The global Laboratory Equipment Market is estimated to be valued at US$ 50.27 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Laboratory equipment comprise analytical and precision instruments used to perform various tests and experiments in laboratories. These include microscopes, centrifuges, spectrometers, analytic balances, autoclaves, and pH meters among others. Laboratory equipment find wide applications across industries like healthcare, academic & research, forensic, pharmaceutical and biotechnology.
Market key trends:
Consolidation is one of the major trend being witnessed in the laboratory equipment market. Key market players are focusing on acquisitions to expand their product portfolio and geographical presence. For instance, in 2017, Thermo Fisher Scientific acquired Patheon N.V. for $7.2 billion to strengthen its bioproduction business. Similarly, Danaher acquired GE Biopharma to enhance its capabilities in bioproduction. Such consolidation activities are expected to continue over the forecast period.
SWOT Analysis
Strength: Laboratory equipment have wide applications in research and development, and quality testing. This leads to consistent demand for laboratory equipment.
Weakness: High initial investment required for setting up a laboratory limits its adoption, especially in under developed regions.
Opportunity: Growing focus on quality control and stringent regulations boosts demand for advanced laboratory equipment. Untapped regions offer lucrative growth opportunities.
Threats: Threat of substitution from refurbished and used equipment. Intense competition among existing players limits pricing flexibility.
Key Takeaways
The global Laboratory Equipment Market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing investments in R&D by pharma and biotech companies. North America dominated the market in 2023 with a share of over 35%, due to presence of majority of key players and availability of advanced healthcare infrastructure in the region.
The global Laboratory Equipment Market size for 2023 is estimated to be US$ 50.27 Bn. The market is expected grow substantially owing to rising demand for advanced analytical instruments for research, development, and quality testing applications.
Key players operating in the Laboratory Equipment Market are Thermo Fisher Scientific, Danaher Corporation, Agilent Technologies, PerkinElmer, Merck KGaA, Bio-Rad Laboratories, Bruker Corporation, Waters Corporation, Shimadzu Corporation, and Labconco Corporation. Thermo Fisher Scientific and Danaher Corporation collectively hold over 25% share of the global market due to their diversified product portfolio and large geographical presence.
