Redding, California, May 18, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled ‘Life Science and Laboratory Equipment Market by Technology (Spectroscopy [Molecular, Atomic, Mass] Chromatography [HPLC, GC, TLC] Microscopy, PCR, ELISA, Microarray, Sequencer, Flow Cytometry, Electrophoresis, Software) End User — Global Forecast to 2030,’ published by Meticulous Research®, the life sciences and laboratory equipment market is projected to reach $62.77 billion by 2030, at a CAGR of 5.7% from 2023 to 2030.
Life sciences encompass a wide range of fields, including biology, biochemistry, genetics, pharmacology, and many more. Laboratory equipment plays a critical role in conducting experiments, collecting data, and analyzing samples to further scientific research and advance our understanding of living organisms and their underlying mechanisms. Equipment is also necessary for quality checks and validation of manufactured drugs and biologics in the life sciences industry. The growth of the life sciences industry is driving the adoption of life sciences and laboratory equipment.
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The growth of this market is attributed to several factors, including increasing funding and investment in the pharma, biotech, and life science industries, government initiatives to strengthen R&D for biotech and life sciences, rising prevalence of chronic diseases, and growing clinical capabilities globally. Additionally, the growth in genomics and proteomics, increasing awareness, growing adoption of personalized medicine, and emerging economies are expected to provide significant opportunities for players operating in the market.
Growing Awareness and Adoption of Personalized Medicine to Offer Opportunities for Players Operating in the Life Sciences and Laboratory Equipment Market
Personalized medicine, also known as precision medicine, is an emerging approach to patient care. Physicians choose a treatment method based on the patient's genetic makeup (also considering genetic changes resulting from a disease) and lifestyle habits. It is an emerging disease treatment and prevention approach that considers individual variability in genes, environment, and lifestyle.
Precision medicine can remove the need for guesswork, variable diagnostic ability, and treatment strategies based on generalized demographics. Moreover, precision medicine enables a more holistic view of an individual patient. Precision medicine for clinical workflows helps facilitate more predictive and preventive care by bringing targeted therapies.
There has been an increase in the adoption of personalized medicine in recent years. For instance, according to the Personalized Medicine Coalition, the share of personalized medicine has increased steadily in the total drugs approved in the U.S. by FDA from 28% in 2015 to 35% in 2021.
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The increasing awareness and adoption of personalized medicine are driving the demand for specialized laboratory equipment and technologies that enable precise and accurate genetic and molecular analysis. Personalized medicine heavily relies on genetic testing, sequencing, analysis of genetic, genomic, and proteomic information, and biomarker identification and validation. This necessitates the use of advanced laboratory equipment, such as DNA sequencers, gene sequencers, PCR machines, real-time PCR systems, next-generation sequencers, mass spectrometers, immunoassay analyzers, and chromatography systems, to accurately derive the necessary results.
Based on technology, in 2023, the spectroscopy segment is expected to account for the largest share of the market. The significant market share of this segment is attributed to its high precision and sensitivity, technological advancements, large user base, and wide range of applications in life sciences. Spectroscopy is used in various areas of life sciences research, including drug discovery, formulation and quality control, metabolomics, proteomics, genomics, environmental analysis, food and beverage analysis, and clinical diagnostics.
The spectroscopy segment is further subsegmented into molecular spectroscopy, atomic spectroscopy, mass spectrometry, and software. In 2023, the molecular spectroscopy segment is expected to account for the largest share of the spectroscopy market. Molecular spectroscopy is used to determine the composition of a material in an unknown chemical composition. It is used in various applications across food & beverage, environmental screening, pharmaceutical, and biotech industries. Therefore the wide range of applications of molecular spectroscopy coupled with the growth of the life sciences industry, especially the pharmaceutical and biotech sectors, contribute to the large market share of this segment.
Based on end user, the pharmaceutical and biotechnology industry segment is projected to register the highest CAGR during the forecast period. The growth of this segment is being driven by several factors, including the increasing demand for new drugs and therapies, leading to extensive research and development activities, the need for technologically advanced equipment in the pharmaceutical and biotech industries, rising funding and investments in the pharmaceutical and biotech industry, and increasing healthcare expenditure.
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Based on geography, in 2023, North America is expected to account for the largest share of the life sciences and laboratory equipment market. North America’s major market share is attributed to the presence of key players, its well-established life science industry, and substantial spending on R&D activities by pharmaceutical and biotech companies.
