Lab equipment market nears $10 billion

A BCC Research report indicates that the global market for general labware is on the rise.

BBC reports that the global market was valued at nearly $4.9 billion in 2014 and is expected to reach $9.4 billion by 2020, with a compound annual growth rate (CAGR) of 11.7 percent from 2015 to 2020.

The North American market for general labware is expected to increase at a CAGR of 10.4 percent from 2015 to 2020, according to BBC Research. This growth prediction indicates that the North American market will hit the $3 billion mark by 2020.

MarketsandMarkets, a market research firm, released a report that predicts that the laboratory centrifuge market is expected to reach $1.74 billion by 2020 from $1.53 billion in 2015. The market is forecast to expand at a CAGR of 2.5 percent from 2015 to 2020, according to MarketsandMarkets.

Increasing prevalence and incidence of diseases and growing focus of companies on clinical research are factors that are expected to drive the growth of the laboratory centrifuges market, according to the report.

The laboratory centrifuge market is one segment of the overall medical laboratory equipment market.

Another segment is the microscope market and it too is expected to see growth in the near future.

A MarketsandMarkets report forecasts that the global microscopy market is poised to reach $6.72 billion by 2021 from $4.68 billion in 2016, at a CAGR of 7.5 percent from 2016 to 2021.

Factors such as rising global focus on nanotechnology, favorable government and corporate funding, and technological advancements such as super resolution microscopy, high-throughput techniques, and digitization of microscopes are driving the microscopy market.

However, the high cost of advanced microscopes; implementation of excise tax by the U.S. government; and the heavy custom duty on medical devices are hindering the growth of this market.

On the other hand, novel application areas such as optogenetics and high potential emerging markets such as China, Japan, and Middle East represent significant growth opportunities for the key players in the microscopy market.

Further, the time-consuming sample preparation process for advanced microscopes and a requirement for a high degree of technical expertise to handle complex microscopes may pose challenges to the growth of the market during the forecast period.

Major players operating in the microscopy market include Carl Zeiss, Danaher Corp., Nikon Corp., FEI Co. and Olympus Corp.

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