Laboratory Equipment and Disposables Market Size, Share, Growth, and Industry Analysis, By Type (Equipment and Disposables), By Application (Food & Pharmaceutical, Petroleum & Chemical and Others) and Regional Forecast to 2032

Updated On: 26 August 2024

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LABORATORY EQUIPMENT AND DISPOSABLES MARKET REPORT OVERVIEW

The global Laboratory Equipment and Disposables Market size was USD 37.089 billion in 2023 and the market is projected to touch 97.240 billion by 2032, exhibiting a CAGR of 10.12% during the forecast period.

The growth of the Laboratory Equipment and Disposables Market has been constantly stimulated with the spur in research and development activities in numerous branches of science, such as biotechnology, pharmaceuticals, and life sciences and technologies. The growth in the demand for tests that raise clinical lab productivity and the expansion and popularity of research laboratories and clinical testing services have led to the growth of demand for highly developed laboratory equipment and consumables. Subsequent advancements in automation, miniaturization, and integration of superior technologies like AI and IoT have catalyzed the market growth offer further technology advancement to provide more accurate and faster analysis. Furthermore, the infectious disease outbreak in form of COVID-19 accelerated the importance of laboratory diagnostics, translating to improved investments into laboratory facilities and purchase of major commodities and consumables.

The market of laboratory disposable products the likes of pipettes, test tubes, petri dishes and gloves are expected to grow because products that are not reusable are the most efficient in the prevention of contamination in experiments. The usage of one-time products has logically risen due to their effectiveness and prospects to reduce contact with pathogens. The increase in globalization of fully personalized medication, increased emphasis on product quality, and regulatory standards also explain why the consumptions of disposable lab products is on the climb.

COVID-19 IMPACT: Increased R&D Investments By Governments to Boost Market Growth Significantly

The global COVID-19 pandemic has been unprecedented and staggering, with the Laboratory Equipment and Disposables Market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

As a result of the Covid-19, the market for diagnosis equipment such as PCR machine, centrifuge and analyzer among others, which are used in diagnosing and research on Covid-19, exploded. Safety wears including gloves recorded a high demand for use throughout the year hence there was high demand for other disposables such as pipettes and test tubes to enhance the keeping of hygiene in the laboratories.

The governments and private sectors also ensured they made huge investments to increase the capacities of laboratory centres to meet new testing and research challenges. Nonetheless, there was a rise in funding and investment towards research and innovation with the highlight on the virus, a vaccine, and cure approaches. The market is anticipated to boost the Laboratory Equipment and Disposables Market growth following the pandemic.

LATEST TRENDS

"Automation and Robotics to Drive Market Growth"

Automations and robotics of systems are the trends that have been adopted in various laboratories to improve on efficient throughput and accurate results. This trend encompasses activities such as auto-liquid handlers, machine sample preparators, and artificial intelligence analyzers that help in minimizing human interferences. AI and ML are being incorporated in laboratory equipment for the analysis of the molecular data and decision-making processes. Such technologies assist in finding patterns, defining the most efficient procedures, and enhancing the diagnostic performance. Currently, cloud systems are being adopted to enhance the efficiency of connecting and sharing of data among the researchers all over the world. These include features for the remote access for the otherwise centralized data as well as the real-time collaboration options and compatibility with pretty much any laboratory instruments and software. These latest developments are anticipated to boost the Laboratory Equipment and Disposables Market share.

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LABORATORY EQUIPMENT AND DISPOSABLES MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Equipment and Disposables.

• Equipment: Devices for qualitative and quantitative determinations of subtrates which include, spectrophotometers, chromatographs and mass spectrum analyzers. Equipment that may be required in laboratories besides analyzers includes balance, centrifuge, incubator, oven, and water bath that is required in certain experiments. Equipment such as optical microscopes (light microscope, electron microscope, fluorescence microscope) that are employed in enlargement and identification of small structures and specimen.
• Disposables: It covers receptacles for carrying liquids that can be disposed of in order to achieve precise measurements and transfers in different volumes and types. Flasks that are made of glass or plastic and are used to store or mix liquids or samples in cases where practical experiments are being carried out. Circular, flat plates which has lids; they are Petri dishes which is a culture media for cells or microorganisms in microbiology. Face shield, gloves, goggles, mask, and apron to avoid any form of contact with chemicals and biological samples.

