Laboratory Equipment Market to Witness Exponential Growth by 2025

The global Laboratory Equipment Market is expected to exhibit a strong 7.30% CAGR over the forecast period from 2019 to 2025, according to the latest research report from Market Research Future (MRFR). The global laboratory equipment market is mainly driven by the growing demand for biochemical reactions in the drug development and disease diagnostics sectors, according to the report. The report presents a detailed analysis of the global laboratory equipment market by providing readers with a comprehensive overview of the market’s historical trajectory. The leading drivers and restraints affecting the global laboratory equipment market are assessed in detail in the report. The historical impact of these drivers and restraints is analyzed in context of the current impact of these factors and projections are made for the likely impact of these drivers and restraints over the forecast period. Various components of the global laboratory equipment market are also studied in the report and projections are made for the growth trajectory of each distinct component from 2018 to 2023. The various segments and sub-segments within the global laboratory equipment market are studied in detail in the report. The study also makes a detailed analysis of the major players operating in the global laboratory equipment market.

Laboratory equipment is a must in biological and biochemical testing and is thus a major part of the global healthcare and medical research sector. Laboratory equipment is used to store, handle, and carry various types of chemicals as well as biological samples, and carry out various reactions in order to gain results of varying kinds. The increasing demand for new drug development and increasing research into the pathology and etiology of diseases are likely to be a major driver for the global laboratory equipment market. The increasing demand for disposable laboratory equipment, in order to maintain sterility, is also likely to be a major driver for the global laboratory equipment market.

Competitive Analysis:

Leading players in the global laboratory equipment market include Agilent Technologies Inc., BD, Beckman Coulter Inc., Bio-Rad Laboratories Inc., Bruker, Eppendorf AG, F. Hoffman-La Roche AG, Perkinelmer Inc., Shimadzu Corporation, and Thermo Fisher Scientific Inc.

Product capacity expansion is likely to be a favored strategy among players in the global laboratory equipment market over the forecast period. The growing demand for laboratory equipment and, especially, the growing demand for one-time use equipment have driven the demand for higher base product capacities in the laboratory equipment market.

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Segmentation:

The global laboratory equipment market is segmented on the basis of product type, application, end use, and region.

By product type, the global laboratory equipment market is segmented into incubators, centrifuges, spectrometers, scopes, sonicators, autoclaves, and others. The incubators segment holds the largest share in the global laboratory equipment market.

By application, the global laboratory equipment market is segmented into biochemistry, endocrinology, microbiology, hematology, genetic testing, and others. The biochemistry sector holds the leading share in the global laboratory equipment market due to the growing demand for biochemical laboratory processes in the medical sector. The increasing demand for better disease diagnostics and more effective drugs is also likely to be a major driver for the biochemistry segment of the global laboratory equipment market.

By end use, the global laboratory equipment market is segmented into hospitals and clinics, diagnostic laboratories, and others. The hospitals and clinics segment holds the largest share in the global laboratory equipment market by end use.

Regional Analysis:

The Americas are expected to dominate the global laboratory equipment market in the coming years due to the growing product advancement in the region and the increasing number of new products coming into the market. Many major players in the global laboratory equipment market are also located in the U.S. and Canada, which also further drives the laboratory equipment market in this region. The Europe market is also likely to be a major regional market for laboratory equipment in the forthcoming years.