April 24, 2024

Laboratory Equipment Market growth is projected to boosted by Rapid Technological Advancements

The laboratory equipment market comprises analytical equipment, general equipment, and support equipment used in research and testing applications across various industries such as pharmaceuticals, oil & gas, and food & beverages. Laboratory equipment provides accurate measurement and analysis of physical and chemical properties of materials, helping scientists and researchers perform a variety of tests. Equipment such as thermal cyclers, centrifuges, and spectroscopes offer enhanced productivity by automating repetitive processes. The rising demand for safety and effective products is propelling equipment manufacturers to introduce advanced features like greater throughput, higher accuracy, and integrated connectivity in instruments.

The Global Laboratory Equipment Market is estimated to be valued at US$ 50.27 Bn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the Laboratory Equipment are Thermo Fisher Scientific, Danaher Corporation, Agilent Technologies, PerkinElmer, Merck KGaA, Bio-Rad Laboratories, Bruker Corporation, Waters Corporation, Shimadzu Corporation, and Labconco Corporation. These players are focusing on new product launches and collaborations to strengthen their market position. For instance, in 2022, Thermo Fisher Scientific launched the Thermo Scientific Orbitrap Exploris 480 Mass Spectrometer to expand its product portfolio.

The growing demand from the pharmaceutical and biotechnology industries is driving the laboratory equipment market. Rapid drug development and stringent regulations have increased the demand for advanced analyzers and consumables. Furthermore, rising research activities in developing nations to address the increasing burden of chronic diseases will augment the need for sophisticated laboratory infrastructure and instruments.

The laboratory equipment market is witnessing increased globalization with market leaders expanding their presence across emerging countries. For example, in 2021, Merck KGaA opened a new state-of-the-art monoclonal antibody facility in Scotland to boost production for the European market. Similarly, Shimadzu established a new subsidiary in Egypt to strengthen its position in the African region. These efforts are helping companies tap into high-growth opportunities.

Market key trends
One of the key trends in the laboratory equipment market is the rising adoption of miniaturized portable devices. Equipment manufacturers are focusing on developing compact table-top instruments to enable point-of-care testing and field analyses. These portable devices provide faster results with minimal sample volume requirements and reagent consumption. Another major trend is the growing integration of artificial intelligence into analytical instruments. AI-driven features like automated sample handling, predictive maintenance, and advanced data analytics are improving the efficiency of laboratory workflows.

Porter’s Analysis

Threat of new entrants: High capital requirements for manufacturing and R&D act as entry barriers for new players.

Bargaining power of buyers: Individual laboratory equipment have low unit cost relative to buyers’ total purchases.

Bargaining power of suppliers: Large equipment manufacturers source different components from various suppliers giving them more bargaining power over individual suppliers.

Threat of new substitutes: Equipment designed for specific applications limits threat from substitutes.

Competitive rivalry: Major players compete on innovation, quality, service and brand which intensifies competition in the industry.

Geographical Regions

North America accounted for the largest share of the laboratory equipment market in terms of value in 2023, owing to increased funding for research from private and public sectors. The region is expected to remain the largest market during the forecast period as well.

Asia Pacific region is expected to grow at the fastest rate during the forecast period 2023-2030. This is mainly attributed to increasing healthcare expenditure, rising prevalence of chronic diseases, growing number of contract research organizations and outsourcing activities from industries in countries like China and India.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it