The global Laboratory Equipment Market size is likely to touch USD 58,960 million at a 7.3% CAGR between 2019- 2025, according to the recent Market Research Future (MRFR) report. Laboratory equipment, simply put, are tools used by scientists or lab technicians for working in a laboratory. These help in various tasks like studying tissues to diagnose different diseases, analyse biological samples of patients, preparation of cell culture mediums for research, and others.
Various factors are adding to the global laboratory equipment market share. These factors, as per the new MRFR report, include increasing funds by government organizations, 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. Besides, favorable insurance policies associated with laboratory equipment and an increase in public & private healthcare investments are factors that are adding to the laboratory equipment and disposables market. Laboratory filtration is a vital technique used in laboratories to derive precise results. It has enormous applications in food industries, pharmaceutical & biotechnology industries, academic institutes, and R&D laboratories, which in turn is boosting the laboratory filtration equipment market growth.
On the contrary, shortage of laboratory setups, especially in underdeveloped and developing economies and change to the point of care diagnosis from lab-based diagnosis, are factors that may limit the laboratory equipment services market growth over the forecast period.
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The MRFR report provides an inclusive segmental analysis of the global laboratory equipment market based on end user, application, and product type.
Based on product type, the laboratory equipment market has been segmented into autoclaves, sonicators, scopes, spectrometers, centrifuges, incubators, 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 for the rising number of product launches in the market.
Based on application, the global laboratory equipment market is segmented into genetic testing, hematology, microbiology, endocrinology, biochemistry, and others. Of these, the biochemistry segment will dominate the market over the forecast period for the innumerable biochemical tests being performed in laboratories. This will be followed by the endocrinology segment, which is predicted to grow at a quick rate for the rising number of tests and increasing patient pool.
By end users, the global laboratory equipment market is segmented into diagnostic centers, hospitals and clinics, and others. Among these, hospitals & clinics will have a major share in the market over the forecast period for the rising number of hospitals & clinics using laboratory equipment. This will be followed by the diagnostic centres, which are predicted to grow at the fastest pace for the rising preference of medical experts in carrying out diagnostic tests.
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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 spearhead the market over the forecast period for the presence of advanced laboratory instruments and systems and well –established laboratories in Canada and the US.
The global laboratory equipment market in Europe is predicted to hold the second-largest share over the forecast period for the increasing number of research organizations in the region and increasing laboratory research.
The global laboratory equipment market in the APAC region is predicted to grow at a quick rate over the forecast period for the rising prevalence of chronic diseases, which has increased the demand for better equipment for disease testing.
The global laboratory equipment market in the MEA is predicted to have the smallest share over the forecast period for limited exposure to advancements in technology and limited healthcare infrastructure.
Eminent players profiled in the global laboratory equipment market report include Waters (US), Thermo Fisher Scientific Inc. (US), Shimadzu Corporation (Japan), PerkinElmer Inc. (US), F. Hoffmann LA-Roche AG (Switzerland), Eppendorf AG (Germany), Bruker (US), Bio-Rad Laboratories, Inc. (US), Beckman Coulter, Inc. (US), BD (US), and Agilent Technologies, Inc. (US).
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