The laboratory equipment market industry is projected to grow from significant value by 2032, exhibiting a compound annual growth rate (CAGR) of 11.20% during the forecast period (2024 - 2032). Increasing demand for healthcare services, technological advancements, growing pharmaceutical industry, and government initiatives are the main market drivers anticipated to propel the laboratory equipment market in India.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The demand for healthcare services in India is increasing due to several factors such as rising population, increasing incidence of chronic diseases, and growing awareness and accessibility of healthcare services. The increasing demand for healthcare services is driving the growth of the laboratory equipment market in India. India is witnessing a rise in the number of hospitals, clinics, and diagnostic centers, which require laboratory equipment to provide accurate and timely diagnosis and treatment to patients.
As a result, there is a need for advanced laboratory equipment in these facilities, which is driving the growth of the laboratory equipment market in India. The increasing prevalence of chronic diseases, such as diabetes, cancer, and cardiovascular diseases, is also driving the demand for laboratory equipment in India. Laboratory equipment is used to diagnose and monitor these diseases, which require regular testing and monitoring. With the growing prevalence of chronic diseases in India, the demand for laboratory equipment is expected to increase further.
Moreover, the Indian government is taking various initiatives to promote healthcare services in the country. The government is investing in the development of healthcare infrastructure and is promoting research and development in the healthcare industry, which is driving the growth of the laboratory equipment market in India. Additionally, the increasing awareness and accessibility of healthcare services in India are also driving the demand for laboratory equipment. With the rise in income levels and the growing middle-class population, more people in India are seeking quality healthcare services, which is driving the demand for laboratory equipment.
The India Laboratory Equipment market segmentation, based on equipment type includes Analytical Equipment, General Equipment, Specialty Equipment, and Support Equipment. The analytical equipment segment dominated the market mostly. The demand for analytical equipment in India is driven by the growing healthcare industry, increasing focus on research and development, and rising demand for personalized medicine. Additionally, the increasing prevalence of chronic diseases in India is driving the demand for analytical equipment for diagnosis and monitoring purposes.
The India Laboratory Equipment market segmentation, based on type, includes Repair and Maintenance, Calibration, Validation, and Other Services. The calibration category generated the most income. The demand for calibration services in India is driven by the increasing focus on quality control and the need for accurate and reliable laboratory results. Additionally, the growing healthcare industry in India is driving the demand for calibration services as accurate and reliable laboratory results are essential for diagnosis and treatment purposes.
The India Laboratory Equipment market segmentation, based on service providers, includes OEMs, Third-Party Service Providers, and Other Service Providers. The OEMs (Original Equipment Manufacturers) segment is the most dominating segment in the India Laboratory Equipment Market. OEMs provide services such as installation, repair, and maintenance of laboratory equipment, and are the primary service providers for laboratory equipment. The demand for OEM services in India is driven by the increasing demand for laboratory equipment in various industries, such as healthcare, pharmaceuticals, and research. Additionally, the growing focus on quality control and the need for accurate and reliable laboratory results are driving the demand for OEM services.
The India Laboratory Equipment market segmentation, based on contract type, includes Standard and Customized. The customized contract type segment is the most dominating segment in the India Laboratory Equipment Market. Customized contracts involve the customization of laboratory equipment and services to meet the specific needs of customers and are essential for providing tailored solutions to customers. The demand for customized contracts in India is driven by the increasing demand for advanced laboratory equipment and services, and the need for solutions that meet the specific needs of customers. Additionally, the growing focus on research and development and the need for personalized medicine are driving the demand for customized contracts.
Figure 1: India Laboratory Equipment Market, by Contract Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
India is a rapidly growing market for laboratory equipment, driven by several factors such as rising healthcare expenditure, growing focus on research and development, and increasing awareness and accessibility of healthcare services. The healthcare industry in India is witnessing significant growth due to the increasing prevalence of chronic diseases, rising population, and growing middle-class population. This is driving the demand for laboratory equipment in hospitals, clinics, and diagnostic centers, which require advanced equipment for accurate and timely diagnosis and treatment of patients. Additionally, the Indian government is taking various initiatives to promote the healthcare industry in the country.
The government is investing in the development of healthcare infrastructure, promoting research and development in the healthcare industry, and encouraging foreign investment in the sector. Moreover, the increasing focus on research and development in India is driving the demand for laboratory equipment in research institutes, universities, and pharmaceutical companies. The growing demand for personalized medicine is also driving the demand for advanced laboratory equipment and services.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the laboratory equipment market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, laboratory equipment industry must offer cost-effective items.
Major players in the laboratory equipment market are attempting to increase market demand by investing in research and development operations includes Agilent Technologies; Thermo Fisher Scientific Inc.; Waters Corporation; Danaher Corporation; Siemens Heathineers; Eppendorf AG; PerkinElmer Inc; Pace Analytical Services, Inc.
Key Companies in the Laboratory Equipment Market Include
Laboratory Equipment Industry Developments
2021: Thermo Fisher Scientific, a leading provider of laboratory equipment, announced the acquisition of Henogen, a Belgian-based viral vector manufacturing company. This acquisition will enhance Thermo Fisher's capabilities in the development and manufacturing of gene and cell therapies.
2019: Shimadzu Corporation, a Japanese-based provider of analytical and measuring instruments, announced the launch of its new Nexera series of liquid chromatography systems in India. This launch aimed to meet the growing demand for advanced laboratory equipment in the country.
| Report Attribute/Metric | Details |
| Market Size 2022 | Significant Value |
| Market Size 2023 | Significant Value |
| Market Size 2032 | Significant Value |
| Compound Annual Growth Rate (CAGR) | 11.20% (2023-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Equipment Type, Type, Service Provider, Contract Type, and Region |
| Countries Covered | India |
| Key Companies Profiled | Agilent Technologies; Thermo Fisher Scientific Inc.; Waters Corporation; Danaher Corporation; Siemens Heathineers; Eppendorf AG; PerkinElmer Inc; Pace Analytical Services, Inc |
| Key Market Opportunities | ·      Increasing demand for advanced laboratory equipment ·      Rise in the number of new investors, and robust R&D efforts by current market participants |
| Key Market Dynamics | ·      Growth in the OEMs segment ·      Rising interest in calibration services |
Frequently Asked Questions (FAQ) :
India laboratory equipment market size was valued at significant value in 2022.
The market is projected to grow at a CAGR of 11.20% during the forecast period, 2023-2032.
The key players in the market are Agilent Technologies; Thermo Fisher Scientific Inc.; Waters Corporation; Danaher Corporation; Siemens Heathineers; Eppendorf AG; PerkinElmer Inc; Pace Analytical Services, Inc.
The calibration category dominated the market in 2022.
The customized category had the largest share in the market.
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