The report offers a competitive landscape based on an extensive assessment of the leading players’ product portfolios and geographic presence and the key growth strategies adopted by them in the last three to four years. In recent years, the life science and laboratory equipment market witnessed several product launches, collaborations, agreements, and expansions. Some of the key players operating in the life sciences and laboratory equipment market are Agilent Technologies, Inc (U.S.), Becton, Dickinson, and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), PerkinElmer, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Waters Corporation (U.S.), Bruker Corporation (U.S.), Shimadzu Corporation (Japan), Siemens Healthineers (Germany), Eppendorf SE (Germany), Sartorius AG (Germany), and Qiagen N.V. (Germany).
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Scope of the Report:
Life Sciences and Laboratory Equipment Market Assessment—by Technology
- Spectroscopy
- Molecular Spectroscopy
- UV/Vis Spectroscopy
- Near-Infrared (NIR) Spectroscopy
- Infrared (IR) Spectroscopy
- Nuclear Magnetic Resonance (NMR)
- Polarimeters and Refractometers
- Fluorescence & Luminescence Spectroscopy
- Other Molecular Spectroscopy Technologies
- Molecular Spectroscopy
(The Other Molecular Spectroscopy Technologies Segment includes Raman Spectroscopy, Ellipsometry, and Color Measurement)
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- Atomic Spectroscopy
- Atomic Absorbance Spectroscopy (AAS)
- X-Ray Diffraction (XRD)
- X-Ray Fluorescence Spectroscopy (XRF)
- Other Atomic Spectroscopy Technologies
- Atomic Spectroscopy
(The Other Atomic Spectroscopy Technologies segment includes Inductively Coupled Plasma (ICP) Spectroscopy, Glow Discharge Spectroscopy, and Arc/Spark Optical Emission Spectroscopy)
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- Mass Spectrometry
- Quadrupole LC/MS
- Time of Flight LC/MS (Q-TOF & LC-TOF)
- Fourier Transform Mass Spectrometry FT/MS and Ion Trap Liquid Chromatography-Mass Spectroscopy (LC/MS)
- Gas Chromatography-Mass Spectrometry (GC/MS)
- Matrix-Assisted Laser Desorption/Ionization-Time of Flight (MALDI-TOF)
- Magnetic Sector Mass Spectrometry (MS-MS)
- Portable and in-Field Mass Spectrometry
- Software
- Mass Spectrometry
- Chromatography
- High-Performance Liquid Chromatography (HPLC)
- Gas Chromatography (GC)
- Lo- Pressure Liquid Chromatography
- Ion Chromatography
- Flash Chromatography
- Thin Layer Chromatography (TLC)
- Supercritical Fluid Chromatography (SFC)
- Software
- Lab Automation
- Automatic Liquid Handling
- Microplate Readers
- Management informatics
- Robotics
- Automated Storage and Retrieval Systems
- Microscopy
- Optical Microscopy
- Electron Microscopy
- Scanning Probe Microscopy
- Surface Analyzers
- Software
- Sequencers and Amplifiers
- Amplifiers
- Thermal Cyclers
- PCR
- Sequencers
- Software
- Amplifiers
- Immunoassay Analyzers
- Enzyme-linked Immunosorbent Assay (ELISA)
- Fluorescence Immunoassay
- Chemiluminescence Immunoassay
- Radioimmunoassay (RIA)
- Nephelometric Immunoassay
- Software
- Flow Cytometry
- Cell-Based Flow Cytometers
- Bead-Based Flow Cytometers
- Software
- Microarrays
- DNA Microarrays
- Protein Microarray
- Tissue Array (TMA)
- Cell Microarray
- Other Microarrays
- Software
(The Other Microarrays Segment includes Glycan Microarray, Carbohydrate Microarray, and Chemical Compounds Microarrays)
- Electrophoresis
- Gel Electrophoresis
- Capillary Electrophoresis
- Software
- Centrifuges
- Incubators
- Safety Cabinets
- Other Equipment
(The Other Equipment Segment includes Autoclaves, Stirrers & shakers, Mixers, Baths, Hot Plates, Ovens & Furnaces, and Balances)
Life Sciences and Laboratory Equipment Market Assessment —by End User
- Pharmaceutical and Biotechnology Industry
- Environmental Testing Laboratories
- Academic & Research Institutes
- Agriculture and Food Industry
- Hospitals and Diagnostic Laboratories
- Forensic Laboratories
Life Sciences and Laboratory Equipment Market Assessment —by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Switzerland
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of LATAM (RoLATAM)
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa (RoMEA)
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