The global laboratory equipment market is projected to expand at a compound annual growth rate (CAGR) of 8.0% during the 2018-2023 period, and will reach USD 84.4 Bn by 2023. Increasing life sciences research is responsible for a major part of the huge demand for laboratory equipment across the globe. The market is segmented based on technologies like spectroscopy, chromatography, flow cytometry, next-generation sequencing, etc. Increase in incidence of chronic diseases such as diabetes and respiratory ailments, and the higher demand for timely and early detection of diseases will aid the growth of the market in the near future.
Segmentation based on technologies
Based on technologies, the ’other’ technologies segment had the highest market share (45.8%) in 2018, owing to a growing geriatric population, rapidly emerging diagnostics centers and hospitals, and technological advancements. Time-consuming operations and mechanical failure of equipment are major challenges faced by users. It is followed by the spectroscopy segment, with a market share of 21.3% in 2018. This is due to the increased demand for spectrometers in the life sciences sector for the analysis of drugs and biomolecules.
The North America laboratory equipment market is projected to expand at a CAGR of 7.8% during the 2018-2023 period, leading to global revenue of USD 33.7 Bn by 2023. An increasing number of clinical trials and higher funding for life sciences research will aid the growth of the market. Europe, a region characterized by high awareness and a wide range of laboratory equipment, is anticipated to expand at a CAGR of 7.9% during the forecast period. The Asia-Pacific laboratory equipment market is expected to expand at the highest CAGR (8.4%) during the 2018-2023 period. Latin America, and the Middle East and Africa markets, still in the nascent stages, will also experience high growth.
- Danaher Corporation
- Thermo Fischer
- Agilent Technologies
- Waters Corporation
- PerkinElmer Corporation
- Bio-Rad Laboratories
- Shimadzu Corporation
- Bruker Corporation