In the past thirty years, there has been a significant transformation in microbiology testing. The evolution in medical technology has played a pivotal role in advancing and enhancing the accuracy of microbiology testing. This progress is marked by the introduction of innovative tests, sophisticated instruments, and advanced testing techniques. The integration of technology into microbiology testing processes has not only elevated precision but has also streamlined the entire testing procedure, making it more efficient.
One of the prominent impacts of technology in this field is the advent of Information Technology (IT), which has revolutionized the transfer of data. This technological intervention has significantly reduced the time required for data transfer, opening up extensive possibilities for research on large datasets. This shift in data management has created a substantial scope for further exploration and analysis in microbiology research.
Automation stands out as a key factor driving the changes in the microbiology testing market. The incorporation of automated systems has revolutionized testing practices, making them not only more accurate but also expediting the entire process. This shift towards automation has been well-received by healthcare providers, patients, and those responsible for payment, as it contributes to increased efficiency and reliability in microbiology testing.
Simultaneously, there has been a noticeable increase in the prevalence of infectious diseases globally. Instances such as the Zika virus outbreak and urban occurrences of yellow fever in Africa highlight the urgency of addressing these health challenges. The rise in infectious diseases can be attributed to various factors, including the surge in international travel and trade, the growing density of population, and the expanding interface between humans and animals, particularly within the meat industry.
A significant contributor to the surge in infectious diseases is the increased interaction between humans and animals. For instance, around three-quarters of new emerging infectious diseases are transmitted to humans from animals, as exemplified by the transmission of swine flu. The intertwining of human and animal environments, coupled with factors like international travel and trade, has created a conducive environment for the emergence and spread of infectious diseases.
The escalating prevalence of infectious diseases has created an urgent need for proactive measures to combat these health threats. This urgency is expected to drive the growth of the microbial testing market. As the demand for effective testing and diagnostic measures increases, there will likely be a corresponding expansion in the microbiology testing market to meet these evolving healthcare needs.
The landscape of microbiology testing has undergone significant changes in recent decades, propelled by advancements in medical technology. The integration of innovative tests, sophisticated instruments, and automated techniques has elevated the accuracy and efficiency of microbiology testing. The simultaneous rise in infectious diseases globally, fueled by factors like international travel and interaction between humans and animals, underscores the importance of proactive measures. The demand for microbial testing is anticipated to grow in response to the pressing need for effective diagnostic tools and strategies in the face of emerging health challenges.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | Growing research activity in the pharmaceutical and biotechnology sectors |
Market Dynamics | The growing requirement of laboratory equipment |
Laboratory Equipment Market Size was valued at USD 52.65 billion in 2023 and is projected to grow from USD 56.60 Billion in 2024 to USD 102.11 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.66% during the forecast period (2024 - 2032).
Growing research activity in the pharmaceutical and biotechnology sectors are the key market drivers enhancing the market growth.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
In January 2023, Siemens Healthineers announced the creation of a Centre of Excellence for Immunoassay Instrument Research and Development (R&D) in Swords, Ireland. The primary goal of the new Centre will be to unlock revolutionary advancements in laboratory devices used for detecting cancer, infectious diseases, and blood problems. Siemens Healthineers plans to make a significant financial commitment to enhance the production and engineering facilities that now produces medical diagnostic equipment worldwide, with an investment totaling several million euros.
The Irish Government is providing funds for this project through IDA Ireland. The investment will empower physicians to better patient care by equipping the diagnostic laboratories that assist them with improved precision, efficiency, and reliability. Moreover, it will create supplementary job prospects. Siemens Healthineers plans to create 100 new jobs over the next few years through this significant investment. Out of these, 65 positions will be in high-level engineering, focusing on data science, software engineering, machine learning, artificial intelligence, and systems engineering.
In June 2023, Revvity, Inc. introduced its Signals Research Suite. This integrated, cloud-based software-as-a-service (SaaS) platform enables scientific cooperation across several research and development domains, such as the creation of specialized chemicals and the exploration of new drugs. Revvity Signals Software, the section of Revvity that focuses on software and informatics, has recently launched a solution that can be accessed worldwide.
The solution integrates the Revvity Signals Notebook, VitroVivo, and Inventa applications to create a powerful and cohesive system that offers extensive assistance throughout the drug development process. This includes support for early research, in vitro testing, safety assessment, early development, and the creation of innovative specialty chemicals. The Signals Research Suite enables scientists to improve their work by merging the products they are already familiar with into a unified solution. This approach helps them avoid the complexities and inefficiencies of a fragmented ecosystem that is focused on individual applications.
