The laboratory equipment market involves a diverse range of instruments and machines that are employed in scientific research organizations and laboratories to perform various analytical tests and measurements. Some of the major products in this market include analytical instruments, laboratory centrifuges, microscopes, autoclaves and ovens, spectrometers, and general equipment such as pipettes and lab stationaries. They are used in diverse applications ranging from disease diagnosis to new drug discovery and materials characterization. With growing prominence of pharmaceutical and biotechnology sectors, expenditure on life science research has increased globally. Furthermore, rising demand for food quality testing and environmental monitoring has also augmented the need for advanced laboratory equipment.
The global Laboratory Equipment Market is estimated to be valued at US$ 59.7 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:
One of the key trends witnessed in the laboratory equipment market is the growing adoption of automated systems. Automated systems are gaining prominence as they improve productivity, reduce workload, and mitigate errors caused due to manual operations. For instance, automated liquid handling systems perform pipetting and dispensing of multiple samples without manual intervention. Similarly, automated immunoassay analyzers are employed to analyze protein markers and antibodies. Such self-managed equipment eliminates repetitive tasks, saves time and offers reproducible results. As biomedical laboratories and research centers focus on efficiency and throughput, demand for automated laboratory systems is expected to surge in the coming years.
Threat of new entrants: The laboratory equipment market requires high capital investment which poses significant barrier for new entrants. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, switching costs are high.
Bargaining power of suppliers: A few large multinational companies dominate the supply market. This gives them significant bargaining power over buyers.
Threat of new substitutes: Threat of substitutes is low as laboratory equipment has very few substitutes for R&D activities in various industries.
Competitive rivalry: The global laboratory equipment market is highly fragmented with the presence of numerous international and regional players. Intense competition exists based on product quality, innovation, and pricing.
The global laboratory equipment market is expected to witness high growth. Regional analysis reveals North America dominates the market currently owing to extensive R&D activities and presence of key players in the region. Europe and Asia Pacific are fastest growing markets due to increasing investments in pharmaceutical and biotechnology industries.
Key players operating in the laboratory equipment market are Agilent Technologies, Danaher Corporation, Thermo Fisher Scientific Inc., Waters Corporation, Shimadzu Corporation and F. Hoffmann-La Roche Ltd. Increasing mergers and acquisitions are allowing these players to expand their geographic footprint.
The global laboratory equipment market size was valued at USD 58 billion in 2020 and is projected to reach USD 96 billion by 2030, expanding at a CAGR of 7.6% during the forecast period. Rising expenditure on R&D activities across various industries including pharmaceutical, biotechnology, and academia are the major factors expected to drive the growth of the market.
- Source: Coherent Market Insights, Public sources, Desk research
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