Meticulous Research®—a leading global market research company, published a research report titled, "Life Science Equipment Market by Technology (Spectroscopy, Microscopy, Chromatography (HPLC, GC, TLC), PCR, Immunoassay, Sequencing, Flow Cytometry, Lab Automation, Microarray, Electrophoresis, Incubator, Centrifuge) End User – Global Forecast to 2030."
According to this latest publication from Meticulous Research®, the life science equipment market is projected to reach $92.21 billion by 2030, at a CAGR of 6.2% during the forecast period. The growth of the life science equipment is attributed to increasing funding and investment for the pharma, biotech, and life sciences industries, government initiatives to strengthen R&D for biotech and life sciences, increasing prevalence of chronic diseases, and growing clinical capabilities globally.
The key players operating in the life science equipment market are Agilent Technologies, Inc. (U.S.), Becton, Dickinson, and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann LA-Roche AG (Switzerland), PerkinElmer, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Waters Corporation (U.S.), Bruker Corporation (U.S.), Shimadzu Corporation (Japan), Siemens Healthineers AG (Germany), Eppendorf SE (Germany), Sartorius AG (Germany), and QIAGEN N.V. (Netherlands).
Life Science Equipment Market: Future Outlook
The life science equipment market is segmented by Technology [Spectroscopy, Microscopy, Chromatography, Lab Automation, Immunoassay Analyzers, PCR, Sequencing, Flow Cytometry, Incubators, Microarray, Centrifuges, Electrophoresis, and Other Equipment], End User [Pharmaceutical and Biotechnology Industry, Academic & Research Institutes, Hospitals and Diagnostic Laboratories, Analytical Testing Laboratories, Agriculture and Food Industry, Forensic Laboratories, and Other End Users) and Geography. The study also evaluates industry competitors and analyzes the market at the global and regional levels. (Note: Apart from primary segmentation, Spectroscopy, Microscopy, Chromatography, Lab Automation, Immunoassay Analyzer, PCR, Sequencing, Flow Cytometry, Microarray, Centrifuges, and Electrophoresis have further level segmentation).
Among the technologies included in the report, in 2023, the spectroscopy segment is expected to account for the largest share of the life science equipment market. The segment's largest share is contributed by factors such as advancements in spectroscopic technologies and growing demand for analytical techniques coupled with increasing investment in research and development activities in life sciences. Spectroscopy is used for drug discovery, molecular analysis, protein characterization, metabolomics, and other important research areas in life sciences. The increasing application areas of spectroscopy is contributing to the segment's largest share.
Among the end users included in the report, in 2023, the pharmaceutical and biotechnology industry segment is expected to account for the largest share of the life science equipment market. The largest share of the segment is attributed to the increasing demand for technologically advanced equipment from pharmaceutical & biotechnology companies as the demand for new therapies and drugs is increasing. Furthermore, the pharmaceutical and biotechnology industries constantly strive to develop new drugs and therapies to address medical needs. Developing new drugs and therapies requires advanced laboratory equipment for drug discovery, development, and production processes, including high-throughput screening systems, chromatography systems, mass spectrometers, and other specialized equipment. Hence, these factors drive the demand for life sciences and laboratory equipment in the pharmaceutical and biotechnology industry.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America) and the Middle East & Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
In 2023, North America is expected to account for the largest share of the life science equipment market, followed by Europe and Asia-Pacific. Furthermore, in 2023, the U.S. is expected to be the largest market in North America. The presence of key players, the well-established life science industry, substantial spending on R&D activities by the pharmaceutical and biotech companies, and the presence of key players in the life sciences industry contribute to the large share of this market. For instance, in 2021, Pharmaceutical Research and Manufacturers of America (PhRMA) member companies spent USD 102.3 billion in R&D (Source: 2022 PhRMA member annual survey).
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