Global Laboratory Equipment and Disposables Market - 2024-2031

Global Laboratory Equipment and Disposables Market - 2024-2031

The global laboratory equipment and disposables market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing at a CAGR of YY% during the forecast period 2024-2031.

The laboratory equipment and disposables are the products that are utilized in a laboratory setting for multiple purposes like handling, processing, storage, etc. Laboratory equipment is an essential component of scientific study and experimentation, allowing researchers to precisely measure, combine, and analyze materials while also maintaining a sterile and safe working environment. These are used in various settings such as analytical labs, clinical labs, diagnostic labs, chemistry labs, pharmaceutical and biotechnology industries, academic and research institutes, etc.

Market Dynamics: Drivers

Rising research and development activities

In the current scenario, technology and innovation have penetrated every industry, including the medical industry. The demand for cutting-edge research is high and is being taken place in almost all verticals such as pharmaceuticals, medical devices, diagnostics, academia, etc. The industrial collaboration between medical industries and academic institutions has created a new dimension for industry advancement. This has led to increased investments in academic institutes to promote advanced research activities. The research activities utilize various instruments and consumables. As the research and development activities grow, the demand for these laboratory equipment and consumables is also expected to see a positive growth.

For instance, according to the U.S. National Science Board’s Science & Engineering Indicators, the academic and research institutes in the U.S. have utilized nearly $90 billion in 2021 and $97.8 billion in 2022 for conducting basic research. This funding is mainly received from the federal, state, and local governments. In 2023, the National Institute of Health allocated a budget of $48 billion for medical research in universities, medical schools, and other research facilities. This huge investment is expected to promote many research activities that create a demand for instruments and consumables.

Moreover, the pharmaceutical and biotechnology industries continue to increase their investment in research and development activities that focus on bringing innovation to the industry. During the development of a drug or a biological product, it needs to be tested for multiple parameters. The product undergoes rigorous quality control tests, which utilize various equipment and consumables. As the investment grows, research activities are anticipated to happen at a higher pace, creating a huge demand for laboratory equipment and consumables.

For instance, one of the leading companies in pharmaceuticals development and sales Johnson & Johnson Inc. has invested nearly $15.1 billion in 2023 for R&D activities that accounted for 18% of its total sales. On the other hand, Merck & Co., Inc. has spent nearly $7.7 billion in 2022, and it has risen to $9 billion in 2023.

This rise in investments, research, and development activities in all the medical industries is expected to boost the overall market for laboratory equipment and disposables.

Moreover, the rise in technological advances, increased automation in laboratories, and rising healthcare expenditure in emerging countries are the factors that are expected to propel the market growth.

Restraints

The high cost of laboratory investment is a significant factor that is expected to hinder the market growth. As technological advancements bring up innovation in these products, the downside of it is the increased prices. This is especially cumbersome for the small-scale laboratories with budget constraints and the ones in low-to-middle-income countries.

For more details on this report - Request for Sample

Segment Analysis

The global laboratory equipment and disposables market is segmented based on product type, application, end-users and region.

The consumables in the product type segment accounted for approximately 58.2% of the global laboratory equipment and disposables market share

The product type segment of the global laboratory equipment and disposables market is categorized into instruments and consumables. The consumables segment is expected to have a major market share due to their wide usage. The consumables include pipettes, centrifuge tubes, glassware, plastic ware, disposable laboratory ware, Petri dishes, vials, personal protective equipment, assays, and many more. The majority of these products are disposable i.e., single-use, and only can be used once. The volume of these products consumed in a laboratory is higher than the instruments that are used multiple times for a longer period. Although the initial investment cost for the instrument is higher, the requirement for the number of instruments per laboratory is lower. For instance, the lifetime of an HPLC is nearly 15 years, and the life time of a spectrophotometer is more than 5 years. A small-scale laboratory or an academic institute would need only 1 or 2 spectrometers to perform the tests and it can be used multiple times during its lifecycle. Whereas, the consumables, due to their disposable nature, need to be replaced frequently.

Moroever, the major players who offer laboratory equipment and disposables generate the majority of their revenue from consumables only. For instance, Thermo Fisher Scientific Inc. a leading player in the market has generated approximately 41% of its revenue from consumables in the year 2022.

Geographical Analysis

North America is expected to dominate the market with a 46.2% share in the global laboratory equipment and disposables market

North America is expected to dominate the market due to its well-advanced healthcare infrastructure, and state-of-the-art academic and research centers, pharmaceutical and biotechnology companies, clinical laboratories, pathology centers, etc, well equipped with high-end technologies. Moreover, the the major high-income countries in the region the U.S. and Canada are well-known for their investments in the healthcare industry. The majority of the manufacturers of laboratory equipment and disposables have a stronghold market share in these regions which is a strong contributing factor to the region’s dominance in the global market.

Covid-19 Analysis

The COVID-19 pandemic has had a profound impact on the global laboratory equipment and disposables market. Due to imposed restrictions on movement, and lockdowns in almost all the countries during the peak infection periods, many research institutes, and laboratories were temporarily shut down, leading to decreased activity. This has created an impact on the consumption and utilization of laboratory instruments and consumables. This decline was majorly observed in the academic and research institutes.

However, the pandemic has brought positive growth in some segments of the market. The utilization of consumables such as test kits, assays, and instruments for clinical diagnosis has risen during the pandemic. Many new laboratories were set up during this phase, which provided COVID-19-related testing. The clinical laboratory instrument segments are anticipated to have seen positive growth during this phase. Moreover, many companies have started manufacturing test kits, PCR-based instruments, ELISA-tests, and all the consumables required for Covid-19 detection. Several companies have profited from it. For instance, the life science business segment of Bio-Rad Laboratories, Inc. has generated sales of $6.5 billion in 2021, majorly from the sales of COVID-19-related diagnostic products. After the pandemic ended, the sales in the segment declined to $5.5 billion in 2022 and $5.1 billion in 2023. Likewise, Thermo Fisher Scientific Inc. has provided COVID-19-related testing such as molecular diagnostic products, and plastic consumables under its laboratory products business. The company has generated 44.91 billion in revenue in 2022, and it has fallen to 42.85 in 2023, due to decreased demand of covid-19 related products.

Likewise, many companies have profited from the COVID-19 pandemic by providing essential tools for the detection and prevention of the condition.

Market Segmentation

By Product Type
• Instruments
General Laboratory Instruments
Analytical Instruments
Clinical Instruments
Biologic Instruments
Others
• Consumables
Kits and Assays
Labware
Others

By Application
• Diagnostics
• Molecular Biology
• Research and Development
• Quality Control and Assurance
• Others

By End-Users
• Academic and Research Laboratories
• Clinical and Diagnostic Laboratories
• Pharmaceutical and Biotechnology Companies
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major players in the laboratory equipment and disposables market include Thermo Fisher Scientific Inc., Danaher Corporation, Merck KGaA, BD, Agilent Technologies, Inc., PerkinElmer, Inc., Bio-Rad Laboratories, Inc., Waters Corporation, Bruker Corporation and Sartorius AG among others.

Why Purchase the Report??
• To visualize the global laboratory equipment and disposables market segmentation based on product type, application, end-users and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development
• Excel data sheet with numerous data points of laboratory equipment and disposables market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global laboratory equipment and disposables market report would provide approximately 62 tables, 54 figures, and 187 Pages.

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies