Influence of COVID-19 on Laboratory Equipment Market Size and Share Analysis by with Top Players Forecast to 2025

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Market Synopsis

The Global Laboratory Equipment Market is expected to hold a value of USD 58,960 Million by 2025 at a CAGR of 7.3%.There has been a high level of technological improvement in laboratory equipment in the past few years, which is fueling the global market growth. Also, as laboratory equipment is used rigorously for testing and research purposes, companies are investing in this market.The increasing initiatives by public and private companies boost market growth. The growing number of clearances and product launches by key players in the market are likely to act as a promising factor for the growth in the near future.

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Market Drivers

Increasing mergers and acquisitions by prominent players in the market. For instance, in December 2017, BD acquired C. R. Bard, Inc. for USD 24 billion. With this acquisition, the company aimed to become a leader in the healthcare industry. Due to this acquisition, BD generated annual revenue of approximately USD 16 billion in 2017.

By Product Type

Incubators: Expected to hold the largest share, owing to the wide range of applications it offers. These are used in the separation of fluids, gas, or liquid, based on density.

Spectrometers: Fastest growing market due to increased product launches in the market. In April 2018, Bruker launched INVENIO Fourier Transform Infrared (FT-IR) research spectrometer.Scopes are mostly used in laboratory facilities. Different types of scopes include optical microscopes, electron microscopes, and confocal microscopes, among others.Sonicators work on the principle of applying sound energy to agitate particles in a sample, for various purposes such as the extraction of multiple compounds.

Autoclaves: Autoclaves are pressure chambers used to carry out industrial and scientific processes requiring elevated temperature and pressure different from ambient air pressure. The others segment includes various products such as flow cytometers, microarrays, and microplate readers, among others.

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By Application

Biochemistry: This is expected to be the largest segment, owing to the wide number of biochemical tests that are conducted in clinical as well as diagnostic laboratories.Endocrinology: Endocrinology deals with the endocrine system and its related diseases. The increasing number of different tests is projected to push this segment to be the fastest-growing. Moreover, the share of this segment is expected to increase owing to the rising patient population. For instance, the number of visits to physicians' offices for endocrine, nutritional, metabolic diseases, and immunity disorders were 69,845 in the US.Microbiology: Microbiology testing is done for the detection of various types of bacteria, viruses, and fungi.

Hematology: Hematology is related to the cause, prognosis, treatment, and prevention of diseases related to blood. This segment includes various tests for white blood cells, red blood cells, hemoglobin, platelets, and so on.Genetic Testing: Genetic testing can provide information about a person's genes and chromosomes.Others: The others segment include toxicology and autoimmune diseases, among others.

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By End-User

Hospitals and Clinics: The largest segment, hospitals and clinics are usually the primary points for diagnosis and treatment of individuals. Growing awareness about new products and increasing use of laboratory equipment are projected to drive the growth of this segment during the forecast period.Diagnostic Laboratories: Diagnostic laboratories conduct various tests to detect the presence of a disease.Others: This segment includes research organizations and academic institutions.

By Region

Americas: The largest regional market. Countries such as the US and Canada have well-established laboratories and constitute advanced laboratory systems and instruments. This contributes to the growth of the laboratory equipment market in this region.Europe: The increasing laboratory research, coupled with the rise in the number of research organizations, is expected to boost the growth of the laboratory equipment market in the European region.Asia-Pacific: The Asia-Pacific region is anticipated to be the fastest-growing region in the global laboratory equipment market. This region is seeing a surge in the number of people afflicted with chronic diseases. This demands for improved equipment for disease testing.

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Middle East & Africa: The smallest market due to limited healthcare infrastructure and limited exposure to technological advancements.

Key Players

Agilent Technologies, Inc. (US)

BD (US)

Beckman Coulter, Inc. (US)

Bio-Rad Laboratories, Inc. (US)

Bruker (US)

Eppendorf AG (Germany)

Hoffmann LA-Roche AG (Switzerland)

PerkinElmer Inc. (US)

Shimadzu Corporation (Japan)

Thermo Fisher Scientific Inc. (US)

Waters (US)

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