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Global Laboratory Equipment Market to expand at 8% CAGR till 2023

Global Laboratory Equipment Market to expand at 8% CAGR till 2023
6/11/2019
The global laboratory equipment market is estimated to expand at a compound annual growth rate (CAGR) of 8.0% during the 2018-2023 period, and will reach USD 84.4 Bn by 2023.

New York June 11, 2019 - Research On Global Markets has announced the addition of a market research report titled “Global Laboratory Equipment Market (2018-2023)” to their offering. According to the report, the global laboratory equipment market is estimated to expand at a compound annual growth rate (CAGR) of 8.0% during the 2018-2023 period, and will reach USD 84.4 Bn by 2023. Growing number of research activities in life sciences is creating huge demand for laboratory equipment across the globe. Also, higher incidence of chronic diseases like diabetes and respiratory ailments, coupled with growing demand for timely and early detection of diseases is expected to drive further growth in this market.

According to the report, the global laboratory equipment market is segmented based on technologies like spectroscopy, chromatography, flow cytometry, next-generation sequencing, and other. The ‘other’ technologies segment held the highest market share (45.8%) in 2018, driven by growing geriatric population, rapidly emerging diagnostics centers and hospitals, and technological advancements. In terms of market share, the spectroscopy segment is the second largest, with a market share of 21.3% in 2018. Increased demand for spectrometers in the life sciences sector for the analysis of drugs and biomolecules is driving growth of this segment.

Research On Global Markets tracks the performance of the global laboratory equipment market across the key geographies of North America, Latin America, Europe, Asia Pacific, and Middle East and Africa.  The North America laboratory equipment market is expected to expand at a CAGR of 7.8% during the 2018-2023 period, leading to global revenue of USD 33.7 Bn by 2023. An increasing number of clinical trials and higher funding for life sciences research will aid the growth of the market. Europe, on the other hand, is anticipated to expand at a CAGR of 7.9% during the forecast period. The Asia-Pacific laboratory equipment market is expected to expand at the highest CAGR (8.4%) during the 2018-2023 period.

Research On Global Markets tracks the performance of the major players in the global laboratory equipment market in India including Danaher Corporation, Thermo Fischer, Agilent Technologies, Waters Corporation, PerkinElmer Corporation, Bio-Rad Laboratories, Shimadzu Corporation, Bruker Corporation, among others.

Key highlights of this report:

• Overview of the global laboratory equipment market
• Historical, current and forecasted market size data for the global laboratory equipment market (2015 to 2023)
• Geography-wise market revenue – (2018, 2023) (USD Bn)
• Global Laboratory Equipment Market - Segment Insights
• Qualitative analysis of the major drivers and challenges affecting the market
• Analysis of the competitive landscape and profiles of major players operating in the market

This report has been formulated and designed with the purpose of giving businesses a concise understanding of the global demand for laboratory equipment to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.

For more insights on the global laboratory equipment market, click here to download the free sample report.

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