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Life Sciences & Lab Equipment Market - Forecast(2024 - 2030)
Life Sciences & Lab Equipment Market Overview
Life Sciences & Lab Equipment Market size is estimated to reach $49.6 billion by 2026, growing at a CAGR of 5.8% during 2021-2026. Laboratory is facility that is equipped to perform scientific experiments with the help of equipment such as watch glasses, Erlenmeyer flasks, graduated cylinders, Bunsen Burners and disposables. Micromanipulation systems are most common equipment in laboratory that physically interact with a sample under a microscope. In laboratory, lab air filtration system offers solution in order to modify air quality within the laboratory in order to provide safety. In laboratory, laminar flow hood are used as ventilation devices to provide an aseptic work area that helps to prevent both the laboratory personnel and the materials. A homogenizer is a piece of laboratory that are high-quality handheld models which is used for the homogenization of various types of material in molecular biology. Laboratory Equipment offers spectrophotometers that helps to measure light intensity as a function of wavelength. Increasing prevalence of infectious disease among people and growing technological advancement is the major factor driving the growth of this market. Furthermore, increasing research and development activities in medical industry is set to further enhance the overall market demand for Life Sciences & Lab Equipment Market for the period 2021-2026.
Report Coverage
The report: “Life Sciences & Lab Equipment Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Life Sciences & Lab Equipment Market.
By Equipment Type: Cold Storage, Lab Ovens & Furnaces,
Liquid Handling, Lab Centrifuges & Shakers, Microbiological Incubators
& Environmental Chambers, Water baths, Circulators & Chillers,
Analytical & Measuring Instruments, Others.
By Technology Type: Spectroscopy, Chromatography, PCR, Immunoassays,
Lyophilization, Clinical Chemistry Analyzers, Microscopy, Flow Cytometry,
Centrifuges, Electrophoresis, Others.
By Application: Cell Culture & Cell Therapy, Cancer
Research, Drug Discovery, Genomics, In,Vitro Fertilization, Bioprocess,
Metabolomics, Proteomics, Others.
By End Users: Clinical & Diagnostic, Research, Academic &
Government Institutions, Pharmaceutical & Biotechnology, Blood Banks,
Others.
By Geography: North America (U.S., Canada, Mexico),
Europe (U.K, Germany, Italy, France, Spain, Russia, Rest of Europe), Asia
Pacific (China, Australia, Japan, South Korea, India, Rest of Asia Pacific),
South America (Brazil, Argentina, Others) and Rest of the World (Middle East,
Africa).
Key Takeaways
- Geographically, in 2020, APAC dominated the Life Sciences & Lab Equipment Market owing to increasing prevalence of infectious diseases that require laboratory testing, high healthcare expenditure and increasing favorable reimbursement policies.
- Increasing prevalence of infectious disease among people and growing technological advancement factors are likely to aid in the market growth of the Life Sciences & Lab Equipment.
- Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Life Sciences & Lab Equipment Market report.
- High
cost associated with laboratory equipment is set to create hurdles for the
Life Sciences &d Lab Equipment Market.
Life Sciences & Lab Equipment Market, By Region, 2020
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Life Sciences & Lab Equipment Market Segment Analysis – By Technology
Spectroscopy technology type segment held the highest market share of life sciences & lab equipment in 2020. Moreover, it is anticipated to witness the significant market growth during the forecast period 2021-2026. Numerous diagnostic and medicinal uses require the biomedical usage of illumination. Photon time-of-flight spectroscopy can assist such therapeutic methods by providing them with data on tissue reaction optical properties. The key benefit of this technique is a fast and non-destructive approach that involves little to no preparation of samples. Furthermore, the development of chemo metrics (the retrieval of knowledge through data-driven means) has improved its susceptibility to detecting small differences in complex datasets. In January 2020, Shimadzu entered into a partnership with Providence Cancer Institute for advancement of Cancer Immunotherapy research in which mass spectrometry technology is applied to develop tools for personalized cancer immunotherapeutic. A significant aspect of this work is the discovery of clinical signatures that can forecast the efficacy of immunological therapies as immunological therapy has emerged as a successful cancer treatment. Consequently such research activities and investments made by government propels the market growth.
