Laboratory Equipment Market Size, Trends and Growth Analysis By Product Type (Incubators, Centrifuges, Spectrometers, Scopes, Sonicators, Autoclaves), By Application (Biochemistry, Endocrinology, Microbiology, Genetic Testing) and By End-User (Hospitals and Clinics), Forecast to 2025
Laboratory Equipment Market Overview
Laboratory equipment market can gain impetus at a rate of 7.3% by 2025, confirms Market Research Future (MRFR). MRFR also asserts that the laboratory equipment market can hit a valuation of USD 58,960 Million by 2025. We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
The laboratory equipment market is bolstered by the rising investments and funds going into research and development in the field of pharmaceutical and biotechnology. The laboratory equipment market also stands to profit from the high availability of efficient laboratory supplies and their rising demand among procurement managers within healthcare and pharmaceutical industries. Advancements in the field of chemical and biological research and the sheer volume of clinical laboratory tests and life science researches could also favor the laboratory equipment market.
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Technology-based trends are fast picking up momentum, boosting laboratory capabilities in the process. Uptake of innovative techniques and technologies is helping scientists as well as laboratory technicians achieve more accurate and efficient results. Automation, smart technology, artificial intelligence and miniaturization are the new normal and more and more laboratory equipment manufacturers are focusing on integrating these advanced technologies in their products to enhance the lab’s productivity.
Medical lab supply companies are increasingly trying to facilitate simpler order processes and product selection, while laboratory managers are striving to boost efficiency by enhancing the purchasing process. The trend of easy to use and compact equipment with built-in connectivity is also emerging at a promising rate, while the construction of new labs with advanced equipment and supplies by renowned companies can induce substantial market growth in the years ahead.
For instance, in September 2020, Yulong Eco-Materials Limited confirmed its plans to develop an incubator laboratory for developing cell and extracellular vesicle-based therapeutics. The state-of-the-art cellular and molecular biology lab is expected to be well-equipped for rapid development of a line of young new cells as well as bioengineered cell lines.
Laboratory Equipment Market Segmental Analysis
The laboratory equipment industry has been segregated on the basis of product type, application, and end user.
Depending on the product type, the laboratory equipment market caters to centrifuges, incubators, scopes, spectrometers, autoclaves, sonicators, and others. The incubators segment can most likely attain the leading spot in the global market, as the device’s application range is expanding in several areas of testing. The spectrometers segment could procure the fastest expansion rate, given the rising number of product launches in the worldwide laboratory equipment market.
The laboratory equipment market, with respect to application, comprises genetic testing, endocrinology, biochemistry, hematology, microbiology, and more. The biochemistry segment is slated to capture the highest share in the market, owing to the significant number of biochemical tests that are generally conducted in laboratories. The endocrinology category is confirmed to advance at the fastest pace, on account of the expanding patient pool and the surge in the number of tests.
The end users considered in the laboratory equipment market report include diagnostic centers, hospitals and clinics, and more. The hospitals and clinics sector can take the lead in the market as these end-users extensively use a variety of laboratory equipment. The diagnostic centers segment can however, advance at the fastest rate in the forthcoming years, as a result of the rising preference for conducting diagnostic tests by medical professionals, with the use of highly advanced lab equipment and supplies.
Laboratory Equipment Market Regional Study
The global laboratory equipment market size has been regionally considered with respect to the Americas, APAC/Asia Pacific, MEA or the Middle East & Africa as well as Europe.
Americas is currently the laboratory equipment market leader, with US and Canada standing at the vanguard armed with their well-developed laboratories with advanced equipment and instruments. The robust presence of several biopharmaceutical and pharmaceutical firms that actively participate in R&D activities also add to the market’s attractiveness. Other factors that facilitate market growth in the region include the rising number of grants like NIH/National Institute of Health, which helps promote research activities.
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APAC is touted to be the fastest progressing laboratory equipment market, thanks to the increasing burden of infectious diseases like AIDS, hepatitis, tuberculosis, and more, which require effective laboratory testing and ultimately advanced laboratory equipment. The rising cases of cancer of various types could also benefit the APAC laboratory equipment market in the following period.
Laboratory Equipment Market Leading Firms
The leading firms listed in the laboratory equipment market report are BD (US), Eppendorf AG (Germany), Thermo Fisher Scientific Inc. (US), Bio-Rad Laboratories, Inc. (US), Hoffmann LA-Roche AG (Switzerland), Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Bruker (US), Beckman Coulter, Inc. (US), Waters (US), PerkinElmer Inc. (US), and more.
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