Global Laboratory Equipment Market to be Worth USD 3.76 Bn by 2023
According to a new Research On Global Markets report, the global laboratory equipment market is expected to be worth approximately USD 84.4 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 8% during 2018-2023. Increasing life sciences research is responsible for a major part of the huge demand for laboratory equipment across the globe. Higher incidence of chronic diseases such as diabetes and respiratory ailments, and growing demand for timely and early detection of diseases will aid the growth of the market in the coming years.
According to the report, the global laboratory equipment market is segmented primarily based on technology. Based on technology, the ‘other’ technologies segment held the highest market share (45.8%) in 2018, owing to a growing geriatric population, rapidly emerging diagnostics centers and hospitals, and technological advancements. The “other” segment is followed by the spectroscopy segment, which held a market share of 21.3% in 2018, driven by increased demand for spectrometers in the life sciences sector for the analysis of drugs and biomolecules.
Research On Global Markets tracks the performance of the global laboratory equipment market across the key geographies of North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. The laboratory equipment market in North America is projected to expand at a CAGR of 7.8% during the 2018-2023 period, leading to global revenue of USD 33.7 Bn by 2023. An increasing number of clinical trials and higher funding for life sciences research will aid the growth of the market. Europe is anticipated to expand at a CAGR of 7.9% during the forecast period. The Asia-Pacific laboratory equipment market is expected to witness the highest CAGR of 8.4% during the 2018-2023 period. Latin America, and the Middle East and Africa markets, still in the nascent stages, will also experience high growth.
Research On Global Markets tracks the performance of all major players operating in the global laboratory equipment market including Danaher Corporation, Thermo Fischer, Agilent Technologies, Waters Corporation, PerkinElmer Corporation, Bio-Rad Laboratories, Shimadzu Corporation, and Bruker Corporation.
Key highlights of this report:
- Global market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), geography-wise market revenue (USD Bn), and key market observations
- Qualitative analysis of the drivers and challenges affecting the global market
- Major trends in the global laboratory equipment market
- Analysis of the competitive landscape and profiles of the major players operating in the market
- Market segmentation based on the technology (chromatography, spectroscopy, cytometry, next-generation sequencing, and other) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market segmentation based on region (North America, Europe, Asia-Pacific, Latin America and The Middle East and Africa)
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for laboratory equipment across the world to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.