The global Laboratory Equipment Market is estimated to be valued at US$ 50.27 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The laboratory equipment market consists of various instruments, devices, equipment and software that are used in research, analytical testing and manufacturing laboratories. These include analytical equipment like microscopes, centrifuges and spectrometers as well as general equipment like pipettes, bottles, washers and autoclaves. Robotic and automated laboratory equipment help reduce operational costs and enhance efficiency.
Market key trends:
Miniaturization of laboratory equipment is one of the key trends being witnessed in the market. Various types of laboratory equipment are being miniaturized to perform complex analytical tasks in limited space. For example, miniaturized PCR machines, centrifuges and automated analyzers are gaining popularity as they occupy less space but can process multiple samples simultaneously. Their small size also makes them portable and suitable for use in on-site laboratories as well as in laboratories with space constraints. This trend is being driven by the need for high throughput testing and analysis.
Segment Analysis
The global laboratory equipment market is segmented by product, end user and region. Based on product, it is segmented into analytical equipment, general equipment, supporting equipment and specialty equipment. The analytical equipment segment dominated the market in 2022 and is expected to remain the largest segment over the forecast period. Analytical equipment find wide applications in various end use industries such as pharmaceutical, biotechnology, clinical/medical, environmental testing and others. Their demand continue to rise with growing number of R&D activities, clinical trials and environmental testing.
Key Takeaways
The global laboratory equipment market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing investments in R&D by pharmaceutical and biotechnology companies.
Regional analysis - North America dominated the global laboratory market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to presence of major pharmaceutical companies and growing biotechnology industry in the region. Asia Pacific is expected to be the fastest growing market for laboratory equipment during the forecast period, owing to increasing healthcare spending, rising number of CROs and growing pharmaceutical industry in developing countries such as India and China.
Key players - Key players operating in the laboratory equipment market are Thermo Fisher Scientific, Danaher Corporation, Agilent Technologies, PerkinElmer, Merck KGaA, Bio-Rad Laboratories, Bruker Corporation, Waters Corporation, Shimadzu Corporation, and Labconco Corporation. Thermo Fisher Scientific is the global leader in the laboratory equipment market with wide range of analytical instruments, laboratory equipment and services for the healthcare, life science, clinical, industrial & applied, and laboratory markets.
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