May 2024 | Report Format: Electronic (PDF)
Laboratory Equipment Market Growth & Trends
The global laboratory equipment market size is estimated to reach USD 50.27 billion by 2030, registering a CAGR of 7.62% over the forecast period, according to a new report by Grand View Research, Inc. 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.
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Laboratory Equipment Market Report
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
Laboratory Equipment Market Segmentation
Grand View Research has segmented the global laboratory equipment market based on product, end-use, and region:
Laboratory Equipment Product Outlook (Revenue, USD Million, 2018–2030)
- General
- Analytical
- Clinical
- Support
- Specialty
Laboratory Equipment End-use Outlook (Revenue, USD Million, 2018–2030)
- Research Institutions
- Healthcare
- Veterinary
- Others
