Laboratory Equipment Market 2020 Global Growth Opportunities, Key Driving Factors, Industry Scenario and Forecast to 2027

(Heraldkeepers via Comtex)

Laboratory Equipment Market Forecast

Laboratory Equipment Market is expected to hold a value of USD 58,960 Million by 2025 at a CAGR of 7.3%.

Laboratory Equipment Market Synopsis

There has been a high level of technological improvement in laboratory equipment in the past few years, which is fueling the laboratory equipment market growth. Also, as laboratory equipment is used rigorously for testing and research purposes, companies are investing in this laboratory equipment market.

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The growth of the global laboratory equipment market is driven by various factors such as increasing demand for lab automation, the shift from lab-based diagnosis to the point of care diagnosis, increasing biomedical research, and rising innovations by major players. However, the lack of laboratory setups in developing countries is projected to hamper the growth of the global laboratory equipment market.

The global laboratory equipment market is currently dominated by several market players. The key players are involved in product launches and strategic collaborations to strengthen their market positions. For instance, in October 2018, Eppendorf AG presents first internally developed the CO2 incubator.

Regional Analysis

The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the rising per capita healthcare expenditure. The laboratory equipment market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European laboratory equipment market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The laboratory equipment market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing clinical laboratories and increasing pool of patient population, the market in Asia-Pacific is expected to be the fastest-growing. The laboratory equipment market in the Middle East & Africa has been divided into the Middle East and Africa.

Segmentation

The global laboratory equipment market has been segmented based on product type, application, and end user.

The market, based on product type, has been divided into incubators, centrifuges, spectrometers, scopes, sonicators, autoclaves, and others. The incubators segment is likely to be the largest during the review period due to the growing use of this device in various areas of testing. The spectrometers segment is predicted to be the fastest-growing due to the increasing product launches in the market. For instance, in April 2018, Bruker launched INVENIO Fourier Transform Infrared (FT-IR) research spectrometer.

The global laboratory equipment market has been segmented, on the basis of application, into biochemistry, endocrinology, microbiology, hematology, genetic testing, and others. The biochemistry segment is expected to hold the majority share of the market owing to the wide number of biochemical tests carried out in the laboratories. The endocrinology segment is expected to be the fastest-growing due to the rising patient pool, coupled with the increasing number of tests.

The end users of the market are hospitals and clinics, diagnostic centers, and others. The hospitals and clinics segment is expected to hold the largest share of the market due to the increasing number of hospitals and clinics using laboratory equipment. The diagnostic centers segment is expected to be the fastest-growing owing to the increased preference of medical professionals for carrying out diagnostic tests.

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Key Players

Some of the key players in the global laboratory equipment market are Agilent Technologies, Inc. (US), BD (US), Beckman Coulter, Inc. (US), Bio-Rad Laboratories, Inc. (US), Bruker (US), Eppendorf AG (Germany), F. Hoffmann LA-Roche AG (Switzerland), PerkinElmer Inc. (US), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc. (US), and Waters (US), among others.

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COMTEX_390255916/2582/2021-07-22T14:37:26