Laboratory Equipment Market

Growing Requirement of Laboratory Equipment to boost market growth

The growing requirement of laboratory equipment is directly proportional to laboratory equipment services' growth. According to the World Health Organization (WHO), chronic diseases such as cardiovascular diseases, cancer, and diabetes are the leading causes of death globally. For example, in 2024, cardiovascular diseases alone are responsible for over 17 million deaths annually, driving the need for advanced diagnostic equipment.

Therefore, the growing need of laboratory equipment for the effective and timely diagnosis of diseases will drive the growth for this market. Additionally, the increased prevalence of acute and chronic diseases across the globe, which might require laboratory equipment, is expected to accelerate the market's overall growth.

Furthermore, the rapid growth in pharmaceutical and biotechnology industries along with the expanding healthcare sector are also expected to fuel market growth. Moreover, the increasing demand for effective diagnosis of diseases will further expand the future growth of the laboratory equipment services market.

According to the World Bank, global healthcare spending is expected to reach $10 trillion by 2024, with a significant portion allocated to diagnostic services and equipment. This reflects the emphasis on improving diagnostic capabilities and early disease detection.

The increasing number of investments in the research activities in pharmaceutical and biotechnology industries are also projected to offer numerous growth opportunities the growth of the market. Moreover, the rising investments and government research funding to support biomedical research activities and increased government funding for research organizations and academic institutions are also estimated to generate lucrative opportunities for the market. However, high cost of the services contracts may impede demand growth of the Laboratory Equipment sector revenue.

The Global Global Laboratory Equipment Market Industry is experiencing a surge in demand driven by rapid technological advancements. Innovations in laboratory equipment, such as automated systems and advanced analytical instruments, enhance efficiency and accuracy in research and testing. For instance, the integration of artificial intelligence and machine learning in laboratory processes allows for more precise data analysis and predictive modeling. This trend is expected to contribute significantly to the market's growth, with projections indicating a market value of 56.6 USD Billion in 2024. As laboratories increasingly adopt these cutting-edge technologies, the industry is poised for substantial expansion.

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Laboratory Equipment Industry accounted for USD 20.54 billion and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the surging grants for schools and private organizations for laboratory equipment installation which may involve analytical equipment along with the developing healthcare infrastructure across the region.

Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3 Laboratory Equipment Market Share By Region 2024 (%)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Laboratory Equipment market accounts for the second-largest market share due to the wing to the increasing acceptance of the most-recent technologies and the well-entrenched healthcare infrastructure with laboratory equipment services including analytical equipment in the region. Further, the Germany Laboratory Equipment Industry held the largest market share, and the UK Laboratory Equipment Industry was the fastest growing market in the European region

The Asia-Pacific Laboratory Equipment Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to rising import of laboratory equipment, increasing number of CROs, surging research and development activities. Moreover, China Laboratory Equipment Sector held the largest market share, and the India Laboratory Equipment Sector was the fastest growing market in the Asia-Pacific region

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Lab Equipment market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Laboratory Equipment industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the Laboratory Equipment industry to benefit clients and expand the market sector is to smaller and easy-to-use instruments with built-in connectivity. In recent years, Laboratory Equipment industry has provided equipment with some of the most significant benefits. The Laboratory Equipment Industry major player such as Beroe, Thermo Fisher Scientific Inc. (US), Agilent Technologies Inc. (US), BD (US), Beckman Coulter Inc. (US), Bio-Rad Laboratories Inc. and others are working to expand the market demand by investing in research and development activities.

Thermo Fisher Scientific Inc. is an American supplier of scientific instrumentation, reagents and consumables, and software services based in Waltham, Massachusetts. Thermo Fisher Scientific has acquired other reagent, consumable, instrumentation, and service providers, including Life Technologies Corporation, Alfa Aesar, Affymetrix , FEI Company, BD Advanced Bioprocessing, and PPD. In May 2020, CSL Limited, a worldwide biotechnology firm, and Thermo Fisher Scientific Inc., the world leader in serving science, have formed a strategic agreement to assist fulfil the growing demand for biologic therapeutics while also driving CSL's broader production objectives. 

CSL's product portfolio will be supported by Thermo Fisher's pharma services network, which includes medication development, biologics production, sterile fill-finish, packaging, and clinical trial logistics.

Also, The SaaS-based provider of procurement intelligence and analytics is called Beroe. We provide expertise, data, and insights that help businesses source products and services more wisely, which lowers costs, lowers risk, and increases profitability. Since more than 15 years ago, Beroe has been a dependable source of intelligence. Currently, 10,000 businesses ly, including 400 Fortune 500 firms, cooperate with Beroe. 

BERTIN Technologies SAS introduced the Precellys Evolution Touch, an innovative tissue homogenizer that simplifies biological sample preparation. This product, unveiled at the LABVOLUTION 2023 trade show, reduces preparation time significantly, catering to the needs of both research and clinical laboratories.