Laboratory Equipment and Disposables Market to Grow USD 37.8 Billion, by 2025 at 5.7% CAGR
Pune, Maharashtra, India, September 10 2020 (Wiredrelease) Allied Analytics –:The laboratory equipment and disposables market was estimated at $24.2 billion in 2017 and is expected to hit $37.8 billion in 2025, growing at a CAGR of 5.7% during the forecast period. The report provides a detailed analysis of the key strategies, top investment pockets, drivers & opportunities, market share, key segments, and competitive scenario.
High-end technological advancements in laboratory equipment, rise in private as well as public healthcare investments, favorable insurance policies related to laboratory equipment, and urge in research related to life science and biotechnology fuel the growth of the global laboratory equipment and disposables market. On the other hand, high costs of technologically advanced laboratory equipment and dearth of clinical laboratories in certain regions curb the market growth to some extent. Nevertheless, high market potential in emerging economies and growth in adoption of clinical diagnostic testing worldwide create multiple opportunities in the market.
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Disposables segment to be dominant till 2025
Based on product, the disposables segment accounted for nearly two-third of the total market in 2017 and is expected to remain dominant throughout 2018-2025. The fact that they play a crucial role in every laboratory process has spurred the growth. In addition, increase in number of lab procedures, rise in number of R&D activities, and surge in number of diagnostic procedures boost the market. Simultaneously, the equipment segment is anticipated to grow at the highest CAGR of 6.1% during the study period. Factors that drive the segment include technological advancement, growth in awareness about advanced equipment among the developing countries and rise in number of laboratories.
North America to be dominant during the estimate period
Based on region, North America contributed to nearly two-fifth of the total market and is expected to retain its top status till 2025. Well-established healthcare infrastructure and rise in the prevalence of infectious diseases that require laboratory testing spur the market growth in the region. On the other hand, Asia-Pacific is assumed to grow at the fastest CAGR of 7.4% throughout the forecast period, 2018-2025. Factors such as rise in healthcare expenditure in countries such as China, Japan, and India and increase in government healthcare investments are anticipated to act as growth drivers for the market during the study period.
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The key market players analyzed in the report include Bio-Rad Laboratories, Agilent Technologies, Inc., Thermo Fisher Scientific Inc., Sartorius AG, and others. These ventures have adopted a number of strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a strong stand in the industry.
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