The Life Science Equipment Market is projected to reach $92.21 billion by 2030, at a CAGR of 6.2% from 2023 to 2030. Laboratory equipment refers to systems and instruments utilized for research, development, and analytical purposes in various industries, including pharmaceutical and biotechnology, proteomics, genomics, and diagnostics. It includes various equipment such as spectrometers, centrifuges, PCR machines, microscopes, sequencers, and other specialized equipment used in life science laboratories.
The growth of the life science equipment market is attributed to increasing pharmaceutical and biotech R&D expenditures, government initiatives supporting life sciences R&D, the increasing prevalence of chronic and infectious diseases, and growth in initiatives to control environmental pollution. However, the high costs of advanced equipment and funding and infrastructure limitations in developing countries restrain the growth of this market.
Furthermore, the growth in genomics and proteomics, the increasing awareness and growing adoption of personalized medicines, increasing automation and digitalization in the life sciences industry, and the increasing focus on food safety and quality are generating growth opportunities for the players operating in this market. However, the lack of skilled professionals required for operating advanced laboratory equipment and data security concerns are major challenges for market stakeholders.
Increasing Funding and Investment for the Life Science Industry
Increasing funding and investment in the life sciences industry, including pharmaceuticals, biotechnology, medical devices, and diagnostics, is critical for driving innovation, advancing research and development, and improving patient outcomes. There has been a growing investment trend in the life sciences sector, which includes pharmaceuticals, biotechnology, agriculture, and diagnostics. This investment comes from various sources, such as governments, associations, and private funding from venture capitalists, which has led to the significant growth of the sector. For instance, in 2022, the investments and funding by venture capitalists in biotech and pharma companies in the U.S. increased to USD 30.7 billion from USD 18.7 billion in 2019 (Source: National Venture Capital Association). The increase in funding and investments drives the growth of the life sciences industry, driving the adoption of laboratory equipment used in life sciences laboratories. These investments and funding are used for various purposes:
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Life sciences research often requires sophisticated instruments and equipment for experiments, analysis, and data processing. With more funds available, researchers and laboratories may have the resources to invest in state-of-the-art or advanced equipment, such as DNA sequencers, mass spectrometers, high-throughput screening systems, and other cutting-edge technologies.
- Higher funding levels can support research and development efforts to develop new and improved laboratory equipment with enhanced features, capabilities, and performance. This can include innovations in areas such as automation, data analysis, sample preparation, and miniaturization, leading to the introduction of new products and technologies in the market.
- Increased funding and investment help entrepreneurship and startup activity in the life sciences industry, which can positively impact the market for life sciences and laboratory equipment.
Thus, the increasing funding level in the life science industry is increasing the demand for technologically advanced laboratory equipment to support R&D in the life science industry.
Growth in Genomics and Proteomics to Provide Opportunities for Players Operating in the Market
Genomics, the study of the complete set of genes of an organism, relies on DNA sequencing technologies. With advancements in DNA sequencing technologies and reduced costs, there has been a significant increase in demand for DNA sequencing in genomics research, clinical diagnostics, and personalized medicine. This has created a growing need for high-throughput DNA sequencers, sample preparation equipment, and data analysis tools, providing opportunities for the manufacturers and suppliers of laboratory equipment.
Similarly, proteomics, the study of the entire set of proteins in an organism, is a rapidly growing field with applications in drug discovery, biomarker research, and diagnostics. Proteomics research often requires complex equipment for protein separation, identification, and characterization, such as mass spectrometers, protein analyzers, and protein purification systems. As proteomics research advances, there will be a growing demand for specialized laboratory equipment for proteomics applications, providing opportunities for market players to develop and supply such equipment.
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Key Findings in the Life Science Equipment Study:
In 2023, the Spectroscopy Segment is Expected to Account for the Largest Share of the Market
Among the technologies included in the report, in 2023, the spectroscopy segment is expected to account for the largest share of the life science equipment market. Several factors have contributed to the significant market share of this segment, including its wide range of applications, high precision and sensitivity, advancements in technology, and large user base. Spectroscopy plays a crucial role in life sciences research and analysis, with applications in pharmaceuticals, biotechnology, food and beverage, environmental testing, and clinical diagnostics. Techniques such as UV-Vis spectroscopy, infrared spectroscopy, Raman spectroscopy, and nuclear magnetic resonance (NMR) spectroscopy are widely used for qualitative and quantitative analysis of molecules, material characterization, and chemical structure determination, making spectroscopy an indispensable tool in various life sciences research areas.
In 2023, the Pharmaceutical and Biotechnology Industry Segment is Expected to Account for the Largest Share of the Market
Among the end users included in the report, in 2023, the pharmaceutical and biotechnology industry segment is expected to account for the largest share of the life science equipment market. The large market share of this segment can be attributed to the significant investments in research and development (R&D) activities, quality control testing for drugs and biologics manufactured, innovation and technological advancements, large budget allocations for R&D and manufacturing, and growth in pharma and biotech industry globally. Pharmaceutical companies and biotech companies invest heavily in R&D activities for the development of new drugs, therapies, and technologies. These R&D activities require advanced laboratory equipment for various stages of drug discovery, preclinical and clinical research, and quality control. As a result, pharmaceutical and biotech companies have a high demand for life sciences and laboratory equipment, including instruments for genomics, proteomics, chromatography, and spectroscopy.