Life Sciences & Lab Equipment Market Segment Analysis – By End User
Life sciences & lab equipment is segmented
into clinical & diagnostic, research, academic & government
institutions, pharmaceutical & biotechnology, blood banks and others on the
basis of end users. The market of pharmaceutical & biotechnology is
anticipated to hold the highest market share during the forecast period 2021-2026. The
market growth is attributed to the factors such as the growing requirement for
advanced drugs with an emerging populace, increased occurrence and
proliferation of multiple debilitating illnesses. Moreover, increased unmet
needs of many chronic and uncommon illnesses all over the region, and increased
clamour for pharmaceutical and biopharmaceutical drugs from global markets also
adds up to the market growth. In September 2019, Interpace entered into a
strategic partnership agreement with Genecast Biotechnology to Partner with
Biopharma Solutions in China for developing, promoting, and offering
translational studies and clinical trial solutions. Such partnership leverages
a positive impact on the market growth of life sciences & lab equipment.
Life Sciences & Lab Equipment Market Segment Analysis – By Geography
APAC dominated the Life Sciences & Lab Equipment Market with major share of 40% in 2020. This is owing to the increasing prevalence of infectious diseases that require laboratory testing, high healthcare expenditure and increasing favorable reimbursement policies. According to Center for Disease Control and Prevention (CDC), about 745,000 people are suffering from infectious diseases in 2019 that increase the growth of this segment. However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 3.55% during the forecast period 2021-2026 owing to rising population and increasing development in healthcare.
Life Sciences & Lab Equipment Market Drivers
Increasing Prevalence of Infectious Disease
Increasing prevalence of various infectious diseases such as HIV, Ebola, TB, and others increasing the growth of the Life Sciences & Lab Equipment Market. According to World Health Organization, about 1.4 million people are suffering from TB that increases the demand for equipment such as homogenizers, spectrophotometers for treatment and are increasing the growth of the Life Sciences & Lab Equipment Market over 2021-2026.
Growing Technological Advancement
Technological advancements in the
field of laboratory equipment, increase in number of clinical diagnostic
procedures, and rise in private & public healthcare investments increases
the growth of this Market. Moreover, improved diagnostic facilities increases
the need of laboratories equipment and are increasing the growth of Life
Sciences & Lab Equipment Market over 2021-2026.
Covid-19 Impact:
COVID-19 pandemic had greatly
affected the Life Sciences & Lab Equipment Market. During pandemic,
researchers are working relentlessly to develop a vaccine and potential
treatments for Covid-19 that increases the need of laboratory equipment and are
positively impacted the growth of this market.
Life Sciences & Lab Equipment Market Challenges
High Cost Associated with Laboratory Equipment
The factor that is set to impede
the growth of the Life Sciences & Lab Equipment Market and is high
cost of technologically advanced laboratory equipment. Moreover, lack of
clinical laboratories is set to create hurdles for the Life Sciences & Lab
Equipment Market. Implementation of new features and
configurations, advancements in technology and revolutionary solutions add to
their cost. Drug manufacturing companies need a large amount of laboratory
tools, and procurement costs are significantly rising due to high prices
Life Sciences & Lab Equipment Market Landscape
Product launches, mergers and
acquisitions, joint ventures, and geographical expansions are key strategies
adopted by players in the Life Sciences & Lab Equipment Market. Life
Sciences & Lab Equipment top 10 companies include, Bio-Rad Laboratories,
Danaher Corp, Bruker Corporation, Fujifilm Irvine Scientific, Sartorius AG,
PerkinElmer Inc., Shimadzu Corporation, Thermo Fisher Scientific Inc., Agilent
Technologies, Labcyte, and Beckman Coulter Life Sciences Inc.
Life Sciences & Lab Equipment Market Development
- In January 2020, Benchling, the pioneering R&D technology application for life sciences, confirmed the introduction of Benchling for Lab Automation, a revolutionary system built to help life science organizations optimize innovation in laboratory automation. The service provides researchers with a standardized platform for planning, recording and executing up to 10,000 experiments in a single experiment and digitally monitoring each study.
- In January 2019, Beckman
Coulter Life Sciences Inc., announced the acquisition of Labcyte in order
to expand the laboratory automation business and enhance time-saving
solutions for customer workflows.
Relevant Reports:
Clinical
Laboratory Services Market
Report Code: HCR 87532
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