by 
The global Laboratory Equipment Market is estimated to be valued at US$ 50.27 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Laboratory equipment refers to tools, instruments, machines, and other devices that are used for scientific experiments, research, measurements, and analysis across various industries such as pharmaceuticals, biotechnology, healthcare, and others. Laboratory equipment includes incubators, centrifuges, spectrophotometers, pH meters, microscopes, thermal cyclers, autoclaves, and others. Laboratory equipment assists in performing experiments precisely and obtaining accurate results. The rising focus on research and development activities and swift diagnosis is driving the demand for laboratory equipment.
Market key trends:
One of the key trends in the laboratory equipment market is the shift towards automated equipment. Automated laboratory equipment helps in reducing manual errors, streamlining workflows, and improving productivity. Technological advancements are enabling the development of automated laboratory equipment with improved precision, accuracy, and throughput. For instance, automated liquid handlers are used for liquid transfer processes with higher precision and efficiency. Growing demand for miniaturized and portable laboratory equipment from biotech and pharma companies is another trend. Portable and miniaturized equipment enable field and on-site testing with ease of use.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants is moderate. High capital requirements for R&D, manufacturing facilities, and brand recognition create significant barriers for new companies.
Bargaining power of buyers: The bargaining power of buyers is high. Laboratory equipment is available from many global and regional suppliers, giving buyers multiple alternatives and enabling negotiations on pricing.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. Key raw material requirements enable some supplier power, however, the supplier base is fragmented with no single supplier dominance.
Threat of new substitutes: The threat of substitutes is low. Laboratory equipment provides specialized services with limited alternatives available.
Competitive rivalry: The competitive rivalry is high among established players. Major players compete on technology leadership, pricing, and service support.
Key Takeaways:
The global laboratory equipment market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing expenditure on R&D from pharmaceutical and biotechnology companies.
The North American region dominated the market in 2023, accounting for over 35% share of the global laboratory equipment market. Presence of major players and increasing R&D investments from private and public organizations are driving the market in the region. Asia Pacific is expected to exhibit the fastest growth during the forecast period owing to expansion of healthcare infrastructure and generic drug manufacturing in major countries like China and India.
Key players operating in the laboratory equipment market are Thermo Fisher Scientific, Danaher Corporation, Agilent Technologies, PerkinElmer, Merck KGaA, Bio-Rad Laboratories, Bruker Corporation, Waters Corporation, Shimadzu Corporation, and Labconco Corporation. Major players are focusing on product innovation and expansion in emerging markets through acquisitions and partnerships.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
