment for the effective and timely diagnosis of diseases will drive the growth for this market. Additionally, the increased prevalence of acute and chronic diseases across the globe, which might require laboratory equipment, is expected to accelerate the market's overall growth.
Furthermore, the rapid growth in pharmaceutical and biotechnology industries along with the expanding healthcare sector are also expected to fuel market growth. Moreover, the increasing demand for effective diagnosis of diseases will further expand the future growth of the laboratory equipment services market.
The increasing number of investments in the research activities in pharmaceutical and biotechnology industries are also projected to offer numerous growth opportunities the growth of the market. Moreover, the rising investments and government research funding to support biomedical research activities and increased government funding for research organizations and academic institutions are also estimated to generate lucrative opportunities for the market. However, high cost of the services contracts may impede demand growth of the Laboratory Equipment market revenue.
The Laboratory Equipment market segmentation, based on product type, includes Incubators, Centrifuges, Spectrometers, Scopes, Sonicators, Autoclaves, and others. Each product has a very crucial role when carrying out research on cell or tissue culture, which is essential to studying drug toxicology, oncology therapies, and personalized medicine. The incubators segment is the largest owing to the high equipment costs. With the help of the equipment, process controls, experiments, and quality assurance are carried out. Scientific institutions such as laboratories, research centers, and companies need quality laboratory equipment to perform a variety of tests, studies, and experiments. The results of these activities depend upon the quality, strength, and durability of the equipment. They aid to offer accurate results and also improve work efficiency. This is eventually creating demand for the equipment and boosting the market growth.
The Laboratory Equipment market segmentation, based on application, includes Biochemistry, Endocrinology, Microbiology, Genetic Testing, and others. The biochemistry segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2030. This is due to the funding to support biomedical research activities by government authorities has helped the key players focus on research activities and indulge in collaboration and partnerships with other organizations. Hence, rising applications of biochemistry segment for Laboratory Equipment positively impacts the market growth.
Based on End Users, the Laboratory Equipment industry has been segmented into Hospitals and Clinics, and others. Hospitals and Clinics held the largest segment share in 2021, owing to accelerated surge in research in drug discovery by dominant firms, increasing the predominance of ailments, and expanding consciousness about health. The extensive series of applications and the boost in the count of clinical scientists involved in clinical trials and added experiments targeted are further propelling the growth of this segment.
Figure 2 Laboratory Equipment Market, by End User, 2021 & 2030 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Laboratory Equipment market accounted for USD 20.54 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the surging grants for schools and private organizations for laboratory equipment installation which may involve analytical equipment along with the developing healthcare infrastructure across the region.
Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3 Laboratory Equipment Market Share By Region 2021 (%)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Laboratory Equipment market accounts for the second-largest market share due to the wing to the increasing acceptance of the most-recent technologies and the well-entrenched healthcare infrastructure with laboratory equipment services including analytical equipment in the region. Further, the Germany Laboratory Equipment market held the largest market share, and the UK Laboratory Equipment market was the fastest growing market in the European region
The Asia-Pacific Laboratory Equipment Market is expected to grow at the fastest CAGR from 2024 to 2030. This is due to rising import of laboratory equipment, increasing number of CROs, surging research and development activities. Moreover, China Laboratory Equipment market held the largest market share, and the India Laboratory Equipment market was the fastest growing market in the Asia-Pacific region
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Laboratory Equipment market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Laboratory Equipment industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Laboratory Equipment industry to benefit clients and expand the market sector is to smaller and easy-to-use instruments with built-in connectivity. In recent years, Laboratory Equipment industry has provided equipment with some of the most significant benefits. The Laboratory Equipment market major player such as Beroe, Thermo Fisher Scientific Inc. (US), Agilent Technologies Inc. (US), BD (US), Beckman Coulter Inc. (US), Bio-Rad Laboratories Inc. and others are working to expand the market demand by investing in research and development activities.
Thermo Fisher Scientific Inc. is an American supplier of scientific instrumentation, reagents and consumables, and software services based in Waltham, Massachusetts. Thermo Fisher Scientific has acquired other reagent, consumable, instrumentation, and service providers, including Life Technologies Corporation, Alfa Aesar, Affymetrix , FEI Company, BD Advanced Bioprocessing, and PPD. In May 2020, CSL Limited, a worldwide biotechnology firm, and Thermo Fisher Scientific Inc., the world leader in serving science, have formed a strategic agreement to assist fulfil the growing demand for biologic therapeutics while also driving CSL's broader production objectives. CSL's product portfolio will be supported by Thermo Fisher's pharma services network, which includes medication development, biologics production, sterile fill-finish, packaging, and clinical trial logistics.
Also, The SaaS-based provider of procurement intelligence and analytics is called Beroe. We provide expertise, data, and insights that help businesses source products and services more wisely, which lowers costs, lowers risk, and increases profitability. Since more than 15 years ago, Beroe has been a dependable source of intelligence. Currently, 10,000 businesses ly, including 400 Fortune 500 firms, cooperate with Beroe. In June 2022, Positive Purchasing has announced a strategic partnership with procurement intelligence and analytics provider, Beroe. The move makes Positive Purchasing’s digital platform, Procleus, available on Beroe LIVE.Ai, a procurement productivity suite that provides access to the latest.
October 2021Pace Analytical® Services, LLC, favored provider of in-lab, mobile, and emergency onsite specialty-contaminant and regulatory experiment and investigation services, declared that it has acquired ProScience Analytical Services, Inc, a provider of environmental analytical services in north eastern U.S. This acquisition offers progressive Transmission Electron Microscopy (TEM) capacities to the Pace laboratory network.
May 2021Waters' introduced pump with the role of mass spectrometry research in the combat against SARS-CoV-2. Scientists can presently directly measure particular viral NCAP peptides in a greatly re-creatable manner with the Waters SARS-CoV-2 LC-MS Kit (RUO), permitting breakthrough research of the SARS-CoV-2 virus.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 47.90 billion |
| Market Size 2022 | USD 51.44 billion |
| Market Size 2030 | USD 84.79 billion |
| Compound Annual Growth Rate (CAGR) | 7.40% (2024-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2030 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, End Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Beroe, Thermo Fisher Scientific Inc. (US), Agilent Technologies Inc. (US), BD (US), Beckman Coulter Inc. (US), Bio-Rad Laboratories Inc. and others |
| Key Market Opportunities | Growing research activity in the pharmaceutical and biotechnology sectors |
| Key Market Dynamics | The growing requirement of laboratory equipment |
Laboratory Equipment Market Highlights:
Frequently Asked Questions (FAQ) :
The Laboratory Equipment market size was valued at USD 47.90 Billion in 2021.
The market is projected to grow at a CAGR of 7.40% during the forecast period, 2024-2030.
North America had the largest share in the market
The key players in the market are Beroe, Thermo Fisher Scientific Inc. (US), Agilent Technologies Inc. (US), BD (US), Beckman Coulter Inc. (US), Bio-Rad Laboratories Inc. and others.
The incubators category dominated the market in 2021.
The biochemistry had the largest share in the market.
On the basis of application, the laboratory equipment market is segmented into into biochemistry, endocrinology, microbiology, hematology, genetic testing, and others.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
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