In the past thirty years, there has been a significant transformation in microbiology testing. The evolution in medical technology has played a pivotal role in advancing and enhancing the accuracy of microbiology testing. This progress is marked by the introduction of innovative tests, sophisticated instruments, and advanced testing techniques. The integration of technology into microbiology testing processes has not only elevated precision but has also streamlined the entire testing procedure, making it more efficient.
One of the prominent impacts of technology in this field is the advent of Information Technology (IT), which has revolutionized the transfer of data. This technological intervention has significantly reduced the time required for data transfer, opening up extensive possibilities for research on large datasets. This shift in data management has created a substantial scope for further exploration and analysis in microbiology research.
Automation stands out as a key factor driving the changes in the microbiology testing market. The incorporation of automated systems has revolutionized testing practices, making them not only more accurate but also expediting the entire process. This shift towards automation has been well-received by healthcare providers, patients, and those responsible for payment, as it contributes to increased efficiency and reliability in microbiology testing.
Simultaneously, there has been a noticeable increase in the prevalence of infectious diseases globally. Instances such as the Zika virus outbreak and urban occurrences of yellow fever in Africa highlight the urgency of addressing these health challenges. The rise in infectious diseases can be attributed to various factors, including the surge in international travel and trade, the growing density of population, and the expanding interface between humans and animals, particularly within the meat industry.
A significant contributor to the surge in infectious diseases is the increased interaction between humans and animals. For instance, around three-quarters of new emerging infectious diseases are transmitted to humans from animals, as exemplified by the transmission of swine flu. The intertwining of human and animal environments, coupled with factors like international travel and trade, has created a conducive environment for the emergence and spread of infectious diseases.
The escalating prevalence of infectious diseases has created an urgent need for proactive measures to combat these health threats. This urgency is expected to drive the growth of the microbial testing market. As the demand for effective testing and diagnostic measures increases, there will likely be a corresponding expansion in the microbiology testing market to meet these evolving healthcare needs.
The landscape of microbiology testing has undergone significant changes in recent decades, propelled by advancements in medical technology. The integration of innovative tests, sophisticated instruments, and automated techniques has elevated the accuracy and efficiency of microbiology testing. The simultaneous rise in infectious diseases globally, fueled by factors like international travel and interaction between humans and animals, underscores the importance of proactive measures. The demand for microbial testing is anticipated to grow in response to the pressing need for effective diagnostic tools and strategies in the face of emerging health challenges.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | Growing research activity in the pharmaceutical and biotechnology sectors |
Market Dynamics | The growing requirement of laboratory equipment |
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.
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