Global Life Sciences and Laboratory Equipment Market Size, Share, Growth Analysis, By Equipment Type, By Technology Type, By Application, By End user - Industry Forecast 2023-2030

Global Life Sciences and Laboratory Equipment Market size was valued at USD 48.6 billion in 2021 and is poised to grow from USD 51.4 billion in 2022 to USD 62.1 billion by 2030, growing at a CAGR of 6% in the forecast period (2023-2030).

The expansion of the global life sciences and laboratory equipment market can be attributed to several key factors. Notably, there is a discernible upsurge in investments and funding directed towards the realm of life sciences, accompanied by an augmentation of clinical capabilities. This growth is further fueled by the widening scope of applications in diverse areas and the increasing synergy between academia and industry. Critical segments within the life sciences sphere, including pharmaceuticals, biotechnology, and healthcare, are significantly influenced by various dynamics. These include the burgeoning trend of strategic collaborations, the steady advancement of cutting-edge technologies, and the improved availability of essential tools. Given the intricate nature of tasks like drug discovery, compound analysis, and modeling, there exists a growing imperative for advanced technologies. Simultaneously, there's a heightened emphasis on automating systems, equipping with instruments, and facilitating documentation essential for life sciences applications. Moreover, the surge in pharmaceutical endeavors, particularly in drug development, acts as a potent driver for the demand for state-of-the-art equipment. A parallel surge in investments toward personalized medicine and a mounting need for efficient data analysis and management systems are pivotal factors propelling market growth. However, it's important to acknowledge that the high cost associated with these instruments could potentially act as a limiting factor, restraining the pace of market expansion.Top-down and bottom-up approaches were used to estimate and validate the size of the Global Life Sciences and Laboratory Equipment Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Top-down and bottom-up approaches were used to estimate and validate the size of the life sciences and laboratory equipment market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

The global life sciences and laboratory equipment market is segmented into equipment type, technology type, application, end-user, and region. Based on equipment type the global market is segmented into cold storage, lab ovens & furnaces, liquid handling, lab centrifuges & shakers, microbiological incubators & environmental chambers, water baths, circulators & chillers, analytical & measuring instruments, and others. In terms of technology type, the global market is categorized into spectroscopy, chromatography, PCR, immunoassays, lyophilization, clinical chemistry analysers, microscopy, flow cytometry, centrifuges, electrophoresis, and others. With respect to application, the global market is segmented into cell culture & cell Therapy, cancer research, drug discovery, genomics, in vitro fertilization, bioprocess, metabolomics, proteomics, and others. Further categorization of the end-user segment includes clinical & diagnostic, research, academic & government institutions, pharmaceuticals & biotechnology, blood banks, and others.

Driver:

The rapid escalation of infectious diseases like HIV, Ebola, and TB is significantly driving the expansion of the global market. This surge in infectious diseases is a pivotal contributing factor. According to a survey by the World Health Organization, approximately 1.4 million individuals are afflicted by TB, underscoring the pressing need for equipment such as homogenizers and spectrophotometers. As a result, the heightened demand for these tools serves as a catalyst for propelling the growth of the market.

Market Trends:

The widespread utilization of wireless laboratory equipment, exemplified by products like the Smart Tracker Bluetooth Temperature Data Logger, is revolutionizing temperature monitoring by seamlessly integrating it with smartphones. This innovation ensures the preservation of the cold chain during transportation and storage. This smart device boasts a range of features, including Bluetooth connectivity and a compact size that effortlessly fits into diverse containers. Users can establish parameters and access comprehensive temperature readings and historical data through the complimentary Smart Tracker mobile app.