Laboratory equipment comprises instruments, tools, and devices used in research and development. These can be in high need by stalwarts in biotechnology, food & beverages, pharmaceuticals, and others. Such equipment is procured in high quantities by companies to serve the demands of the masses and per circumstances. The global laboratory equipment market report by Market Research Future (MRFR) consists of a comprehensive analysis of the report in conjunction with predictions for the period of 2019 to 2025 (forecast period).
The global Laboratory Equipment Market Forecast can touch a value of USD 58,960 million by 2025. It can exhibit a CAGR of 7.3% over the forecast period. Advances in laboratory equipment can lead to rapid testing and development of new vaccines and drugs. The rising spate of chronic diseases is likely to be a enabler for such equipment. Initiatives by public and private companies to invest in research and development can bode well for the market.
New regulations aimed at ensuring the safety of laboratory equipment is expected to ensure adherence to quality and manufacturing standards. For instance, the Clinical Laboratory Improvement Amendments (CLIA) Act provides regulatory bodies’ ample time for screening and monitoring of the equipment before prior commercialization. Recently, US-based Aperiomics got approval for diagnosing the presence of COVID-19 within 48-72 hours.
However, the shift of business models from lab-based diagnosis to point-of-care diagnosis and shortage of laboratories in developing economies can deter the global laboratory equipment market growth.
By product type, it is segmented into autoclaves, incubators, centrifuges, spectrometers, sonicators, scopes, and others. Incubators held the largest market share in 2018 owing to the large range of applications. Sonicators are used to agitate particles in a sample using sound waves. This is used in the extraction of numerous compounds.
By application, it is segmented into genetic testing, endocrinology, hematology, microbiology, biochemistry, and others. Hematology is projected to generate significant revenue for the global laboratory equipment market owing to its use in determining count of white blood cells, red blood cells, platelets, hemoglobin, and others.
By end user, it is segmented into diagnostic laboratories, hospitals and clinics, and others.
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The Middle East & Africa (MEA), Asia Pacific (APAC), Americas, and Europe are regions considered in the compilation of the global laboratory equipment market report.
The Americas is expected to dominate the market owing to a capturing a large share. Presence of major pharmaceutical and biopharmaceutical companies which induce the need for advanced laboratory equipment can propel regional market growth. In addition, the large economies of the U.S. and Canada can further the global laboratory equipment market till 2025.
Europe has the second position in the market owing to rise in numbers of research organizations and rise in laboratory research. Furthermore, APAC can showcase an accelerated pace of growth for the market owing to a surge in chronic diseases. This in turn can trigger the need for advanced and rapid diagnostic testing kits which will fuel the global laboratory equipment market growth.
Lastly, the MEA region can face limited growth due to low exposure to technological advances and healthcare infrastructure.
Eppendorf AG, Beckman Coulter, Inc., Bio-Rad Laboratories, Inc., PerkinElmer Inc., Thermo Fisher Scientific Inc., Bruker, BD, Waters, Agilent Technologies, Inc., Hoffmann LA-Roche AG, and Shimadzu Corporation are notable players of the global laboratory equipment market. Mergers and acquisitions are major strategies employed by players to sustain their foothold in the market. For instance, Danaher Corporation acquired GE Healthcare Life Sciences (now Cytiva) in order to accelerate development of natural treatments. In addition, it secured a funding of close to USD 21 billion in funding.
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