Laboratory Equipment Market Size, Trends and Growth Analysis By Product Type (Incubators, Centrifuges, Spectrometers, Scopes, Sonicators, Autoclaves), Applications (Biochemistry, Endocrinology, Microbiology, Genetic Testing, Others) and By End-User (Hospitals and Clinics) – Forecast to 2025
— Laboratory Equipment Market Analysis
The global Laboratory Equipment Market size is likely to touch USD 58,960 million at a 7.3% CAGR between the period of 2019 to 2025 (forecast period), according to the recent Market Research Future (MRFR) report. Laboratory equipment are instruments used by scientists or lab technicians for conducting experiments. These are used in studying biopsies for diagnosis of different diseases, analysis of patients, preparation of cell culture mediums for research, and others.
Increasing funds by government organizations for fueling research and development, an increasing number of mergers & acquisitions by top industry players, increasing support by private & public companies, increasing need for accurate diagnosis, and growing technological advancements. New avenues of biotechnology, agritech, and microbiology are expected to pave the way for the market. Besides, favorable insurance policies for laboratory equipment and an increase in public & private healthcare investments are drivers favoring the laboratory equipment and disposables market.
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On the contrary, shortage of laboratories in underdeveloped and developing economies and shift to point-of-care diagnosis from lab-based diagnosis, are factors that may limit the laboratory equipment services market growth over the forecast period.
Laboratory Equipment Market Segmentation
The global laboratory equipment market is segmented by product type, end user, and application.
Based on product type, the laboratory equipment market has been segmented into sonicators, autoclaves, incubators, scopes, spectrometers, centrifuges, and others. Of these, the incubators segment will lead the market over the forecast period for its increasing use in different areas of testing. This will be followed by the spectrometers segment, which is likely to grow at the fastest pace over the forecast period.
By end users, the global laboratory equipment market is segmented into hospitals and clinics, diagnostic centers, and others. Among these, hospitals & clinics will have a major share in the market over the forecast period. This can be attributed to various healthcare facilities employing laboratory equipment for diagnosis. Diagnostic centers have taken the second position among end users owing to preference of patients for specialists.
Based on application, the global laboratory equipment market is segmented into hematology, endocrinology, biochemistry, genetic testing, microbiology, and others. Of these, the biochemistry segment will dominate the market over the forecast period due to its application in medicine, nutrition, and agriculture. Endocrinology follows biochemistry over the forecast period.
Laboratory Equipment Market Regional Analysis
Based on the region, the global laboratory equipment market report covers the recent trends and growth opportunities across Europe, the Americas, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will lead the market over the forecast period due to well –established laboratories in Canada and the U.S., skilled scientists, and huge investments in research and development.
Europe is predicted to hold the second-largest share over the forecast period for the increasing number of research organizations in the region. Inclination towards development of genetically-modified crops for sustaining food demands of the large populace can drive the global laboratory equipment market growth. In addition, the outbreak of the COVID-19 pandemic will fuel the market demand exponentially due to the infection speed of the virus.
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The global laboratory equipment market in the APAC region is predicted to grow at a quick rate over the forecast period due to prevalence of chronic diseases, susceptibility in low-developed regions, and the surge in disposable income levels of users. Clinical trials testing new foods, medicines, and other products can galvanize the market demand in the coming years.
Laboratory Equipment Market Competitive Analysis
Laboratory equipment manufacturers profiled in the market report include Bio-Rad Laboratories, Inc., BD, Beckman Coulter, Inc., Bruker, Waters, Eppendorf AG, Agilent Technologies, Inc., PerkinElmer Inc., F. Hoffmann LA-Roche AG, Shimadzu Corporation, and Thermo Fisher Scientific Inc.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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