Global Laboratory Equipment Market Report and Forecast 2024-2032

Global Laboratory Equipment Market Outlook

The global laboratory equipment market size reached a value of approximately USD 31.19 billion in 2023. The market is further expected to grow at a CAGR of 10.20% between 2024 and 2032, reaching a value of USD 74.62 billion by 2032.

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Key Trends in the Market

Laboratory equipment refers to equipment and tools that are used in laboratories by scientists, professors, and students. They are used for gathering data, performing experiments, collections, and storage of chemicals, and for taking measurements. Laboratory equipment aid in completion of scientific experiments and tasks with precision and accuracy as well as aid in the interpretation and analysis of data.

• The key laboratory equipment market trends include increase in number of research activities in pharmaceutical, biotechnology, and life sciences industries.  As experiments play a significant role in inventions and scientific discoveries, the utilisation of laboratory equipment in research centres and labs, among others is rising.

• Another crucial trend aiding the laboratory equipment market growth includes rising requirement for eco-friendly laboratory equipment. As substantial amounts of resources and energy is required for operating research facilities, many laboratories are investing in eco-friendly equipment in order to contribute to the environment and reduce their carbon footprint.

• Growing focus on quality control and elimination of errors is further increasing the demand for laboratory equipment. Novel technologies and products launched by market key players are geared towards eliminating unnecessary testing, reducing laboratory errors, and ensuring the proper execution and analysis of the conducted experiments and tasks.

Global Laboratory Equipment Market Analysis

Based on product, the market is divided into incubators, centrifuges, spectrometers, scopes, sonicators, and autoclaves, among others. On the basis of contract type, the market is bifurcated into customised service contract and standard service contract. By application, the market is segregated into biochemistry, endocrinology, microbiology, and genetic testing, among others. On the basis of region, the laboratory equipment market segmentation is North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global laboratory equipment market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Becton, Dickinson and Company.

• Bio-Rad Laboratories, Inc.

• F. Hoffmann-La Roche AG

• Bruker Corporation

• Eppendorf SE

• Waters Corporation

• Labconco Corporation

• Shimadzu Corporation

• Thermo Fisher Scientific Inc.

• MRC Ltd

• Others

Global Laboratory Equipment Market Share by Product

Incubators, are anticipated to hold a sizable share of the market for laboratory equipment, based on product, in the upcoming years. An incubator is a crucial piece of equipment in a laboratory as it provides a contaminant-free and controlled environment to work with tissue and cell cultures. It does so by regulating conditions including humidity, temperature, and carbon dioxide, among others. Incubators have a wide range of applications, such as storage of bacterial culture, reproduction of microorganisms such as yeast, bacteria and viruses, and preservation of clinical tools.

Global Laboratory Equipment Market Share by Region

North America is projected to account for a significant share of the laboratory equipment market over the forecast period, driven by the extensive network of research institutions and diagnostic laboratories in the region. The regional market growth is further aided by the presence of major key players, growing prevalence of various communicable and non-communicable diseases, novel product launches, and the presence of well-established healthcare infrastructure.

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Competitive Landscape

Becton, Dickinson and Company. founded in 1897 and headquartered in New Jersey, United States, is one of the largest global medical technology companies. They are dedicated towards improving patient outcomes as well as the efficiency and safety of clinicians’ care delivery processes.

Bio-Rad Laboratories, Inc. is a biotechnology research company that was established in 1952 and is based out of California in the United States. Their specialities include laboratory instruments and products used for purifying, analysing, identifying, separating, and amplifying biological materials, among others.

F. Hoffmann-La Roche AG is a leading healthcare company that was founded in 1896 and is headquartered in Basel, Switzerland. They are dedicated towards development, discovery, manufacturing, and marketing of advanced healthcare solutions.

Other market players include Bruker Corporation, Eppendorf SE, Waters Corporation, Labconco Corporation, Shimadzu Corporation, Thermo Fisher Scientific Inc., and MRC Ltd, among others.

Key Highlights of the Report