Life Science Equipment Market (2024-2031)
The Life Science Equipment Market was valued at $59.88 billion in 2023. This market is expected to reach $97.96 billion by 2031, from an estimated $63.88 billion in 2024, at a CAGR of 6.3% during the forecast period 2024-2031.
- Published
- Jan 2024
- Pages
- 686
- Format
- PDF + Excel
- Report ID
- MRHC - 10445
- Base year
- 2023
- 2023 · BASELINE
- $59.88B
- 2031
- $97.96B
- CAGR 2024–2031
- 6.3%
2023 baseline · 2024–2031 forecast at 6.3% CAGR · hover a bar for the value
Key highlights
The Life Science Equipment Market was valued at $59.88 billion in 2023.
This market is expected to reach $97.96 billion by 2031, from an estimated $63.88 billion in 2024, at a CAGR of 6.3% during the forecast period 2024-2031.
The Spectroscopy Segment to Dominate the Life Science Equipment Market
In 2024, North America is expected to account for the share of 41.1% of 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.
However, Asia-Pacific is expected to grow at the highest CAGR of 7.3% during the forecst period of 2024 to 2031.
Report summary
| Particulars | Details |
|---|---|
| Page No | 686 |
| Format | |
| Forecast Period | 2024-2031 |
| Base Year | 2023 |
| CAGR | 6.3% |
| 2031 Market Size (Value) | $97.96 billion |
| Segments Covered | 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) · 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) |
| Countries Covered | North America (U.S., Canada), Europe (Germany, France, U.K., Spain, Italy, Switzerland, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea Rest of APAC), Latin America (Brazil, Mexico, Rest of LATAM), Middle East & Africa (Saudi Arabia, UAE, Rest of Middle East & Africa) |
| Key Companies | 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). |
Report overview
Segments covered: technology, spectroscopy, molecular spectroscopy, uv/vis spectroscopy, raman spectroscopy, polarimeter, refractometer, fluorescence & luminescence spectroscopy, other molecular spectroscopy technology, mass spectrometry, quadrupole lc/m, portable, in-field mass spectroscopy, atomic spectroscopy, other atomic spectroscopy technology, spectroscopy software, microscopy, electron microscopy, optical microscopy, scanning probe microscopy, other microscopy, microscopy software, chromatography, flash chromatography, ion chromatography, chromatography software, lab automation, automated workstation, robotic system, lab automation software, immunoassay analyzer, chemiluminescence immunoassay, fluorescence immunoassay, colorimetric immunoassay, other immunoassay analyzer, immunoassay software, pcr, rt-pcr, conventional pcr, digital pcr, pcr software, sequencing, flow cytometry, cell-based flow cytometer, bead-based flow cytometer, flow cytometry software, incubator, microarray, dna microarray, protein microarray, tissue array, other microarray, microarray software, centrifuge, type, device, multipurpose centrifuge, microcentrifuge, mini-centrifuge, ultracentrifuge, other centrifuge, centrifuge accessory, model, benchtop centrifuge, floor-standing centrifuge, application, research application, genomic, microbiology, cellomic, proteomic, clinical application, diagnostic, blood processing, screening, other application, electrophoresis, gel electrophoresis, capillary electrophoresis, gel documentation system, software, other equipment, end user, pharmaceutical, biotechnology industry, academic & research institute, hospital, diagnostic laboratory, analytical testing laboratory, agriculture, food industry, forensic laboratory, other end user. Regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
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.
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.
Report infographic
Market dynamics
5 factors across 3 forcesIncreasing 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 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.
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.
Governments around the globe are supporting pharmaceutical and biotechnology R&D through investments, grants, and funding. For instance
- In September 2023, the U.K. government invested USD 6.7 million (GBP 5.5 million) in establishing a Medicines Manufacturing Skills Centre of Excellence for sustaining and increasing the 280,000-strong U.K. life sciences workforce.
- In November 2021, the Medical Research Agency (Poland) announced USD 73.3 million (PLN 300 million) in funding to produce vaccines based on mRNA technology in Poland.