North America: Dominant Regional Market
Among all the geographics studied in the report, in 2023, North America is expected to dominate the life science equipment market. North America’s major market share is attributed to the presence of key market players, its well-established life science industry, growing life sciences sector-based research, the presence of many key vendors in this region, and substantial spending on R&D activities by pharmaceutical and biotech companies. For instance, according to EFPIA, in 2020, the pharmaceutical R&D expenditure of the U.S. was USD 72,412 million, which increased from 64,357 million in 2019. Thus, the rising R&D expenditure is expected to contribute to the largest market share of North America.
Key Players
The report offers a competitive landscape based on an extensive assessment of the leading players’ product portfolios and geographic presence and the key growth strategies adopted by them in the last three to four years. The key players profiled in the life science equipment report are Agilent Technologies, Inc. (U.S.), Becton, Dickinson, and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann LA-Roche AG (Switzerland), PerkinElmer, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Waters Corporation (U.S.), Bruker Corporation (U.S.), Shimadzu Corporation (Japan), Siemens Healthineers AG (Germany), Eppendorf SE (Germany), Sartorius AG (Germany), and QIAGEN N.V. (Netherlands).
Scope of the Report:
Life Science Equipment Market Assessment, by Technology
- Spectroscopy
- Molecular Spectroscopy
- UV/Vis Spectroscopy
- Nuclear Magnetic Resonance (NMR)
- Near-Infrared (NIR) Spectroscopy
- Infrared (IR) Spectroscopy
- Raman Spectroscopy
- Polarimeters and Refractometers
- Fluorescence & Luminescence Spectroscopy
- Other Molecular Spectroscopy Technologies
(Note: The other molecular spectroscopy technologies segment includes Raman spectroscopy, ellipsometry, and color measurement)
- Mass Spectrometry
- Quadrupole LC/MS
- Time of Flight LC/MS (Q-TOF & LC-TOF)
- Gas Chromatography-Mass Spectrometry (GC/MS)
- Fourier Transform Mass Spectrometry (FT/MS)
- Matrix-Assisted Laser Desorption/Ionization-Time of Flight Mass Spectroscopy (MALDI-TOF MS)
- Portable and In-Field Mass Spectroscopy
- Tandem Mass Spectroscopy (MS/MS)
- Ion Trap Mass Spectroscopy (LC/MS)
- Atomic Spectroscopy
- Atomic Absorbance Spectroscopy (AAS)
- X-Ray Fluorescence (XRF) Spectroscopy
- X-Ray Diffraction (XRD) Spectroscopy
- Other Atomic Spectroscopy Technologies
(Note: The other atomic spectroscopy technologies segment includes inductively coupled plasma (ICP) spectroscopy, glow discharge spectroscopy, and arc/spark optical emission spectroscopy)
- Spectroscopy Software
- Microscopy
- Electron Microscopy
- Optical Microscopy
- Scanning Probe Microscopy
- Other Microscopy
- Microscopy Software
- Chromatography
- High-Performance Liquid Chromatography (HPLC)
- Gas Chromatography (GC)
- Low Pressure Liquid Chromatography (LPLC)
- Flash Chromatography
- Thin Layer Chromatography (TLC)
- Ion Chromatography
- Supercritical Fluid Chromatography (SFC)
- Chromatography Software
- Lab Automation
- Automated Workstations
- Robotic Systems
- Automated Storage and Retrieval Systems (ASRS)
- Lab Automation Software
- Immunoassay Analyzers
- Chemiluminescence Immunoassay
- Fluorescence Immunoassay
- Radioimmunoassay (RIA)
- Colorimetric Immunoassay
- Other Immunoassay Analyzers
- Immunoassay Software
- PCR
- RT-PCR
- Conventional PCR
- Digital PCR
- PCR Software
- Sequencing
- Flow Cytometry
- Cell-Based Flow Cytometers
- Bead-Based Flow Cytometers
- Flow Cytometry Software
- Incubators
- Microarrays
- DNA Microarrays
- Protein Microarray
- Tissue Array
- Other Microarrays
- Microarray Software
(Note: The other microarrays segment includes glycan microarray, carbohydrate microarray, and chemical compounds microarrays)
- Centrifuges
- Centrifuges, by Type
- Devices
- Multipurpose Centrifuges
- Microcentrifuges
- Mini-centrifuges
- Ultracentrifuges
- Other Centrifuges
- Centrifuge Accessories
- Centrifuges, by Model
- Benchtop Centrifuges
- Floor-standing Centrifuges
- Centrifuges, by Application
- Research Applications
- Genomics
- Microbiology
- Cellomics
- Proteomics
- Clinical Applications
- Diagnostics
- Blood Processing and Screening
- Other Applications
- Electrophoresis
- Gel Electrophoresis
- Capillary Electrophoresis
- Gel Documentation Systems and Software
- Other Equipment
(Note: The other equipment segment includes autoclaves, stirrers & shakers, mixers, baths, hot plates, ovens & furnaces, and balances)
Life Science Equipment Market Assessment, by End User
- Pharmaceutical and Biotechnology Industry
- Academic & Research Institutes
- Hospitals and Diagnostic Laboratories
- Analytical Testing Laboratories
- Agriculture and Food Industry
- Forensic Laboratories
- Other End Users
(Note: Other end users include blood banks and industries, such as cosmetics, chemicals, oil & gas, electronics & semiconductors, automotive, aerospace, ceramics, plastics, rubber, and paints & coatings)
Life Science Equipment Market Assessment, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Switzerland
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of LATAM (RoLATAM)
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa (RoMEA)
Key questions answered in the report: