DUBLIN, March 22, 2023 /PRNewswire/ — The “Lab Equipment Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
The lab equipment market was valued at US$19.017 billion in 2020.
The primary factors that are significantly driving the market growth are the burgeoning adoption of technology for drug and vaccine development along with the rising investments in the R&D for the development of new drugs and medicines.
Furthermore, the rising prevalence of chronic diseases such as cancer, diabetes, and asthma among others has led to rapid investments across the biopharmaceutical segment for the rapid advancement in technology and the development of new drugs to combat the growing number of diseases is also estimated to increase the potential of the lab equipment market to grow in the coming years.
Moreover, there has been a rapid increase in the demand for biologics. biotics refers to a kind of drug produced by living organisms or containing components of living organisms. Biologics are becoming increasingly popular around the globe to cater to some of the most prevalent diseases, and are thus actively being researched, thus providing an impetus for the market to surge in the next five years.
Also, according to the World Health Organization’s International Clinical Registry Platform, out of all the trials in the pharmaceutical pipeline, spread across 50 different countries, in 2018, 40% of them were biologics. Thus, a significant rise in the demand for biologics is further projected to increase the R&D expenditure and thereby drive the market growth significantly.
Increasing investments by pharma companies in R&D
The booming investments by pharmaceutical companies aiming to treat various chronic diseases expand the opportunities for the market to grow in the near future. Also, the rising initiatives by the governments of various countries have led to the formation of new schemes with an aim to accelerate the development of new innovative drugs, which is also considered a key factor expected to drive market growth.
For instance, In November 2018, the French National Agency for the Safety of Medicines and Health Products announced new plans for further fast-track schemes in clinical trials for innovative gene and cell therapy drugs. The scheme is mainly focused on reducing the trial approval times by 25 or 30 days, thereby, enabling the companies to focus more on the development of new drugs.
Rising prevalence of chronic diseases
Chronic diseases are defined as conditions or symptoms that last a year or more than a year, along with the requirement for regular medical attention. The growing prevalence of chronic diseases in major countries is expected to augment the demand for new drugs. Chronic diseases include cancer, cardiac diseases, diabetes, stroke, cancer, chronic lung disease, Alzheimer’s disease, and chronic kidney disease. However, heart disease, diabetes, and cancer are the major chronic diseases that are the leading causes of death and disability in the United States.
Furthermore, a growing number of cancer cases will further boost the demand for efficient drugs during the forecast period. For instance, in the United States, more than 1.6 million people are diagnosed with cancer every year, and approximately around 6,00,000 deaths are caused by cancer, which makes cancer the second leading cause of death in the country (Source: U.S. Department of Health and Human Services). Moreover, approximately 30 million Americans suffer from diabetes, which further drives the demand for new and advanced drugs. As diabetes further increases the risk of heart disease, and kidney failure, the adoption of drug intake will further propel the demand during the next five years.
The lab equipment market has been segmented on the basis of type, end-user, and geography. By type, the market has been classified into with sample characteristic sensing and without sample characteristic sense. By the end-user, the classification has been done on the basis of government, biopharmaceutical, industrial, and others. Geographically, the segmentation has been done on the basis of North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
North America to hold a significant share
The North American market is projected to hold a noteworthy market share in 2019 owing to the presence of sophisticated healthcare infrastructure in countries such as the U.S.A. The presence of key biopharma companies in the region further bolsters market growth. The Asia Pacific region is anticipated to show robust growth opportunities during the coming years owing to the rising prevalence of chronic diseases and the growing investments in pharmaceutical research.
Key Developments in the Market:
In February 2022, a global pioneer in mass photometry announced the launch of a new SamuxMP mass photometer, which significantly increases the time and cost-effectiveness of adeno-associated-virus (AAV) characterization. The SamuxMP, which was unveiled at PepTalk, addresses the shortcomings of the existing gold standard analytical techniques by enabling users to quickly and affordably calculate empty/full capsid ratios for AAVs of any serotype at the bench using very low sample concentrations and volumes as well as with minimal sample preparation.
In March 2022, Canada-based Life sciences brand, Nirvana Life sciences Inc, announced the acquisition of various lab equipment worth US$ 800,000, including modern distillation apparatus and two chromatography apparatuses, to advance the research progress in its Vancouver R&D campus.
Middle East and Africa
Key Topics Covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. LAB EQUIPMENT MARKET ANALYSIS, BY TYPE
6. LAB EQUIPMENT MARKET ANALYSIS, BY END-USER
7. LAB EQUIPMENT MARKET ANALYSIS, BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT and ANALYSIS
9. COMPANY PROFILES
Beckman Coulter, Inc.
Agilent Technologies, Inc.
Thermo Fisher Scientific Inc.
F. Hoffmann-La Roche Ltd
Bio-Rad Laboratories, Inc.
Honeywell International Inc.
For more information about this report visit https://www.researchandmarkets.com/r/4uj3en
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SOURCE Research and Markets