- In September 2020, BioNTech SE (Germany), a biotech company, received funding of USD 424 million (EUR 375 million) from the German Federal Ministry of Education and Research to support the development of mRNA-based COVID-19 vaccines.
- In June 2020, CureVac N.V. (Germany), a biopharmaceutical company involved in developing mRNA–based therapeutics, received an investment of USD 339 million (EUR 300 million) from the German Federal Government to develop vaccines and therapeutics.
Such initiatives supporting life sciences R&D are expected to drive the growth of the life sciences and laboratory equipment market.
Table of contents
10 chapters · 199 sections · 686 pages · click to expandSegmental analysis
| Segment | Largest share (2024) | Fastest growth (2024–2031) |
|---|---|---|
| By Technology | Spectroscopy | Sequencing |
| By End User | Pharmaceutical and Biotechnology Industry | Hospitals & diagnostic laboratories |
By Technology
- The Spectroscopy Segment to Dominate the Life Science Equipment Market
- Based on technology the life science equipment market is segmented into spectroscopy, microscopy, chromatography, lab automation, immunoassay analyzers, PCR, sequencing, flow cytometry, incubators, microarray, centrifuges, electrophoresis, and other equipment.
- The spectroscopy segment is expected to account for the largest share of 21.9% 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.
- However, the sequencing segment is expected to grow at the highest CAGR of 13.5% during forecast period of 2024-2031.
- The capability of sequencing technology to generate high-yield error-free throughput, the growing integration of this technology in clinical and research settings, and increasing partnerships and collaborations among sequencing instrument manufacturers to expand and improve product offerings are some of the factors contributing to the growth of the segment.
By End User
- Based on end user the life science equipment market is segmented into pharmaceutical and biotechnology industry, academic & research institutes, hospitals and diagnostic laboratories, analytical testing laboratories, agriculture and food industry, forensic laboratories, and other end users.
- The pharmaceutical and biotechnology industry segment is expected to account for the largest share of 31.9% 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.
- However, the hospitals & diagnostic laboratories segment is expected to grow at the highest CAGR of 7.1% during the forecst period of 2024 to 2031.
- The growth of this segment is attributed to the the growth in diagnostic laboratories and initiatives to increase diagnostic capabilities of the hospitals due to the pandemic and adoption of newer technologies by the hospitals.
Geographic analysis
North America
Largest shareIn 2024, North America is expected to account for the share of 41.1% of 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. North America: Dominant Regional Market
Asia-Pacific
Fastest growthHowever, Asia-Pacific is expected to grow at the highest CAGR of 7.3% during the forecst period of 2024 to 2031. The growth of this region is attributed to the by rising healthcare and R&D expenditures, increasing pharmaceutical research outsourcing in the region owing to lower cost advantages, increasing government funding, and improving healthcare infrastructure. In addition, the significantly growing pharmaceutical, biotechnology, and medical devices industry in Asia, primarily due to the huge demand for medical care from a large population base with increasing incidence & prevalence of chronic disease and the aging population.
Competitive landscape
- March 2023
Bio-Rad Laboratories Inc. (U.S.). launched PTC Tempo 96 and PTC Tempo Deepwell Thermal Cyclers to optimize PCR applications such as sequencing, cloning, and genotyping.
- June 2023
Becton, Dickinson and Company (U.S.) launched its new robotic automated system worldwide, namely, BD FACSDuet, which prepares samples using flow cytometry for clinical diagnostics.
- August 2022
Becton, Dickinson and Company (U.S.) collaborated with Labcorp (U.S.) to develop, produce, and distribute flow cytometry-based companion diagnostics.
- Agilent Technologies, Inc. (U.S.)
- Becton
- Dickinson, 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
- QIAGEN N.V. · Netherlands
Frequently asked questions
This study offers a detailed assessment of the life science equipment market, including the market sizes & forecasts for market segments such as technology and end user. The study also provides an in-depth analysis of various segments & subsegments of life science equipment at the regional and country levels.
Cite this report
Meticulous Research. (2024). Life Science Equipment Market - Global Opportunity Analysis and Industry Forecast (2024-2031) (Report No. MRHC - 10445). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/life-science-equipment-market-3937