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Life Sciences And Laboratory Equipment Market Worth 55,932.4 Million
USD By 2023
The global Life sciences and laboratory equipment market is expected to grow at
a CAGR of 7.2% from 2018 to 2023 to reach USD 55,932.4 million by 2023, driven by
various government initiatives, increasing investments and funding for life sciences,
increasing clinical capabilities, expansion in the various application areas, and
growing academic-industry collaborations. Moreover, growing proteomics market,
rising investments in the personalized medicine, growing data analysis and
management systems, and significant opportunities from emerging Asia-Pacific and
Latin American markets provides significant opportunities for the various
stakeholders in this market.
Key Market Segments to Watch
The global life sciences and laboratory equipment market is mainly segmented by
technology (spectroscopy, chromatography, lab automation, surface science, DNA
amplifiers & sequencers, immunoassay analyzers, flow cytometry, microarray, and
electrophoresis), and end user (pharmaceuticals and biotechnology industry,
environmental testing industry, academic research institutes, agriculture and food
industry, hospitals & diagnostic laboratories, and forensic laboratories), and
geography.
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On the basis of technology, spectroscopy held the largest share in the global life
sciences and laboratory equipment market in 2017. This was mainly attributed
toincreasing need of sophisticated instruments for separation and purification of
molecules, growing proteomics & genomics-based research, rising government
funding for R&D in emerging countries, and increasing life science-based research
programs.
Based on end users, pharmaceutical & biotechnology industry commanded the largest
share in 2017 due to increasing demand for innovative products with rising aging
population, growing incidence & prevalence of various chronic diseases, rising unmet
medical needs in the area of many chronic & rare disease across the globe, and
increasing demand for pharmaceutical & biopharmaceutical products from emerging
countries.
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Geographically, this market is segmented into North America (U.S., and Canada),
Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia Pacific (Japan, China,
India, and RoAPAC), Latin America, and Middle East & Africa. North America
commanded the largest share in the global life sciences and laboratory equipment
market in 2017, followed by Europe and Asia-Pacific. The large share of this market is
mainly attributed to rising drug discovery & development programs, increasing
funding for life science research from various private & public organizations, growing
life sciences sector (biotechnology/healthcare) based research, presence of many key
vendors in this region, and increasing development in healthcare technologies.
However, Asia Pacific and Latin America regions are expected to witness significant
growth during the forecast period due to rapidly developing countries, high population
zone, increasing investment from government & non-government bodies in this sector,
and various technological advancements in the region.
The key players in the global life sciences and laboratory equipment market are
Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Danaher Corporation,
Waters Corporation, PerkinElmer, Inc., Becton, Dickinson and Company, F.
Hoffmann-LA Roche AG, Bruker Corporation, Bio-Rad Laboratories, Inc., and
Shimadzu Corporation.
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