Laboratory equipment refers to the various analytical instruments and devices that are widely used in research, academic, and industrial laboratories for experimentation and analysis of chemical and biological materials. Key laboratory equipment includes spectroscopes, centrifuges, microscopes, thermal cyclers, scintillation counters, autoclaves, and incubators. The growing need for drug discovery and development and constant technological advancements have increased the demand for high-quality and innovative laboratory equipment in various industries.
The global Laboratory Equipment Market is estimated to be valued at US$ 75.3 billion in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing demand for continuous technological advancements in laboratory equipment is estimated to present lucrative growth opportunities for players in the laboratory equipment market. Technological innovations have helped manufacturers develop novel laboratory equipment with improved accuracy, efficiency, and functionality. Key technological advancements such as integration of automation, robotics, IoT, and machine learning are helping drive the development of automated, high-throughput laboratory equipment. This is supporting increased productivity and reduced turnaround time in various end-use industries. Emerging technologies are also enabling the miniaturization of laboratory equipment, making them portable for use in point-of-care applications. The ongoing demand for advanced laboratory equipment with innovative technological features is expected to boost the demand significantly over the forecast period.
Here are the Porter's Analysis, SWOT Analysis and Key Takeaways without market size, CAGR and conclusion for the given Laboratory Equipment Market:
Porter's Analysis
Threat of new entrants: Low capital requirements and established buyers lower barriers to entry but economies of scale of major players make market difficult for new players.
Bargaining power of buyers: Large customers can negotiate lower prices while small laboratories have limited negotiating power.
Bargaining power of suppliers: Key components come from few specialized suppliers giving them strong negotiating position but threat of forwards integration weakens their power.
Threat of new substitutes: No close substitutes exist but equipment upgrades and alternative technology pose threat in long run.
Competitive rivalry: Intense competition amongst major global players to gain market share through innovation, quality and customer service.
SWOT Analysis
Strengths: Strong brand recognition, wide product range, innovative R&D capabilities.
Weaknesses: High manufacturing costs, dependence on few suppliers, price wars erode margins.
Opportunities: Growth in biotech and pharma industries, demand in developing nations.
Threats: Economic slowdowns, currency fluctuations, stringent regulations.
Key Takeaways
The global Laboratory Equipment Market is expected to witness high growth during the forecast period of 2023 to 2030. The market is dominated by North America region owing to presence of key players and advance research facilities. The Asia Pacific region is expected to witness fastest growth owing to increasing research and development activities.
Regional analysis: North America dominates the global market holding around 35% share majorly due to presence of leading players such as Agilent Technologies, Thermofisher Scientific, Merck & Co. etc. and high expenditure on R&D activities. Asia Pacific is poised to grow at highest CAGR during the forecast period with China and India being major contributors. Factors such as growing biotechnology and pharmaceutical industries, increasing healthcare expenditure, and expanding research base are driving the market in the region.
Key players: Key players operating in the Laboratory Equipment market are Agilent Technologies, Danaher Corporation, Eppendorf AG, PerkinElmer Inc., Thermo Fisher Scientific Inc., Biomerieux, BD Biosciences, Bruker Corporation, Shimadzu Corporation. These players are focusing on new product launches and expansions to increase their market share.