by 
Laboratory equipment refers to devices, machines, instruments and tools that are used in scientific experiments across a variety of industries such as pharmaceutical, academic, research institutes, biotechnology and others. Laboratory equipment include analytical devices such as microscopes, centrifuges, spectrometers, thermal cyclers and many others that aid in detection, quantification and analysis of various biological, physical and chemical properties of materials. The global pharmaceutical industry is currently investing heavily in drug discovery and development, with many potential drug candidates in various stages of clinical trials. This has translated into high demand for various laboratory equipment that assist in formulation development, quality testing and analysis during drug development.
The global laboratory equipment market is estimated to be valued at US$ 71 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 Dynamics:
(Increasing demand for drug discovery and development): As mentioned in the heading, the growing pharmaceutical industry focus on developing novel drugs to treat various diseases has created significant demand for laboratory equipment across different stages of drug development process ranging from target identification and validation to pre-clinical and clinical testing. Modern drug discovery relies extensively on analytical techniques to isolate and identify biological targets and screening potential drug candidates. This in turn is driving the need for specialized laboratory equipment such as microarrays, liquid handling systems, HTS equipment and others.
Government funding for life science research): Government agencies worldwide are continuously investing in life science research to advance scientific knowledge and develop new treatment options. Adequate funding provides resources to academic and research institutes to procure advanced laboratory equipment required for their research activities. This funding pipeline is facilitating technology innovation in life sciences as well as promoting commercialization of research outcomes, thereby fueling overall growth of the laboratory equipment market.
Segment Analysis
The global laboratory equipment market is dominated by the life sciences sub segment. Life sciences sub segment accounts for over 35% of the total market share owing to increasing R&D investments in pharmaceutical and biotechnology industries for development of new drugs and medical devices. Growing prevalence of chronic diseases is driving research in pathology, genetics and clinical diagnostics which is boosting the demand for advanced laboratory equipment in the life sciences sub segment.
PEST Analysis
Political: Increasing government funding for healthcare and scientific research in major countries is positively impacting the market. Various initiatives to develop indigenous manufacturing capabilities is benefiting domestic players.
Economic: Expanding biopharmaceutical industry and rise of contract research and manufacturing outsourcing is creating new opportunities. However, budgetary constraints may limit procurements.
Social: Growing health awareness and increasing applications of precision medicine is generating demand. However, shortage of skilled professionals poses challenges.
Technological: Adoption of artificial intelligence, automation and cloud based integration is enhancing efficiency. Rising investments in lab informatization is a key trend.
Key Takeaways
The global laboratory equipment market is expected to witness robust growth over the forecast period supported by increasing investments in R&D. North America dominated the market in 2023 with a share of over 30% owing to presence of global life sciences leaders and strong government funding for research in the region.
Key players operating in the laboratory equipment market are Thermo Fisher Scientific, Agilent Technologies, Danaher Corporation, Merck KGaA and PerkinElmer Inc.
Regional analysis
The Asia Pacific region is projected to showcase highest growth on account of rising healthcare expenditures, growing outsourcing of clinical trials to emerging Asian countries and increasing investments by international brands to tap opportunities. China, India and South Korea are emerging as top destinations for manufacturing and R&D.
Key players related content
Key players operating in the laboratory equipment market are Thermo Fisher Scientific, Agilent Technologies, Danaher Corporation, Merck KGaA and PerkinElmer Inc. Thermo Fisher and Danaher have established dominant positions due to their extensive product portfolios and extensive global footprint.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
