Published Date : 23 Aug 2023
The global laboratory equipment market size surpassed USD 14.18 billion in 2022 and it is expected to rake around USD 39.64 billion by 2032, poised to grow at a CAGR of 10.83% during the forecast period 2023 to 2032.
The laboratory equipment is a collection of tools used to collect data and perform measurements for research projects and performance tests. It includes various scientific tools, including incubators, microscopes, refractometers, and pH meters. It is utilized for precise analysis and experimental support of the theory under consideration. It is frequently used in various laboratories for pathology, research, education, clinical diagnostics, and microbiology to carry out numerous studies and scientific experiments.
Essential components of laboratory equipment are used in medical, pharmaceutical, and healthcare research projects. As new technologies eliminate older equipment, like the number of pumps and valves needed to store samples.
this equipment is becoming smaller. Recent developments in fluidic Contract Types, which may combine numerous laboratory operations onto a single chip while using fewer samples, are an example of new technology. Innovative technologies, such as specialized tools, are being developed by public and commercial research organizations in the context of research and development operations to diagnose and treat various diseases worldwide.
The primary drivers of growth in the laboratory equipment market are an increase in medical research operations, a rise in the use of timely and correct illness treatments, and an increase in the quantity of private and public research funding. However, the main problems impeding the growth of this market are the trend away from laboratory-based diagnosis toward home-based/point-of-care testing and the high cost of service agreements. To conduct tests and research, laboratories need several tools. Applications for general lab technology include research, instruction, clinical labs, quality control, R&D, and marketing. By enabling speedier analysis through laboratory technology, more tests can be run each day, boosting the value of the laboratory. Commodities, maintenance, regulatory paperwork, and total expenditures may all be reduced as a result.
North America is the largest market for laboratory filtration products due to the presence of R&D centers for significant pharmaceutical and biotech companies and illustrious research and academic institutions. These institutions are the primary consumers of disposable laboratory equipment and supplies.
Aside from that, American R&D in the pharmaceutical industry is unparalleled. According to a report released in September 2021 by the Pharmaceutical Research and Manufacturers of America (PhRMA), biopharmaceutical companies invested more than a trillion dollars in research and development over the previous ten years, with a record-breaking year in 2020 when PhRMA member companies invested about USD 91 billion in the field. Therefore, rising R&D spending will benefit the market during the projection period.
Laboratory Equipment Market Report Scope:
|Market Revenue in 2023||USD 15.72 Billion|
|Projected Forecast Revenue in 2032||USD 39.64 Billion|
|Growth Rate from 2023 to 2032||CAGR of 10.83%|
|Largest Market||North America|
|Forecast Period||2023 To 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
There is an increase in laboratory supplies due to advancements in biological or chemical research. According to the sector, the need for laboratory disposables is increasing due to the rise in clinical laboratory testing and life science research investigations.
Chronic illnesses are conditions or symptoms that persist for a year or longer and necessitate routine medical care. It is anticipated that the demand for novel medications will increase as chronic diseases become more prevalent in developed nations. Cancer, cardiac conditions, diabetes, stroke, chronic lung conditions, Alzheimer's, and chronic kidney conditions are examples of chronic diseases. The three main chronic illnesses that cause the majority of deaths and disabilities in the US, however, are cancer, diabetes, and heart disease. Additionally, cancer cases will increase the demand for effective medications during the projection period.
The most significant barrier to the industry is the shift away from laboratory-based diagnosis and toward point-of-care diagnostics. Emerging and underdeveloped nations need more laboratory infrastructure. The enormous costs of service agreements and the growing trend toward home-based testing are expected to restrain overall growth throughout the projected period.
The numerous suppliers' use of successful business tactics to compete in the laboratory equipment market outlook defines the vendor environment. The market for laboratory equipment is highly fragmented, so producers must employ natural and artificial growth strategies to stay competitive. To maximize opportunities and recover from the post-COVID-19 effect, market actors should focus on the development potential in the fast-growing categories while maintaining their presence in the slow-growing categories.
Various tools are required in laboratories to carry out tests and research. Research, instruction, clinical labs, quality control, R&D, marketing, and other fields employ general lab technology. Utilizing laboratory technology allows for quicker analysis, increasing the value of the laboratory by allowing it to do more tests each day. Commodities, maintenance, regulatory paperwork, and total costs may be reduced.
Equipment Type Insights:
The market is divided into Specialty Equipment, General Equipment, Analytical Equipment, and Others based on the type of equipment used. The specialty equipment market had a broad scope due to the modernization of laboratories. The specialist tools deliver accurate and quick results. Utilizing this gear will save time. Gel electrophoresis is a technique that uses an electric current to separate DNA, RNA, or proteins in an agarose gel. Electrophoresis apparatus includes horizontal and vertical gel electrophoresis systems, chemicals, imaging systems, and power sources. The market is expanding due to the segment's ability to deliver prompt results at a low cost.
Contract Type Insights:
The market is divided into two categories based on the kind of contract: customized service contracts and standard service contracts. A non-negotiable contract, or one that is taken or left, between two parties, is known as a standard service contract. The Standard Service Contract offers a singular chance for a significant organization to exploit a person's frailty by putting conditions on him that resemble private legislation and may even absolve the business from all responsibility under the contract.
Service Provider Insights:
The market is divided into Third-party Service Providers, OEMs, and Others depending on the kind of Service Provider. In terms of growth, the OEM segment outperforms the others. Firms that manufacture their equipment and market it in various ways. Due to the internet, customers may easily purchase goods and access information.
Major Key Players:
By Equipment Type
By Contract Type
By Service Provider
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