Report Code : A04877
The growth of the laboratory equipment and disposables market is attributed rise in private and public healthcare investments, favorable insurance policies related to laboratory equipment, technological advancements in laboratory equipment and surge in research related to life science and biotechnology. Also, the increase in strategic initiatives such as mergers, collaborations, and acquisitions, by leading players is expected to provide favorable environment for the growth of the market.
Onkar Sumant - Manager
Life Sciences at Allied Market Research
According to a new report published by Allied Market Research, titled, “Laboratory Equipment and Disposables Market," The laboratory equipment and disposables market size was valued at $30,012.81 million in 2021 and is estimated to reach $53,273.02 million by 2031, growing at a CAGR of 5.9% from 2022 to 2031.
The laboratory equipment and disposables market analysis from 2021 to 2031 to identify the prevailing laboratory equipment market and laboratory disposables market opportunities. laboratory equipment and disposables market size is expected to grow globally, particularly in the Asia Pacific region, driven by a rapidly growing healthcare industry, increased investment in the healthcare sector, and the growing focus on laboratory testing and clinical research.
Major factors driving the growth of laboratory equipment market and laboratory disposables market include increasing R&D activities in the pharmaceutical and biotechnology industries, growth in the number of diagnostic centers and hospitals and rising demand for point-of-care and in-vitro diagnostic tests. Increase in R&D activities is one of the major drivers for the laboratory equipment and disposables market share. This is because the pharmaceutical and biotechnology industries are heavily dependent on laboratory testing and experimentation for the development of new drugs, treatments, and therapies. Thus, owing to the expansion and growth of these industries, there is a surge in the need for laboratory equipment and supplies, including disposables.
Furthermore, rise in infectious and viral diseases, such as COVID-19 outbreak, has resulted in a significant increase in demand for laboratory testing and diagnostics. This has resulted in an increased demand for laboratory equipment, including disposables, as a measure to prevent the spread of diseases. In addition, the need for effective and efficient diagnostic tools for the early detection and treatment of viral and bacterial infections is driving the development of new products in the laboratory equipment and disposables market share. Thus, the rise in infectious and viral diseases and severe outbreaks such as corona virus pandemic has positively contributed to the growth in the market.
In addition, the growth in the number of diagnostic centers and hospitals results in an increased demand for laboratory equipment and supplies, including disposables, as these facilities requires a variety of tools and materials for performing diagnostic tests and procedures. This, in turn, drives the growth of the laboratory equipment and disposables market trends.
Furthermore, the shift of researchers and healthcare professionals towards disposable laboratory products is positively impacting the market. This shift is mainly attributed to the convenience and cost-effectiveness of disposable laboratory products. These products are designed for single use and do not require cleaning or maintenance, which reduces costs and increases efficiency in laboratory settings. Additionally, disposable laboratory products are often more cost-effective than reusable alternatives, making them an alternative option for many laboratories. This is anticipated to expand the market during the laboratory equipment and disposables market forecast period.
On the basis of product type, the market is classified into equipment and disposables. The disposable segment is the largest segment in terms of revenue in 2021; this growth was mainly attributed to the surge in demand for disposables such as gloves and mask all around the globe during the pandemic. In addition, the surge in demand for laboratory disposables such as pipettes, tips, cell culture consumables and others for the purpose of COVID-19 testing and diagnosis also contributed to the growth of the segment. On the other hand, the equipment segment is anticipated to grow at the fastest rate with the highest CAGR during the forecast period. This growth in the equipment segment is mainly attributed to the technological advancements in the laboratory's equipment and the subsequent rise in its adoption. In addition, a rise in awareness about the benefits of using advanced laboratory equipment among the population and healthcare community is further anticipated to boost the market growth during the forecast period.
According to the region, North America accounted for the major share of the market in 2021 and is anticipated to remain dominant during the forecast period. The growth in this region is mainly attributed to an increase in clinical diagnostic testing, surge in R&D activities, and growth in awareness related to disease prevention and early testing. In addition, the rise in prevalence of infectious diseases such as corona virus outbreaks increased the number of diagnostic testing in this region. This subsequently increased the demand for laboratory equipment and disposables for diagnosis purposes.
On the other hand, the Asia-Pacific region is anticipated to grow at the fastest rate during the forecast period. The growth of the market in this region is driven by a growing focus on improving healthcare and research capabilities in the countries such as China and India, as well as rise in investment for R&D in this region. In addition, one of the key drivers for the market is the rapidly growing healthcare industry in the region, which is leading to an increased demand for laboratory equipment and supplies. The increasing focus on R&D in the pharmaceutical and biotechnology industries, as well as the growth of the diagnostics laboratories, is boosting the demand for laboratory equipment and disposables in the Asia Pacific region.
According to Onkar Sumant, Manager, Healthcare at Allied Market Research, “The growth of the laboratory equipment and disposables market is attributed rise in private and public healthcare investments, favorable insurance policies related to laboratory equipment, technological advancements in laboratory equipment and surge in research related to life science and biotechnology. Also, the increase in strategic initiatives such as mergers, collaborations, and acquisitions, by leading players is expected to provide favorable environment for the growth of the market.
Key Findings of The Study
By product type, the disposables segment was highest contributor to the market in 2021 and equipment segment is estimated to be the fastest growing segment during the forecast period.
Region wise, North America generated the largest revenue in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
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Laboratory Equipment and Disposables Market by Product Type (Equipment, Disposables): Global Opportunity Analysis and Industry Forecast, 2022-2031
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