Laboratory Equipment Market on the Rise

Laboratory equipment plays an important role in health care. These devices are used to provide accurate diagnoses and assist with a variety of treatment options.

A recent BCC Research report states that the global market for general labware was valued at nearly $4.9 billion in 2014. This market was expected to reach $5.4 billion in 2015 and $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 from $1.8 billion in 2015 to $3 billion by 2020, with a CAGR of 10.4 percent from 2015 to 2020, according to BBC Research.

MarketsandMarkets, a market research firm, recently released the report “Laboratory Centrifuge Market by Product (Equipment (Microcentrifuge/Ultracentrifuge), Accessories), Rotor Design, Intended Use, Application (Diagnostic/Microbiology/Proteomics/Genomics), End User (Hospital/Biotech/Pharmaceutical) - Global Forecast to 2020.” The laboratory centrifuge market is expected to reach $1.74 billion by 2020 from $1.53 billion in 2015, growing 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.

Some of the prominent players in the laboratory centrifuge market include Thermo Fisher Scientific Inc., Beckman Coulter Inc., Eppendorf AG, Kubota Corp., and Sigma Laborzentrifugen GmbH.

The laboratory centrifuge market is just 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.

The MarketsandMarkets report “Microscopy Market by Product (Optical Microscopy-Fluorescence & Super Resolution Microscope), Confocal Microscopy, Electron Microscopy), Application - Semiconductor, Life Sciences) & End Users (Academic Institutes, Industries) - Global Forecast to 2021,” 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, time-consuming sample preparation process for advanced microscopes and requirement of high degree of technical expertise to handle complex microscopes may pose challenges to the growth of this market during the forecast period.

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