REDDING,
Calif., May 20, 2024 /PRNewswire/
-- According to a new market research report titled,
'Life Science Equipment Market Size, Share,
Forecast, & Trends Analysis By Technology (Spectroscopy,
Microscopy, Chromatography (HPLC, GC, TLC), PCR, Immunoassay,
Sequencing, Flow Cytometry, Microarray, Centrifuge) End User –
Global Forecast to 2031,' published by Meticulous
Research®, the life science equipment market is
projected to reach $97.96 billion by
2031, at a CAGR of 6.3% from 2024 to 2031.
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Life sciences encompass a wide range of fields, including
biology, biochemistry, genetics, pharmacology, and many more.
Laboratory equipment plays a critical role in conducting
experiments, collecting data, and analyzing samples to further
scientific research and advance our understanding of living
organisms and their underlying mechanisms. Equipment is also
necessary for quality checks and validation of manufactured drugs
and biologics in the life sciences industry. The growth of the life
sciences industry is driving the adoption of life sciences and
laboratory equipment.
The growth of this market is attributed to several factors,
including increasing pharmaceutical and biotech R&D
expenditures, government initiatives supporting life sciences
R&D, the increasing prevalence of chronic and infectious
diseases, and growth in initiatives to control environmental
pollution. Additionally, the growth in genomics and proteomics, the
increasing awareness and growing adoption of personalized
medicines, increasing automation and digitalization in the life
sciences industry, and the increasing focus on food safety and
quality are expected to provide significant opportunities for
players operating in the market.
The report offers a competitive landscape based on an extensive
assessment of the leading players' product portfolios and
geographic presence and the key growth strategies adopted by them
in the last three to four years. In recent years, the life
science equipment market witnessed several product launches,
product enhancements, product approvals, partnerships, agreements,
& collaborations, acquisitions, and expansions.
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).
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Growing Awareness and Adoption of Personalized Medicine to
Offer Opportunities for Players Operating in the Life Science
Equipment Market
Personalized medicine, also known as precision medicine, is an
emerging approach to patient care. Physicians choose a treatment
method based on the patient's genetic makeup (also considering
genetic changes resulting from a disease) and lifestyle habits. It
is an emerging disease treatment and prevention approach that
considers individual variability in genes, environment, and
lifestyle.
Precision medicine can remove the need for guesswork, variable
diagnostic ability, and treatment strategies based on generalized
demographics. Moreover, precision medicine enables a more holistic
view of an individual patient. Precision medicine for clinical
workflows helps facilitate more predictive and preventive care by
bringing targeted therapies. There has been an increase in the
adoption of personalized medicine in recent years. For instance,
according to the Personalized Medicine Coalition, the share of
personalized medicine has increased steadily in the total drugs
approved in the U.S. by the FDA, from 28% in 2015 to 35% in 2021.
The increasing awareness and adoption of personalized medicine are
driving the demand for specialized laboratory equipment and
technologies that enable precise and accurate genetic and molecular
analysis.
Personalized medicine heavily relies on genetic testing,
sequencing, analysis of genetic, genomic, and proteomic
information, and biomarker identification and validation. This
necessitates the use of advanced laboratory equipment, such as DNA
sequencers, gene sequencers, PCR machines, real-time PCR systems,
next-generation sequencers, mass spectrometers, immunoassay
analyzers, and chromatography systems, to accurately derive the
necessary results.
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 regional and country-level markets. (Note: Apart from
primary segmentation, Spectroscopy, Microscopy, Chromatography, Lab
Automation, Immunoassay Analyzer, PCR, Sequencing, Flow Cytometry,
Microarray, Centrifuges, and Electrophoresis have further level
segmentation).
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Among the technologies included in the report, in 2024, the
spectroscopy segment is expected to account for the largest share
of 22% of the life science equipment market. The
spectroscopy segment is further sub-segmented into molecular
spectroscopy, atomic spectroscopy, mass spectrometry, and software.
In 2024, the molecular spectroscopy segment is expected to account
for the largest share of the spectroscopy market. Molecular
spectroscopy is used to determine the composition of a material in
an unknown chemical composition. It is used in various applications
across food & beverage, environmental screening,
pharmaceutical, and biotech industries. Therefore, the wide range
of applications of molecular spectroscopy coupled with the growth
of the life sciences industry, especially the pharmaceutical and
biotech sectors, contribute to the large market share of this
segment.
Among the end users included in the report, in 2024, the
pharmaceutical and biotechnology industry segment is expected to
account for the largest share of 32% of the life science
equipment market. The largest share is contributed by several
factors, including the increased demand for new drugs and therapies
leading to extensive research and development activities, the need
for technologically advanced equipment in the pharmaceutical and
biotech industries, the rise in funding and investments in the
pharmaceutical and biotech industry, and increased healthcare
expenditure.
Among the geographies included in the report, in 2024,
North America is expected to
account for the largest share of 41% of the life science
equipment market. North America's
major market share is attributed to the presence of key players,
its well-established life science industry, and substantial
spending on R&D activities by pharmaceutical and biotech
companies. The U.S. is home to global top-ranking pharmaceutical
companies. Companies like Johnson & Johnson, Pfizer, AbbVie
Inc., Merck, and Bristol Myers Squibb are headquartered in the U.S.
These companies have high R&D expenditure at increasing at a
high rate each year. For example, Johnson & Johnson spent
USD 14.7 billion on research and
development in 2021, with a 21% increase over 2020.
