Meticulous Research®—a leading global market research company, published a research report titled, ‘Life Science and Laboratory Equipment Market by Technology (Spectroscopy [Molecular, Atomic, Mass] Chromatography [HPLC, GC, TLC] Microscopy, PCR, ELISA, Microarray, Sequencer, Flow Cytometry, Electrophoresis, Software) End User - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the life sciences and laboratory equipment market is projected to reach $62.77 billion by 2030, at a CAGR of 5.7% during the forecast period. The growth of the life sciences and laboratory equipment market is attributed to increasing funding and investment for the pharma, biotech, and life sciences industries, government initiatives to strengthen R&D for biotech and life sciences, increasing prevalence of chronic diseases, and growing clinical capabilities globally.
The key players operating in the life sciences and laboratory equipment market 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 Ltd. (Switzerland), PerkinElmer, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Waters Corporation (U.S.), Bruker Corporation (U.S.), Shimadzu Corporation (Japan), Siemens Healthineers (Germany), Eppendorf SE (Germany), Sartorius AG (Germany), and Qiagen N.V. (Germany).
Life Sciences and Laboratory Equipment Market: Future Outlook
The life sciences and laboratory equipment market is segmented by Technology [Spectroscopy, Chromatography, Lab Automation, Microscopy, Sequencer and Amplifier, Immunoassay Analyzers, Flow Cytometry, Microarrays, Electrophoresis, Centrifuges, Incubators, Safety Cabinets, and Other Equipment], End User [Pharmaceutical and Biotechnology Industry, Environmental Testing Laboratories, Academic & Research Institutes, Agriculture and Food Industry, Hospitals and Diagnostic Laboratories, and Forensic Laboratories) and Geography. The study also evaluates industry competitors and analyzes the market at the global and regional levels.
Based on technology, the spectroscopy segment is projected to register the highest CAGR during the forecast period. This segment's growth is being driven by advancements in spectroscopic technologies and growing demand for analytical techniques coupled with increasing investment in research and development activities in life sciences. Advancements in spectroscopic technologies have enabled researchers to obtain more accurate and precise data, leading to increased adoption of spectroscopy in various life sciences and laboratory applications. Spectroscopy is used for drug discovery, molecular analysis, protein characterization, metabolomics, and other important research areas in life sciences.
Based on end user, the pharmaceutical and biotechnology industry segment is projected to register the highest CAGR during the forecast period. The growth of this segment is being driven by several factors, including the increasing demand for new drugs and therapies, leading to extensive research and development activities, the need for technologically advanced equipment in the pharmaceutical and biotech industries, rising funding and investments in the pharmaceutical and biotech industry, and increasing healthcare expenditure. Furthermore, the pharmaceutical and biotechnology industries constantly strive to develop new drugs and therapies to address medical needs. Developing new drugs and therapies requires advanced laboratory equipment for drug discovery, development, and production processes, including high-throughput screening systems, chromatography systems, mass spectrometers, and other specialized equipment. Hence, these factors drive the demand for life sciences and laboratory equipment in the pharmaceutical and biotechnology industry.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America) and the Middle East & Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
In 2023, North America is expected to account for the largest share of the life sciences and laboratory equipment market, followed by Europe and Asia-Pacific. Furthermore, in 2023, the U.S. is expected to be the largest market in North America. The presence of key players, the well-established life science industry, substantial spending on R&D activities by the pharmaceutical and biotech companies, and the presence of key players in the life sciences industry contribute to the large share of this market.
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