Laboratory Equipment and Disposables Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Laboratory Equipment and Disposables Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Laboratory Equipment and Disposables Market are expected to grow at a registered CAGR of 8.9% during the forecast period.

COVID-19 had a significant impact on the growth of the market over the pandemic period. This was mainly due to the crucial impact on the demand for laboratory equipment and disposals owing to the lack of supply of laboratory essentials due to strict lockdown regulations in the initial stages of the pandemic. For instance, according to the study published in Springer in March 2021, various projects have been slowed or even stopped due to a lack of gloves, plastic tips for pipettes, centrifuge tubes, and other laboratory essentials during the lockdown period for COVID-19, as a result of shortages and supply chain disruptions, market growth during COVID-19 was notably impacted during the initial stages of the pandemic. However, the relaxation of strict lockdown regulation during the post-pandemic period leading to the proper functioning of the supply chain of laboratory essentials is expected to propel the market's growth over the forecast period.

The Laboratory Equipment and Disposables Market is expected to grow due to increased demand for these product types from the biotechnology, pharmaceuticals, and medical devices industries. Rising public health concerns resulting in increased government and private sector investments are also expected to boost the market's growth. As a result of technological advancements, lab equipment manufacturers have developed innovative products, which have fueled the lab equipment and disposables market.

For instance, according to a report published by the International Federation of Pharmaceutical Manufacturers and Associations in 2022, the annual research and development spending was 7.3 times greater than that of the aerospace and defense industries and biopharmaceutical industry, And it was 6.5 times more than that of the chemicals industry and 1.5 times more than that of the software and computer services industry. As per the same report, in 2022, over 202 billion was estimated to be spent worldwide on biopharmaceutical research and development. The large investments in the market are considered to increase the demand for laboratory equipment and disposables in the development of biopharmaceuticals, thereby ultimately driving the market's growth.

In addition, the launch of technologically advanced products by various market players is expected to contribute to the market's growth over the forecast period. For instance, in April 2022, BYK-Gardner USA launched a benchtop spectrophotometer, the color2view, market's growth a revolution in color measurement in every respect. Similarly, in April 2021, Eppendorf introduced the Centrifuge 5910 Ri, a new centrifuge designed to improve laboratory efficiency. The new centrifuge succeeds the popular Centrifuge 5910 R, the flagship of Eppendorf's multipurpose centrifuge portfolio, which has served customers worldwide.

However, the high cost of technologically advanced laboratory equipment is the major restraining factor for the market studied.

A pipette (sometimes spelled pipet) is a laboratory tool commonly used in chemistry, biology, and medicine to transport a measured volume of liquid, often as a media dispenser. Pipettes are available in various designs and levels of accuracy and precision, ranging from simple single-piece glass pipettes to more complex adjustable or electronic pipettes.

The pipettes segment is expected to grow as the number of research and development expenditures in the healthcare industries and the launches of various technologically advanced products by various key market players. For instance, the data published by EFPIA in 2022 mentioned that the research and development expenditure of the pharmaceutical industry in the European region in 2021 was EUR 41.5 million (USD 44.66 million). Such high pharmaceutical expenditures are expected to drive the demand for pipettes owing to the frequent usage in the research and development process of various drugs, biologics, and other testing purposes, fueling segment growth.

The launch of various technologically advanced pipettes has also anticipated the growth of the segment over the forecast period. For instance, in February 2022, Integra Biosciences launched the D-one single-channel pipetting module for hands-free transfers from individual tubes or well using the Assist Plus pipetting robot. Additionally, in January 2022, Tecan launched the Air Restriction Pipettor (ARP). The ARP technology provides a broad segment's growthange of independent pipetting channels with variable tip spacing capabilities. Thus all factors above, such as technological advancement in the pipettes and high R&D expenditure, anticipated segment growth over the forecast period.

North America is expected to hold a significant market share during the forecast period. The presence of key pharmaceutical and biotech companies and increasing research activities, which are expected to rise the demand for laboratory equipment and disposable is expected to fuel the market growth in this region.

For instance, according to a report published in September 2021 by the Pharmaceutical Research and Manufacturers of America (PhRMA), until 2021, biopharmaceutical companies invested more than a trillion dollars in research and development, about USD 91 billion in research and development. Thus, increasing research and development expenditure boosts the market over the forecast period. Also, the increasing investment by government organizations for the research and development of various treatments, diagnostics, and others is expected to contribute to the growth of the market. For instance, Canada’s Budget in 2021 proposed investments in diabetes research, surveillance, prevention, and the development of a national framework for diabetes. As part of this, the government of Canada announced that the Canadian government through the Canadian Institutes of Health Research (CIHR) planned to recommit to the JDRF-CIHR partnership to Defeat Diabetes and announced the investment of up to USD 15 million for a total research impact of USD 30 million.

Furthermore, the market's growth is expected to increase due to the presence of key market players along with frequent product developments and launches. For instance, in September 2021, the Baker Company, Inc. launched ReCO2ver, an innovative, rapid recovery cell culture incubator that will bring even more value to its customer in the field of microbiology, cell culture, and biological safety. Additionally, various strategic activities by key market players anticipated market growth in the region. For instance, in September 2021, American Nitrile, a launched Columbus, Ohio-based company, is building the most advanced United States manufacturing facility dedicated to producing nitrile gloves for healthcare, government, and industrial use.

Thus, the above-mentioned factors, public and private investments in research and developments along with the presence of key market players are also expected to contribute to the growth of the market in this region.

The laboratory equipment and disposables market is fragmented due to the presence of several companies globally. The studied market consists of several international and local companies that hold the majority of the market shares and are well known, including Agilent Technologies Inc., Bio-Rad Inc., Brucker Corporation, Danaher Corporation, and Fujifilm Holdings Corporation (Irvine Scientific Sales Company, Inc.), PerkinElmer Inc., Sartorius AG. Shhimadzu Corporation, Thermo Fisher Scientific, Inc., Waters Corporation.

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