Establishment of CROs to Drive Global Laboratory Equipment Market
Laboratory equipment contains an array of tools, instruments, consumables, and other devices to ascertain the correct diagnosis in samples. Technological improvements noticed globally combined with strict policies pertaining to lab equipment can drive its demand. The global laboratory equipment market report by Market Research Future (MRFR) highlights the medical developments around the condition as well as several factors and challenges to be faced by key market leaders for the period of 2022 to 2030 (forecast period).The Laboratory Equipment Market size is estimated to reach a worth of USD 85,801.35 million by the end of the year 2030, growing at a compound annual growth rate of a CAGR of 7.40%.
The global laboratory equipment market is expected to accumulate revenues close to USD 85,801.35 million by the end of the year 2030. It can exhibit a CAGR of 7.40% during the forecast period. Automation of laboratories for conducting repetitive tasks and focus on core tasks is likely to drive the market demand exponentially. High prevalence of disease warrants the need for advanced equipment for accurate diagnosis of samples and cell culture mediums.
The transition to point-of-care diagnosis, rise in biomedical research, and various innovations by major players are other major drivers of the global laboratory equipment market growth. Novel product launches by major players to accelerate the diagnosis rate of samples can embolden prospects for the market.
But lack of establishment of laboratory setups can be detrimental to the market growth.
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The global laboratory equipment market is segmented by product type, application, and end use.
By product type, the global laboratory equipment market is segmented into incubators, centrifuges, spectrometers, scopes, sonicators, autoclaves, and others. The incubators segment holds the largest share in the global laboratory equipment market due to its large range of applications. On the other hand, spectrometers can garner significant revenues over the forecast period due to new product launches.
By application, the global laboratory equipment market is segmented into biochemistry, endocrinology, microbiology, hematology, genetic testing, and others. The biochemistry sector holds the leading share in the global laboratory equipment market due to the growing demand for biochemical laboratory processes in the medical sector. The increasing demand for better disease diagnostics and more effective drugs is also likely to be a major driver for the biochemistry segment of the global laboratory equipment market. Endocrinology can grow at a rapid velocity due to large number of tests and the large patient pool.
By end use, the global laboratory equipment market is segmented into hospitals and clinics, diagnostic laboratories, and others. The hospitals and clinics segment holds the largest share in the global laboratory equipment market by end use. On the other hand, diagnostic centers can exhibit a tremendous growth rate during the forecast period due to preference for skilled professionals for conducting diagnostic tests.
The Americas, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe are major regions covered in the global laboratory equipment market report.
The Americas held the largest share in 2018 due to various technological breakthroughs as well as establishment of various laboratories for research and development purposes. Funding granted or allocated by private firms or public institutes is expected to drive the regional market growth. New product launches and innovations can spur the global laboratory equipment market demand.
APAC can experience a massive demand from the global laboratory equipment market due to large cases of chronic diseases and susceptibility of the geriatric populace. It can exhibit a robust CAGR during the forecast period due to improved standards for testing and procurement of technologically advanced equipment. Large number of contract research organizations and increasing number of R&D activities can drive the regional market demand.
Bruker, Thermo Fisher Scientific Inc., PerkinElmer Inc., Bio-Rad Laboratories, Inc., BD, Eppendorf AG, Shimadzu Corporation, Agilent Technologies, Inc., Waters, Hoffmann LA-Roche AG, and Beckman Coulter, Inc. are prominent players of the global laboratory equipment market.
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