(MENAFN- iCrowdNewsWire) Laboratory Equipment and Disposables Market size is estimated to reach $4,960 million by 2026, growing at a CAGR of 7.1% during 2021-2026. Laboratory is facility that is equipped to perform scientific experiments with the help of equipment and disposables. Micro manipulation systems are most common equipment in laboratory that physically interact with a sample under a microscope. In laboratory, lab air filtration system offers solution in order to modify air quality within the laboratory in order to provide safety. In laboratory, laminar flow hood are used as ventilation devices to provide an aseptic work area that helps to prevent both the laboratory personnel and the materials.
A homogenizers is a piece of laboratory that are high-quality handheld models which is used for the homogenization of various types of material. Laboratory Equipment offers spectrophotometers that helps to measure light intensity as a function of wavelength. Increasing prevalence of infectious disease among people and growing technological advancement is the major factor driving the growth of this market. Furthermore, increasing research and development activities in medical industry is set to further enhance the overall market demand for Laboratory Equipment and Disposables Market for the period 2021-2026.
Laboratory Equipment and Disposables Segment Analysis – By Product Type
The global Laboratory Equipment and Disposables Market based on Product Type can be further segmented into Equipment, Disposables. The Equipment segment is the major segment generating revenue in 2020. This is mainly owing to equipment that are the necessary tools used in a laboratory setting to carry out various tasks such as clinical testing of body fluids, pathological testing of body tissues, microbial testing of samples, and others. Moreover, growth in awareness for advanced equipment such as micro manipulation systems, lab air filtration, laminar flow hood and wide availability of equipment increases the growth of this market. The Disposables segment is estimated to register the fastest CAGR of 2% for the period 2021-2026. This is mainly owing to rise in number of laboratories and increase in number of diagnostic lab procedures increasing the growth of this segment.
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Laboratory Equipment and Disposables Segment Analysis – By End-Use Industry
The global Laboratory Equipment and Disposables Market based on End-Use Industry can be further segmented into Hospitals, Laboratories, and Others. The Hospital segment registers for the highest Laboratory Equipment and Disposables market share in 2020. This is owing to easy accessibility of hospital and higher selling capacity. Moreover, owing to availability of skilled professional patients can prefer hospitals and government is taking initiatives to develop the laboratories in hospitals that increases the growth of this market. The Laboratories segment is estimated to register the fastest CAGR of 1.55% over 2021-2026. This is mainly owing to rising research and development in laboratory and increasing research related to life science and biotechnology and are increasing the growth of this market.
Laboratory Equipment and Disposables Segment Analysis – By Geography
North America dominated the Laboratory Equipment and Disposables Market with major share of 40% in 2020. This is owing to the increasing prevalence of infectious diseases that require laboratory testing, high healthcare expenditure and increasing favorable reimbursement policies. According to Center for Disease Control and Prevention (CDC), about 6,75,000 people are suffering from infectious diseases in 2016 that increases the growth of this segment.
However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 3.55% during the forecast period 2021-2026 owing to rising population and increasing development in healthcare.
Laboratory Equipment and Disposables Market Drivers
Increasing Prevalence of Infectious Disease
Increasing prevalence of various infectious diseases such as HIV, Ebola, TB, and others increasing the growth of the Laboratory Equipment and Disposables Market. According to World Health Organization, about 1.4 million people are suffering from TB that increases the demand for equipment such as homogenizers, spectrophotometers for treatment and are increasing the growth of the Laboratory Equipment and Disposables Market over 2021-2026.
Growing Technological Advancement
Technological advancements in the field of laboratory equipment, increase in number of clinical diagnostic procedures, and rise in private & public healthcare investments increases the growth of this Market. Moreover, improved diagnostic facilities increases the need of laboratories equipment and are increasing the growth of Laboratory Equipment and Disposables Market over 2021-2026.
Covid-19 Impact:
COVID-19 pandemic had greatly affected the Laboratory Equipment and Disposables Market. During pandemic, researchers are working relentlessly to develop a vaccine and potential treatments for Covid-19 that increases the need of laboratory equipment and are positively impacted the growth of this market.
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Laboratory Equipment and Disposables Market Challenges
High Cost Associated with Laboratory Equipment
The factors that is set to impede the growth of the Laboratory Equipment and Disposables Market are high cost of technologically advanced laboratory equipment. Moreover, lack of clinical laboratories is set to create hurdles for the Laboratory Equipment and Disposables Market.
Laboratory Equipment and Disposables Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Laboratory Equipment and Disposables Market. Laboratory Equipment and Disposables top 10 companies include, Bio-Rad Laboratories, Danaher Corp, Bruker Corporation, Fujifilm Irvine Scientific, Sartorius AG, PerkinElmer Inc., Shimadzu Corporation, Thermo Fisher Scientific Inc., Agilent Technologies, Labcyte, and Beckman Coulter Life Sciences Inc.
Development
In January 2019, Beckman Coulter Life Sciences Inc. announced the acquisition of Labcyte in order to expand the laboratory automation business and enhance time-saving solutions for customer workflows.
Key Takeaways
Geographically, in 2020, North America dominated the Laboratory Equipment and Disposables Market owing to increasing prevalence of infectious diseases that require laboratory testing, high healthcare expenditure and increasing favourable reimbursement policies.
Increasing prevalence of infectious disease among people and growing technological advancement are likely to aid in the market growth of the Laboratory Equipment and Disposables.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Laboratory Equipment and Disposables Market report.
High cost associated with laboratory equipment is set to create hurdles for the Laboratory Equipment and Disposables Market.
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B. Clinical Laboratory Services Market
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