Laboratory Equipment Market Synopsis
The global laboratory equipment market size is projected to expand at a CAGR of 7.3%, holding a substantial value of USD 58,960 million by the end of 2025. The burgeoning development in technology is projected to be the most crucial factor driving the global laboratory equipment market 2020. Besides, the increasing initiative by public and private companies is likely to augment the market size. Also, the companies are making massive investments since laboratory equipment is majorly being used for testing and research purpose.
Further, the key players are launching innovative products, which is likely to make the market more lucrative during the assessment period. Moreover, the increasing funding by a government organization is projected to propel the market further. The increasing rate of chronic diseases is projected to be another factor resulting in laboratory equipment market growth. Moreover, the rapid research activities in the pharmaceutical and biotechnology industries are likely to augment the laboratory equipment market at a fast speed.
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However, the change from lab-based diagnosis to the point of care diagnosis is projected to hamper the market growth. Also, the lack of laboratory setups in developing and underdeveloped countries is estimated to be another factor leading to the obstruction of market growth. On the other hand, the market is likely to exhibit changes due to the outbreak of COVID-19.
Laboratory Equipment Market Segmentation
The global laboratory equipment market can be segmented on the basis of production type, end-user, application, and region.
On the basis of production type, the global laboratory equipment market can be segmented into incubators, autoclaves, centrifuges, sonicators, spectrometers, scopes, and others.
On the basis of end-user, the global laboratory equipment market can be segmented into hospitals and clinics, diagnostic laboratories, and others.
On the basis of application, the global laboratory equipment market can be segmented into endocrinology, genetic testing, hematology, biochemistry, microbiology, and others.
On the basis of region, the global laboratory equipment market can be segmented into the Middle East & Africa (MEA), Asia Pacific (APAC), Americas, and Europe.
Laboratory Equipment Market Regional Analysis
The global market for laboratory equipment is projected to expand significantly during the review period. On the basis of region, the global market can be distinguished into the Middle East & Africa (MEA), Asia Pacific (APAC), Americas, and Europe. As per the study, the global laboratory equipment market is projected to be dominated by the Americas. The most significant reason responsible for regional growth is the presence of developed countries like the US and Canada. The US and Canada comprise of a developed laboratory and advanced instruments, which enhances the strength of the regional laboratory equipment market.
Talking about Europe, the regional market is primarily driven by the increasing number of research organizations along with the rise in the laboratory equipment market in the region. On the other hand, the APAC region is projected to be the fastest-growing laboratory equipment market on the global front. The region is witnessing an increased number of geriatric population, which is demanding an efficient disease testing method. Also, there has been a rise in the number of people infected with chronic diseases. The MEA region is estimated to acquire the smallest market owing to the limited availability of healthcare infrastructure and limited exposure to technical development.
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However, the laboratory equipment market insights are likely to change significantly due to the disruption of the novel coronavirus.
Laboratory Equipment Market Key Players
The renowned players of the global laboratory equipment market are Agilent Technologies, Inc. (the US), BD (US), Beckman Coulter, Inc. (the US), Bruker (US), Bio-Rad Laboratories, Inc. (US), Eppendorf AG (Germany), PerkinElmer Inc. (US), Shimadzu Corporation (Japan), F. Hoffmann LA-Roche AG (Switzerland), Waters (US), Thermo Fisher Scientific Inc. (US), and a few others.
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