Market Trends of Global Laboratory Equipment and Disposables Industry
This section covers the major market trends shaping the Laboratory Equipment & Disposable Market according to our research experts:
Pipettes Segment is Expected to Exhibit a Significant Market Growth Over the Forecast Period
A pipette (sometimes spelled pipet) is a laboratory tool commonly used in chemistry, biology, and medicine to transport a measured volume of liquid, often as a media dispenser. Pipettes are available in various designs and levels of accuracy and precision, ranging from simple single-piece glass pipettes to more complex adjustable or electronic pipettes.
The pipettes segment is expected to grow as the number of research and development expenditures in the healthcare industries and the launches of various technologically advanced products by various key market players. For instance, the data published by EFPIA in 2022 mentioned that the research and development expenditure of the pharmaceutical industry in the European region in 2021 was EUR 41.5 million (USD 44.66 million). Such high pharmaceutical expenditures are expected to drive the demand for pipettes owing to the frequent usage in the research and development process of various drugs, biologics, and other testing purposes, fueling segment growth.
The launch of various technologically advanced pipettes has also anticipated the growth of the segment over the forecast period. For instance, in February 2022, Integra Biosciences launched the D-one single-channel pipetting module for hands-free transfers from individual tubes or well using the Assist Plus pipetting robot. Additionally, in January 2022, Tecan launched the Air Restriction Pipettor (ARP). The ARP technology provides a broad segment's growthange of independent pipetting channels with variable tip spacing capabilities. Thus all factors above, such as technological advancement in the pipettes and high R&D expenditure, anticipated segment growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market During the Forecast Period
North America is expected to hold a significant market share during the forecast period. The presence of key pharmaceutical and biotech companies and increasing research activities, which are expected to rise the demand for laboratory equipment and disposable is expected to fuel the market growth in this region.
For instance, according to a report published in September 2021 by the Pharmaceutical Research and Manufacturers of America (PhRMA), until 2021, biopharmaceutical companies invested more than a trillion dollars in research and development, about USD 91 billion in research and development. Thus, increasing research and development expenditure boosts the market over the forecast period. Also, the increasing investment by government organizations for the research and development of various treatments, diagnostics, and others is expected to contribute to the growth of the market. For instance, Canada's Budget in 2021 proposed investments in diabetes research, surveillance, prevention, and the development of a national framework for diabetes. As part of this, the government of Canada announced that the Canadian government through the Canadian Institutes of Health Research (CIHR) planned to recommit to the JDRF-CIHR partnership to Defeat Diabetes and announced the investment of up to USD 15 million for a total research impact of USD 30 million.
Furthermore, the market's growth is expected to increase due to the presence of key market players along with frequent product developments and launches. For instance, in September 2021, the Baker Company, Inc. launched ReCO2ver, an innovative, rapid recovery cell culture incubator that will bring even more value to its customer in the field of microbiology, cell culture, and biological safety. Additionally, various strategic activities by key market players anticipated market growth in the region. For instance, in September 2021, American Nitrile, a launched Columbus, Ohio-based company, is building the most advanced United States manufacturing facility dedicated to producing nitrile gloves for healthcare, government, and industrial use.
Thus, the above-mentioned factors, public and private investments in research and developments along with the presence of key market players are also expected to contribute to the growth of the market in this region.