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 Laboratory Equipment Industry segmentation, based on product type, includes Incubators, Centrifuges, Spectrometers, Scopes, Sonicators, Autoclaves, and others. Each product has a very crucial role when carrying out research on cell or tissue culture, which is essential to studying drug toxicology, oncology therapies, and personalized medicine. The incubators segment is the largest owing to the high equipment costs. With the help of the equipment, process controls, experiments, and quality assurance are carried out. Scientific institutions such as laboratories, research centers, and companies need quality laboratory equipment to perform a variety of tests, studies, and experiments.
The results of these activities depend upon the quality, strength, and durability of the equipment. They aid to offer accurate results and also improve work efficiency. This is eventually creating demand for the equipment and boosting the market growth.
Thermo Fisher Scientific Inc. - June 2024: Thermo Fisher Scientific has introduced an advanced line of automated incubators designed for high-throughput applications. These incubators feature integrated AI-driven systems for real-time monitoring and control of temperature and humidity, ensuring optimal conditions for cell cultures and microbiological samples. The new models also include a user-friendly interface with remote access capabilities, enabling researchers to manage experiments and receive alerts from anywhere.
Bruker (US) - May 2024: Bruker unveiled a cutting-edge mass spectrometer with enhanced sensitivity and resolution. The new model integrates advanced ionization techniques and high-resolution detectors, offering improved performance for complex biomolecular analyses. This mass spectrometer is designed to meet the needs of researchers in proteomics and metabolomics, providing faster and more accurate results for a wide range of applications.
Eppendorf AG (Germany) - April 2024: Eppendorf AG launched a state-of-the-art centrifuge equipped with a novel rotor technology that reduces noise and vibration during operation. The new centrifuge model features an intuitive touchscreen interface and automatic rotor recognition, enhancing user convenience and safety. Additionally, the centrifuge incorporates energy-efficient components that contribute to reduced operational costs and environmental impact.
The Laboratory Equipment market segmentation, based on application, includes Biochemistry, Endocrinology, Microbiology, Genetic Testing, and others. The biochemistry segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2032. This is due to the funding to support biomedical research activities by government authorities has helped the key players focus on research activities and indulge in collaboration and partnerships with other organizations. Hence, rising applications of biochemistry segment for Laboratory Equipment positively impacts the market growth.
Based on End Users, the Laboratory Equipment industry has been segmented into Hospitals and Clinics, and others. Hospitals and Clinics held the largest segment share in 2023, owing to accelerated surge in research in drug discovery by dominant firms, increasing the predominance of ailments, and expanding consciousness about health. The extensive series of applications and the boost in the count of clinical scientists involved in clinical trials and added experiments targeted are further propelling the growth of this segment.
June 2024: Agilent Technologies announced the release of the Agilent 6495B Triple Quadrupole LC/MS System, which offers enhanced sensitivity and quantitation capabilities for clinical research and diagnostics. This system is designed to improve the detection of low-abundance biomarkers and is aimed at advancing personalized medicine.
May 2024: Thermo Fisher Scientific introduced the Thermo Scientific Orbitrap Eclipse Tribrid Mass Spectrometer, which features advanced ion optics and enhanced resolution for high-throughput proteomics and metabolomics. This system aims to provide more detailed molecular insights and support complex clinical research applications.
April 2024: Bio-Rad Laboratories launched the Bio-Rad PrecisionPlus Protein Standards, which offer improved accuracy and reproducibility for protein quantification in research and clinical settings. This development enhances the reliability of quantitative protein analysis and supports advanced diagnostic applications.
Figure 2 Laboratory Equipment Market, by End User, 2024 & 2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
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.
In June 2022, Positive Purchasing has announced a strategic partnership with procurement intelligence and analytics provider, Beroe. The move makes Positive Purchasing’s digital platform, Procleus, available on Beroe LIVE.Ai, a procurement productivity suite that provides access to the latest.
October 2021: Pace Analytical® Services, LLC, favored provider of in-lab, mobile, and emergency onsite specialty-contaminant and regulatory experiment and investigation services, declared that it has acquired ProScience Analytical Services, Inc, a provider of environmental analytical services in north eastern U.S. This acquisition offers progressive Transmission Electron Microscopy (TEM) capacities to the Pace laboratory network.
May 2021: Waters' introduced pump with the role of mass spectrometry research in the combat against SARS-CoV-2. Scientists can presently directly measure particular viral NCAP peptides in a greatly re-creatable manner with the Waters SARS-CoV-2 LC-MS Kit (RUO), permitting breakthrough research of the SARS-CoV-2 virus.
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)