Laboratory Equipment Market Overview

Lab equipment and supplies constitute another critical aspect of the Laboratory Equipment Market, encompassing a wide spectrum of instruments, apparatus, and devices used for laboratory research, testing, and analysis. From microscopes and centrifuges to spectrophotometers and chromatography systems, lab equipment and supplies span a broad range of applications across different scientific disciplines and industries. These advanced tools and technologies empower researchers and laboratory professionals to explore new frontiers, unravel complex phenomena, and drive innovation in fields ranging from biotechnology and pharmaceuticals to environmental science and forensics. In the dynamic landscape of laboratory operations, the availability and quality of laboratory supplies, as well as cutting-edge lab equipment and supplies, play a crucial role in advancing scientific knowledge, fostering technological advancements, and addressing global challenges.

Laboratory Equipment Market insights report has valued the industry size 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 (2022 - 2030). 

Industrial lab equipment vendors are putting in efforts to facilitate simpler order processes and product selection, whereas laboratory managers are working on bolstering the efficiency by elevating 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.

Segmental Analysis

The laboratory equipment industry has been segregated with respect to product type, application, and end user.

The product types studied are centrifuges, incubators, scopes, spectrometers, autoclaves, sonicators, and others. The incubators segment can obtain the top 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.

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 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.

Regional Study

The market for laboratory equipment has been regionally distributed on the basis of the Americas, MEA or the Middle East & Africa, APAC/Asia Pacific, and Europe.

Americas has been identified as the most lucrative market, while the US and Canada are in the lead in the region due to their highly developed laboratories with modern equipment as well as instruments. Strong presence of a number of renowned biopharmaceutical and pharmaceutical companies that are actively involved in extensive R&D activities will further bolster the region’s attractiveness in the coming years. A few other growth boosting factors include the soaring number of grants including NIH or National Institute of Health that aim to encourage research in the region.

APAC should procure the fastest CAGR in the near future, thanks to the surging cases of infectious diseases such as AIDS, tuberculosis and hepatitis that require accurate laboratory testing. Escalating burden of cancer in the region, especially in India and China can also benefit the market in the upcoming years.

Eminent Firms

Key manufacturers of laboratory equipment in the worldwide market mentioned in the Laboratory Equipment Market outlook 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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