According to a new report published by Allied Market Research, titled,"Laboratory Equipment and Disposables Market by Product Type: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the market was valued at $24,286 million in 2017, and is projected to reach $37,872 million by 2025, growing at a CAGR of 5.7% from 2018 to 2025.
Laboratory equipment are the tools used by the lab technicians or scientists to work in a laboratory. They are used to perform various tasks such as analysis of the biological samples of patients, preparation of cell culture mediums for research, studying tissues for diagnosis of various diseases, and others. These equipment include spectrophotometers, incubators, centrifuges, sonicators, microarray equipment, and others. Moreover, laboratory activities also require other tools that can be disposed after use such as gloves, masks, pipettes, tips, and others. These disposables are an integral part of the laboratory tasks as these are used in every task performed. The laboratories perform clinical testing, pathological testing, and microbiological testing by using these equipment and disposables.
The factors that drive the growth of the global laboratory equipment and disposables market include technological advancements in laboratory equipment and surge in private and public healthcare investments. In addition, favorable insurance policies related to laboratory equipment and surge in research related to life science and biotechnology boost the market growth. However, high costs of technologically advanced laboratory equipment and dearth of clinical laboratories in some nations are expected to hamper the market growth. Furthermore, growth in adoption of clinical diagnostics testing worldwide and high market potential in emerging economies provide lucrative opportunities for the growth of the market.
On the basis of product type, the disposable segment is estimated to garner largest share during the forecast period. This segment is expected to maintain its dominant position throughout the analysis period, owing to their vital role in every laboratory task. On the other side, the equipment is the fastest growing segment during the forecast period due to rise in adoption of laboratory testing across the globe and technological advancements in the equipment leading to better result of analysis.
On the basis of type of equipment, spectrophotometer and microarray equipment served as the largest and fastest growing segment of the laboratory equipment and disposables market, owing to their use in wide range of applications in diagnosis of various diseases.
Furthermore, based on type of disposables, cell culture consumables occupied the largest share in the market. The growth of this segment is attributable to the use of cell cultures in identification of biomarkers of a pathological condition. Cell cultures are also used to study metabolic pathways that produce such biomarkers. Metabolites play an important role in cancer diagnosis, recurrences, and prognosis by identifying novel cancer biomarkers. Therefore, the widespread prevalence of cancer across the globe and rise in research related to cancer treatment worldwide are the factors that boost the growth of this market. Moreover, cell imaging consumables segment served as the fastest growing segment in the market due to increase in focus on regenerative medicine.
Key Findings of the Laboratory Equipment and Disposables Market:
- North America occupied more than half of the share of global laboratory equipment and disposables market in 2017.
- The laboratory equipment segment is anticipated to grow with a CAGR of 6.1% during the forecast period.
- The cell culture consumables segment accounted for more than one fifth share of the laboratory disposables market in 2017.
- Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.
North America contributed for the largest share of the market due to easy availability of equipment, rise in R&D investments, and presence of majority of key players and availability of skilled technicians. In addition, the other factors that boost the growth of the market in North America include rise in public and private investments in the region. In 2017, Asia-Pacific accounted for more than one fifth of the total market and are expected to continue this trend due to rise in buying power with developing healthcare infrastructure, thereby boosting the growth of the market in the Asia-Pacific region.
The major companies profiled in this report include Agilent Technologies, Inc., Bio-Rad Laboratories, Bruker Corporation, Danaher Corp, Fujifilm Irvine Scientific, PerkinElmer Inc., Sartorius AG, Shimadzu Corporation, Thermo Fisher Scientific Inc., and Waters Corporation.