Dublin, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The "Laboratory Equipment Market Size, Share & Trends Analysis Report By Product (General, Analytical, Clinical, Support, Specialty), By End-use (Research Institutions, Healthcare, Veterinary), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global laboratory equipment market size is estimated to reach USD 50.27 billion by 2030, registering a CAGR of 7.62% during 2023-2030
The key factors such as increasing government research funding and investments to support research activities, increasing growth of biotechnology and pharmaceutical industries, and technological advancements are driving the growth of the market.
Growing government research funding and investments, especially in biotechnology companies play a vital role in supporting research activities and boosting the need for laboratory equipment. For instance, in March 2023, the UK government announced USD 351.68 million in funding to life sciences companies to advance manufacturing projects in medical diagnostics and human medicines.
These investments and government research funding enable researchers and institutions to invest in the laboratory equipment necessary for their study. These funds are used to promote scientific research initiatives, which in turn augments the growth of the market. To innovate and create new products, the pharmaceutical, biotechnology, and other industries heavily depend on research and development activities. These sectors frequently make significant investments in R&D, including the acquisition of laboratory equipment.
Technological advancements in the field of laboratory equipment is another factor driving the growth of the market. To improve workflows and efficiency, automation technologies are being incorporated into laboratory equipment.
For instance, in Jan 2022, MGI Tech Co. Ltd. launched an automated sample preparation system, MGISP-Smart 8. MGISP-Smart 8 is an independent pipetting robot. These advancements significantly improved the functionality, efficiency, and capabilities of laboratory equipment.
Laboratory Equipment Market Report Highlights
- The general equipment held the largest market share based on product in 2022, owing to the wide range of applications, experiments, and cost-effectiveness, making it a versatile choice for several research fields
- Based on end-use, the healthcare segment held the largest revenue share in 2022, due to the rising demand for diagnostic tests, medical research, and medication development
- In North America, the market is anticipated to witness the fastest CAGR during the forecast owing to the increasing investments and government research funding to support research activities in countries such as the U.S. and Canada
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 100 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $28.03 Billion |
| Forecasted Market Value (USD) by 2030 | $50.27 Billion |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Global |
Market Dynamics
Market driver analysis
- Rising investments and government research funding to support research activities
- Increasing growth of biotechnology and pharmaceutical industries
- Technological advancements in the field of laboratory equipment
Market restraint analysis
- High cost of technologically advanced laboratory equipment
Laboratory Equipment Market Analysis Tools
- Industry Analysis - Porter's
- PESTEL Analysis
- Major Deals & Strategic Alliances Analysis
- Market Entry Strategies
Competitive Landscape
- Sartorius AG
- Bio-Rad Laboratories, Inc.
- FUJIFILM Holdings Corporation
- Thermo Fisher Scientific, Inc.
- Agilent Technologies, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/qiw12h
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