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Scope of the Report:
Life Science Equipment Market
Assessment—by Technology
- Spectroscopy
- Molecular Spectroscopy
- UV/Vis Spectroscopy
- Nuclear Magnetic Resonance (NMR)
- Near-Infrared (NIR) Spectroscopy
- Infrared (IR) Spectroscopy
- Raman Spectroscopy
- Polarimeters and Refractometers
- Fluorescence & Luminescence Spectroscopy
- Other Molecular Spectroscopy Technologies
Note: Other molecular spectroscopy technologies segment
includes Raman spectroscopy, ellipsometry, and color
measurement
-
- Mass Spectrometry
- Quadrupole LC/MS
- Time of Flight LC/MS (Q-TOF & LC-TOF)
- Gas Chromatography-Mass Spectrometry (GC/MS)
- Fourier Transform Mass Spectrometry (FT/MS)
- Matrix-Assisted Laser Desorption/Ionization-Time of Flight Mass
Spectroscopy (MALDI-TOF MS)
- Portable and In-Field Mass Spectroscopy
- Tandem Mass Spectroscopy (MS/MS)
- Ion Trap Mass Spectroscopy (LC/MS)
- Atomic Spectroscopy
- Atomic Absorbance Spectroscopy (AAS)
- X-Ray Fluorescence (XRF) Spectroscopy
- X-Ray Diffraction (XRD) Spectroscopy
- Other Atomic Spectroscopy Technologies
Note: Other atomic spectroscopy technologies segment includes
inductively coupled plasma (ICP) spectroscopy, glow discharge
spectroscopy, and arc/spark optical emission spectroscopy
-
- Microscopy
- Electron Microscopy
- Optical Microscopy
- Scanning Probe Microscopy
- Other Microscopy
- Microscopy Software
- Chromatography
- High-Performance Liquid Chromatography (HPLC)
- Gas Chromatography (GC)
- Low Pressure Liquid Chromatography (LPLC)
- Flash Chromatography
- Thin Layer Chromatography (TLC)
- Ion Chromatography
- Supercritical Fluid Chromatography (SFC)
- Chromatography Software
- Lab Automation
- Automated Workstations
- Robotic Systems
- Automated Storage and Retrieval Systems (ASRS)
- Lab Automation Software
- Immunoassay Analyzers
- Chemiluminescence Immunoassay
- Fluorescence Immunoassay
- Radioimmunoassay (RIA)
- Colorimetric Immunoassay
- Other Immunoassay Analyzers
- Immunoassay Software
- PCR
- RT-PCR
- Conventional PCR
- Digital PCR
- PCR Software
- Sequencing
- Flow Cytometry
- Cell-Based Flow Cytometers
- Bead-Based Flow Cytometers
- Flow Cytometry Software
- Incubators
- Microarray
- DNA Microarrays
- Protein Microarray
- Tissue Array
- Other Microarrays
- Microarray Software
Note: Other microarrays segment includes glycan microarray,
carbohydrate microarray, and chemical compounds microarrays
- Centrifuges
- Centrifuges, by Type
- Devices
- Multipurpose Centrifuges
- Microcentrifuges
- Mini centrifuges
- Ultracentrifuges
- Other Centrifuges
- Centrifuge Accessories
- Centrifuges, by Model
- Benchtop Centrifuges
- Floor-standing Centrifuges
- Centrifuges, by Application
- Research Applications
- Genomics
- Microbiology
- Cellomics
- Proteomics
- Clinical Applications
- Diagnostics
- Blood Processing and Screening
- Other Applications
- Electrophoresis
- Gel Electrophoresis
- Capillary Electrophoresis
- Gel Documentation Systems and Software
- Other Equipment
Note: Other equipment segment includes autoclaves, stirrers
& shakers, mixers, baths, hot plates, ovens & furnaces, and
balances
Life Science Equipment Market Assessment
—by End User
- Pharmaceutical and Biotechnology Industry
- Academic & Research Institutes
- Hospitals and Diagnostic Laboratories
- Analytical Testing Laboratories
- Agriculture and Food Industry
- Forensic Laboratories
- Other End Users
Note: Other end users include blood banks and industries,
such as cosmetics, chemicals, oil & gas, electronics &
semiconductors, automotive, aerospace, ceramics, plastics, rubber,
and paints & coatings
Life Science Equipment Market Assessment
—by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Switzerland
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of LATAM (RoLATAM)
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of Middle East &
Africa (RoMEA)
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Related Reports:
Genomics Market by Offering (Systems, Consumables, Software,
Services), Technology (Sequencing, Microarray, PCR), Application
(Diagnostics, Life Science Research), End User (Pharmaceutical
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to 2030
NGS Automation Market by Product (Platform, Consumables),
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High-Performance Liquid Chromatography (HPLC) Market by Product
(Instruments [Systems, Detectors], Consumables [Columns, Tubes],
Accessories, Software), Application (Forensics, Diagnostics), End
User (Research, Pharmaceuticals) - Global Forecast to 2030
Next Generation Sequencing Market by Type (Consumables, NGS
Platform, Software), Sequencing Type (Whole Genome, Targeted),
Technology (Sequencing by Synthesis, Sequencing by Ligation),
Application (Clinical, Research), End User - Global Forecasts to
2030
Chromatography Reagents Market by Type (GC, LC, TLC), Product
(Solvents, Buffers, Reagents), Separation (Adsorption, Partition,
Affinity), Application (Pharma, Forensic, Environmental,
Cosmeceuticals, Diagnostics, QC), End User - Global Forecast to
2030
Related Blogs:
Top 10 Companies in Life Science Equipment Market
Life Science Equipment: The Role of Various Technologies
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