Market Size of Global Laboratory Equipment and Disposables Industry
| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2030 |
| CAGR | 8.90 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Laboratory Equipment & Disposable Market Analysis
Laboratory Equipment and Disposables Market are expected to grow at a registered CAGR of 8.9% during the forecast period.
COVID-19 had a significant impact on the growth of the market over the pandemic period. This was mainly due to the crucial impact on the demand for laboratory equipment and disposals owing to the lack of supply of laboratory essentials due to strict lockdown regulations in the initial stages of the pandemic. For instance, according to the study published in Springer in March 2021, various projects have been slowed or even stopped due to a lack of gloves, plastic tips for pipettes, centrifuge tubes, and other laboratory essentials during the lockdown period for COVID-19, as a result of shortages and supply chain disruptions, market growth during COVID-19 was notably impacted during the initial stages of the pandemic. However, the relaxation of strict lockdown regulation during the post-pandemic period leading to the proper functioning of the supply chain of laboratory essentials is expected to propel the market's growth over the forecast period.
The Laboratory Equipment and Disposables Market is expected to grow due to increased demand for these product types from the biotechnology, pharmaceuticals, and medical devices industries. Rising public health concerns resulting in increased government and private sector investments are also expected to boost the market's growth. As a result of technological advancements, lab equipment manufacturers have developed innovative products, which have fueled the lab equipment and disposables market.
For instance, according to a report published by the International Federation of Pharmaceutical Manufacturers and Associations in 2022, the annual research and development spending was 7.3 times greater than that of the aerospace and defense industries and biopharmaceutical industry, And it was 6.5 times more than that of the chemicals industry and 1.5 times more than that of the software and computer services industry. As per the same report, in 2022, over 202 billion was estimated to be spent worldwide on biopharmaceutical research and development. The large investments in the market are considered to increase the demand for laboratory equipment and disposables in the development of biopharmaceuticals, thereby ultimately driving the market's growth.
In addition, the launch of technologically advanced products by various market players is expected to contribute to the market's growth over the forecast period. For instance, in April 2022, BYK-Gardner USA launched a benchtop spectrophotometer, the color2view, market's growth a revolution in color measurement in every respect. Similarly, in April 2021, Eppendorf introduced the Centrifuge 5910 Ri, a new centrifuge designed to improve laboratory efficiency. The new centrifuge succeeds the popular Centrifuge 5910 R, the flagship of Eppendorf's multipurpose centrifuge portfolio, which has served customers worldwide.
However, the high cost of technologically advanced laboratory equipment is the major restraining factor for the market studied.
