Meticulous Research® – leading global market research company published a research report titled “Life Sciences and Laboratory Equipment Market by Technology (Spectroscopy, Chromatography, Lab Automation, Surface Science, DNA Amplification & Sequencing, Immunoassay Analyzer, Flow Cytometry, Microarray, Electrophoresis) and End User- Global Forecast to 2023”
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The Driving Forces in the Life Sciences and Laboratory Equipment Market
According to this latest publication from Meticulous Research®, the global life sciences and laboratory equipment market is expected to grow at a CAGR of 7.2% from 2018 to 2023 to reach USD 55,932.4 million by 2023, driven by various government initiatives, increasing investments and funding for life sciences, increasing clinical capabilities, expansion in the various application areas, and growing academic-industry collaborations. Moreover, growing proteomics market, rising investments in the personalized medicine, growing data analysis and management systems, and significant opportunities from emerging Asia-Pacific and Latin American markets provides significant opportunities for the various stakeholders in this market.
The global life sciences and laboratory equipment market is mainly segmented by technology (spectroscopy, chromatography, lab automation, surface science, DNA amplifiers & sequencers, immunoassay analyzers, flow cytometry, microarray, and electrophoresis), and end user (pharmaceuticals and biotechnology industry, environmental testing industry, academic research institutes, agriculture and food industry, hospitals & diagnostic laboratories, and forensic laboratories), and geography.
Based on technology, spectroscopy held the largest share in the global life sciences and laboratory equipment market in 2017. This was mainly attributed to increasing need of sophisticated instruments for separation and purification of molecules, growing proteomics & genomics-based research, rising government funding for R&D in emerging countries, and increasing life science-based research programs.
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Based on end users, pharmaceutical & biotechnology industry commanded the largest share in 2017 due to increasing demand for innovative products with rising aging population, growing incidence & prevalence of various chronic diseases, rising unmet medical needs in the area of many chronic & rare disease across the globe, and increasing demand for pharmaceutical & biopharmaceutical products from emerging countries.
Geographically, this market is segmented into North America (U.S., and Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia Pacific (Japan, China, India, and RoAPAC), Latin America, and Middle East & Africa. North America commanded the largest share in the global life sciences and laboratory equipment market in 2017, followed by Europe and Asia-Pacific. The large share of this market is mainly attributed to rising drug discovery & development programs, increasing funding for life science research from various private & public organizations, growing life sciences sector (biotechnology/healthcare) based research, presence of many key vendors in this region, and increasing development in healthcare technologies. However, Asia Pacific and Latin America regions are expected to witness significant growth during the forecast period due to rapidly developing countries, high population zone, increasing investment from government & non-government bodies in this sector, and various technological advancements in the region.
The key players in the global life sciences and laboratory equipment market are Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Danaher Corporation, Waters Corporation, PerkinElmer, Inc., Becton, Dickinson and Company, F. Hoffmann-LA Roche AG, Bruker Corporation, Bio-Rad Laboratories, Inc., and Shimadzu Corporation.
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