Home General 8 Key Factors Driving the Lab Equipment Market

8 Key Factors Driving the Lab Equipment Market

by Olufisayo
Lab Equipment Market

The global size of the lab equipment market is more than $58 billion and the global market size of the lab supplies is about $30.6 billion. The CAGR of the laboratory equipment industry is 2% to 3%.

The growth of the industry is expected to be strong in the future especially in emerging markets such as India and China that have contributed to the growth of the industry in the past.

The key laboratory equipment suppliers according to Beroe’s market intelligence reports are Waters, Roche Diagnostics, Thermo Fisher, Agilent Technologies, Danaher, and Shimadzu. North America holds the biggest market share of 48% in the lab equipment market and supplies market. While there are many factors that have boosted the market here are 8 drivers that are vital.

Pharmaceutical Demand

The pharmaceutical industry has a constant demand for lab equipment and the new demands will only drive the demand higher. Beroe’s market intelligence report has found that pharmaceutical companies had a demand for 37% for lab equipment and supplies.

The demand for new technologies, especially hybrid ones, is driving the growth in the lab equipment market even more. For example, the pharmaceutical industry is looking forward to portable equipment which means more development in the industry.

       

In the future, the demand will increase and so will the size of the industrial pharmaceutical lab equipment and supplies market.

Rise In Healthcare Investments

Health is vital and emerging markets are taking note of that which is why there are more and more labs that are being built in these regions. As advanced lab equipment is becoming more accessible there has been more investment in the healthcare industry.

Nations all over the globe are investing more in healthcare as this has been a focal point of many nations. As a result, spending on lab equipment and supplies has increased. This has boosted the lab equipment market to increase production as well as the supplies market.

Technological Advancement

As the demand gets higher all over the globe, the suppliers are focusing on using cutting-edge technology to ensure the lab equipment becomes better and advanced. For example, lab equipment market suppliers are working on high-resolution imaging lab equipment which will enable imaging of the entire organism.

Suppliers are focusing on making things easier for different applications. Technological advancements like these and more will drive demand even further as efficiency will be the prime focus along with reducing wastage.

       

Research

Research is one of the areas that has driven the lab equipment market and lab supplies market. This will continue to be the case as more and more nations are focusing on innovations and research than ever before. For example, in North America, there is a stable demand for lab equipment, especially for the public sector.

That is, there is demand in the academic institutions as well as in federal institutions. In the future, technological advancements can prove to boost the demand even more in this area as research becomes more focused and more institutions need lab equipment and supplies.

Rise In Awareness

People are becoming more aware when it comes to diseases and this information has increased the demand in hospitals and diagnostic centers. Disease prevention is increasing in many emerging markets as people are becoming increasingly interested in preventing diseases that are prevalent in these regions.

For example, infectious diseases are increasing and as people become more aware they are interested in ensuring they are safe from them. Lab testing is required as a result and this has further boosted the lab equipment market along with the supplies market and the disposables market.

Increase In Diagnostic Procedures

There has been a global increase in clinical diagnostic procedures and this trend is expected to continue well into the coming years for both developing and developed nations. The clinical diagnostic testing has increased as awareness has improved especially in developing nations.

       

This is because health has become a priority in many of these nations and the government is taking steps to ensure the proper equipment is available. While the growth of the lab equipment market is slow in rural parts of low-income countries, it is still an important factor as healthcare investments are expected to rise.

Increase In Disposable Incomes

The increase in the disposable incomes of people globally means that people will be more willing to spend the time and money on their health. That is, if someone has the ability to take good care of their health then they are more likely to do so when they have a higher disposable income than before.

This has become apparent in developing countries where people are becoming more aware and willing to take care of their health. This can, in turn, boost the increase in testing and screening centers thereby enabling the lab equipment market to grow in these regions.

Focus On Food And Environment Safety

The focus on food and environment safety was not that pronounced in the developing nations in the past. However, as the developing nations are growing at a faster pace than before, they are concerned about food and environment safety.

This is another driving force behind the lab equipment market and supplies market. This industry trend is highly likely to continue which means the demand for the industry is not going to stop even though there are chances of it slowing down a bit.

       

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