Rapid Expansion of Laboratory Industry Boosts Demand for Equipment and Consumables, Projected CAGR of 5.80% - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Laboratory Equipment and Consumables Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The laboratory equipment and consumables market is poised for substantial growth, with projections indicating it will reach a staggering $139.9 billion by 2028, up from $99.75 billion in 2022. This growth is expected to be driven by a robust CAGR of 5.80% between 2022 and 2028.

Market Opportunities & Trends

The laboratory equipment and consumables market is witnessing a dynamic shift characterized by vendors' expansion strategies such as mergers, acquisitions, collaborations, partnerships, and company unit expansions. With a surge in research and development industries, laboratories and associated businesses are experiencing rapid growth. This heightened demand for lab equipment and consumables is compelling market players to employ innovative business strategies for a competitive edge. Some of these strategies include mergers and acquisitions, collaborations, partnerships, product launches, and various other initiatives.

The future of laboratories is embracing digital science, ushering in a transformative era for laboratory equipment and consumables. This digitalization leverages connectivity, digital technologies, smart solutions, and sustainable practices to redefine laboratory operations. Integrating cloud systems, AI, Intelligence Laboratory Information Management Systems, and modernization is revolutionizing the laboratory landscape.

Industry Restraints

Despite promising growth drivers, the laboratory equipment and consumables market faces certain challenges. High costs associated with laboratory solutions, a shortage of skilled workforce, and concerns about biological and chemical contamination associated with consumables pose hindrances to market growth.

Insights by Product

In 2022, the consumables and lab apparatus product segment claimed the largest share in the global laboratory equipment and consumables market. Consumables are extensively used in laboratory procedures, in contrast to lab equipment (such as IVD equipment and core & general lab equipment) that requires a one-time investment for extended use. Consumables are employed multiple times and discarded, making them a higher-demand category compared to equipment. Following the consumables and lab apparatus segment, the IVD equipment segment held the second-largest market share.

Insights by Laboratory Type

The global laboratory equipment and consumables market is segmented by laboratory type, including clinical and diagnostic labs, pharma, biotech, & medical devices labs, academic and research labs, and others. Clinical and diagnostic labs led the market in 2022, driven by the increasing prevalence of diseases, necessitating clinical laboratory testing. This demand is prominent in general hospital-associated labs, pathology labs, clinical labs, and public and private health laboratories.

Geographical Analysis

North America dominated the global laboratory equipment and consumables market in 2022, accounting for over 35% of the market share. Factors contributing to this dominance include extensive R&D activities, a robust healthcare network, widespread adoption of advanced lab equipment, a sizable patient population, and substantial healthcare expenditure. The United States, in particular, played a pivotal role in North America's dominance due to its higher volume of clinical laboratory tests and a preference for early and accurate diagnosis in health management.

Competitive Landscape

The laboratory equipment and consumables market is fiercely competitive, with both established and emerging players vying for market share. Leading companies have employed various business strategies to expand their presence and gain a competitive edge in this rapidly growing market.

Companies Mentioned

• Agilent Technologies
• Bruker
• Bio-Rad Laboratories
• Danaher
• FUJIFILM Holding Corporation
• PerkinElmer Inc.
• Shimadzu Corporation
• Thermo Fisher Scientific
• Waters Corporation
• Abbott
• Agappe Diagnostics
• altona Diagnostics
• Analyticon Biotechnologies
• ARKRAY
• Balio Diagnostics
• BD
• Biocartis
• bioMerieux
• Bioway Biological Technology
• Boule Diagnostics
• BRAND
• Borosil
• BIOTEC
• CellVision
• CLINDIAG SYSTEMS
• CONTEC MEDICAL SYSTEMS
• Convergent Technologies
• cpc Diagnostics
• Corning Incorporated
• CPM Scientifica
• CELLINK
• Dexcom
• DiaSorin S.p.A.
• Diagon
• Diatron
• DIALAB
• EKF Diagnostics Holdings PLC
• ELITechGroup
• Eppendorf
• FORMULATRIX
• Flow Robotics
• Gilson
• Greiner Bio-One International
• HiTec Zang
• Hudson Robotics
• Hamilton Company
• HighRes Biosolutions
• Integra Biosciences
• Ingersoll Rand
• METTLER TOLEDO
• Metrohm
• Orochem Technologies
• Sartorius
• SPT Labtech
• Siemens Healthineers
• Tecan
• Wuhan Bonnin Technology
• DIRUI
• Drucker Diagnostics
• Erba Diagnostics
• Genrui Biotech
• Hologic
• High Technology
• HORIBA
• Luxlighting Technology
• ACMAS Technologies
• Labtop Instruments
• ALSIN Technology Services
• BIONICS SCIENTIFIC TECHNOLOGIES

Market Dynamics

Market Opportunities & Trends

• Growth in business expansion strategies.
• Introduction of new laboratory solutions.
• Advances in laboratories with digital science.

Market Growth Enablers

• Preference for early disease diagnosis in clinical laboratories.
• Increase in R&D by biotech, pharma, medical device, and life sciences companies.
• Preference for small lab equipment and lab automation.

Market Restraints

• High cost of laboratory solutions.
• Lack of skilled workforce.
• Consumables pose a risk of biological and chemical contamination.

Key Questions Answered

• How large is the laboratory equipment and consumables market?
• What is the projected growth rate for the global laboratory equipment and consumables market?
• Who are the key players in the global laboratory equipment and consumables market?
• What are the emerging trends in the laboratory equipment and consumables market?
• Which region holds the largest share of the global laboratory equipment and consumables market?

Key Attributes:

For more information about this report visit https://www.researchandmarkets.com/r/j1opqv

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900