Large paragraph: Laboratory equipment refers to instruments, devices, and equipment that are commonly used in scientific laboratories for various applications ranging from basic experiments to advanced research activities. Major laboratory equipment include microscopes, centrifuges, spectrometers, thermal cyclers, culture plates, and laminar airflow among others. These sophisticated devices facilitates speedy discovery, development and manufacturing of drugs and medical devices.
The global Laboratory Equipment Market is estimated to be valued at US$ 74 Billion 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 key trends:
Growth in the pharmaceutical and biotechnology industries has been a major driverpropelling the demand for advanced laboratory equipment. Rapid expansion of biologics development as well as demand for newer therapeutics in disease areas such as oncology and cardiology is prompting research institutions and pharma companies to increasingly invest in high-throughput screening, tissue engineering and drug discovery related lab equipment. Advent of digital pathology solutions is another emerging trend in the market. These solutions help in achieving standardized diagnostics by facilitating remote sharing of whole slide images between pathologists. Continuous technological advancements in lab equipment such as combination of robotics with spectroscopy and chromatography devices is further expected to support market growth over the forecast period.
SWOT Analysis
Strength: Laboratory equipment meets stringent quality control and safety standards. This ensures accurate and reliable results.
Weakness: High costs associated with purchasing, operating, and maintaining advanced laboratory equipment puts pressure on research budgets.
Opportunity: Growing life science sector driving development of new technologies such as automated instrumentation which improves workflow efficiency.
Threats: Stringent regulations can increase compliance costs and potentially delay product development timelines. Intense competition among industry players.
Key Takeaways
The global laboratory equipment market is expected to witness high growth. Regional analysis related content comprises the North American region currently dominates the market and is expected to continue its dominance over the forecast period. Factors such as presence of major players, advanced research infrastructure and growing biotechnology and pharmaceutical industries drive the regional market growth.
Key players operating in the laboratory equipment are Thermo Fisher Scientific, Agilent Technologies, Shimadzu Corporation, Waters Corporation, Danaher Corporation, Eppendorf AG, PerkinElmer, Pace Analytical, Bio-Rad Laboratories and Becton Dickinson.
The Asia Pacific region is poised to register fastest growth owing to increasing investments by governments and industry players to enhance research capabilities. Growing outsourcing of clinical research to Asia Pacific countries such as China and India also supports market growth. Emerging economies offer low-cost operations and skilled manpower, attracting pharmaceutical and biotech companies to establish manufacturing and R&D facilities.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