By Application

Based on application the global market can be categorized into Food & Pharmaceutical, Petroleum & Chemical and Others.

• Food & Pharmaceutical Industries: Equipment’s including chromatographs, spectrophotometers, and pH meters are used on the food samples with the intentions of measuring the nutrient composition, quality, and presence of any contaminant. The Petri dishes, culture plates and incubators are used in microbiological tests to discover and determine the concentration of pathogens in food products to ascertain if the food product is fit to be consumed or not, or to conform to certain standard set to food safety.
• Petroleum & Chemical Industries: General crude oil testing equipment may encompass distillation accessories, flash point testers, viscometers, and other tools for evaluation of the raw material’s density, viscosity, and other characteristics for the efficiency of refining. Analytical chemistry equipment such as NMR spectrometers for identifying elements, compound separation and purity measurement using Gas chromatographs are central in chemical compositions, compound identification and of measuring the chemical purity of compounds synthesized chemically.

DRIVING FACTORS

"Growing Healthcare Sector to Boost the Market"

The recent COVID-19 pandemic has made laboratory diagnosis and testing critical and hence, there rise in the funding of laboratory buildings or equipment. The growth in the healthcare and medical industry especially diagnostic laboratories, hospitals, clinics require advanced laboratory equipment’s and disposals to deliver accurate diagnosis and prognosis. General trends in the development of modern pharmaceuticals and the transition to individual approaches to diagnostics and treatment cause increased demand for laboratory equipment and reagents, including NGS stations and CRISPR tools.

"Government and Private Sector Investments to Expand the Market"

Increased expenditure in research activities in drugs and pharmaceuticals, biotechnology, life sciences, and other scientific activities are forcing the increased use of development, equipment, and consumables in laboratories. The investments in the construction and up gradation of laboratories across geographies, especially in the developing nations aids the market growth. Training and academic research institutions are also playing accelerating the need for Laboratory Equipment and Disposables used in training and educational related research. These factors are anticipated to drive the Laboratory Equipment and Disposables Market share.

RESTRAINING FACTOR

"High Cost of Advanced Equipment to Potentially Impede Market Growth"

The research and development cost, coupled with the initial and recurring costs of using technology such as sophisticated laboratory equipment are expensive for small scale laboratories and research institutes, thus restricting market accessibility. Limited finance in health sectors especially in the developing world limits the provision of infrastructure to laboratories and acquisition of new equipment and essentials. Health care expenditures involve uncertain market changes due to economic cycles and shifts in geopolitical relations, and development of laboratory services and related equipment and technologies can be subjected to these fluctuations. The factors are anticipated to hinder the growth of the Laboratory Equipment and Disposables Market growth.

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LABORATORY EQUIPMENT AND DISPOSABLES MARKET REGIONAL INSIGHTS

"North America is Dominating the Market with Advanced Healthcare Infrastructure and High Healthcare Expenditure"

"The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa."

North America has a quite developed and organized healthcare industry with many research and academic institutions, hospitals, diagnostic labs, and biotech companies. Obviously, this infrastructure needs of high-demand laboratory items and short-lived goods such as lab equipment and diagnostic / treatment-related disposables. Technological advancements in health care as well as life sciences is continuing to surge in the region and therefore is expected to drive the need for efficient laboratory equipment and consumables. This entails spending on R&D that enables companies, hospitals and laboratories to embrace automation, robotics, AI and other superior diagnostic methods. North America is among the most developed regions in terms of healthcare spending, and the region employs significant money in the solutions, diagnoses, and research of wellness ailments. They entail a steady financial investment towards enhancements and growth of laboratory facilities and instruments.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

The Laboratory Equipment and Disposables Market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, materials, and smart features in Laboratory Equipment and Disposables, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• A&T Corporation [South Korea]
• Waters Corporation [U.S.]
• Siemens Healthineers [Germany]
• Shimadzu Corporation [Japan]
• Bruker Corporation [U.S.]

INDUSTRIAL DEVELOPMENT

March 2023: The latest Nexera UC-XR UHPLC system from Shimadzu provides higher accuracy rate and analyzing speed to the higher analytical level for pharmaceuticals and chemistry industries, environment and food researches. The applicability of this revolutionary design contributes greatly to the competency of the device in handling many samples with high capacity sample processing as well as ultra-low carryover.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.