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The general laboratory equipment market share is expected to increase by USD 8.62 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 8.89%. This general laboratory equipment market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The general laboratory equipment market report also offers information on several market vendors, including Avantor Inc., Bio Rad Laboratories Inc., Borosil Ltd., Corning Inc., DWK Life Sciences GmbH, Eppendorf AG, Mettler Toledo, Sartorius AG, Thermo Fisher Scientific Inc., and VITLAB GmbH among others. Furthermore, this report extensively covers general laboratory equipment market segmentation by product (instruments and equipment and laboratory consumables), end-user (pharmaceutical, healthcare, academic, industrial, and others), and geography (North America, Europe, APAC, South America, and MEA).
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increasing demand from quality testing and research laboratories is notably driving the general laboratory equipment market growth, although factors such as strict compliance requirements for validation and calibration of laboratory equipment may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the general laboratory equipment industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key General Laboratory Equipment Market Driver
Increasing demand from quality testing and research laboratories is a major driver fueling the general laboratory equipment market growth. The demand for general laboratory equipment from laboratories such as quality control laboratories is increasing. These facilities function as a part of many industries such as pharmaceutical, cosmetics, and food and beverage. These laboratories are adopting quality products with high-throughput capabilities to rapidly and accurately perform their routine quality-testing tasks such as microbial growth tests, bio burdening tests, and quantitative tests. Owing to the stringent regulatory requirements regarding product safety and purity, industrial settings are increasingly upgrading their quality testing laboratories with the latest laboratory equipment and systems, which is driving the demand for new equipment globally. In addition, pharmaceutical companies are finding extensive use of automated general laboratory equipment, which are helping them overcome work burden and adhere to complex and stringent regulatory requirements set by authorities such as the US Food and Drug Administration and European Medicine Agency. Thus, owing to the growing compliance demand across manufacturing industries such as the food and beverage industry, cosmetic industry, and pharmaceutical industry, the purchase of new general laboratory equipment is increasing.
Key General Laboratory Equipment Market Trend
Standardization across laboratory equipment is a major trend influencing the general laboratory equipment market growth. Standardization of laboratory equipment offers laboratories to easily meet the compliance requirements by maintaining high standards of accuracy, consistency, reproducibility, and safety in laboratory operations. However, complex laboratory architecture across large-scale laboratories may involve a heterogeneous mix of individual laboratory equipment and software from different market vendors. This creates issues in integration. To overcome such issues, market vendors are shifting toward standardization of their individual products that can enable efficient reconfiguration and heterogenous mix during the development of complex laboratory architecture across large-scale laboratories. The rising focus on standardization has reduced the dependency of laboratories to purchase complete laboratory solutions from a single market vendor, thereby bringing the need for a customized and standardized product mix. Therefore, the rapid adoption of standardization is expected to boost the sales of individual laboratory equipment during the forecast years.
Key General Laboratory Equipment Market Challenge
Strict compliance requirements for the validation and calibration of laboratory equipment are a major hindrance to the general laboratory equipment market growth. Following the standard compliance procedures is a challenging task, which requires strict adherence to complex guidelines. In addition, a single type of equipment may be subjected to varying guidelines depending upon the end-user industry. For instance, equipment may require adherence to the standard requirement of the US FDA in the pharmaceutical and biotechnology industry, Good Laboratory Practice (GLP) requirements across diagnostic testing laboratories, and Hazard Analysis and Critical Control Point regulatory compliance across the food and beverage industry. Furthermore, if the product is used in a hazardous environment, there can be certain specialized requirements. Thus, manufacturing general laboratory equipment that efficiently complies with all such requirements becomes a challenging task for vendors.
This general laboratory equipment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global general laboratory equipment market as a part of the global electronic equipment and instruments market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the general laboratory equipment market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the general laboratory equipment market encompasses successful business strategies deployed by the key vendors. The general laboratory equipment market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The general laboratory equipment market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the general laboratory equipment market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of electronic equipment and instruments includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by End-user
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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