The "Laboratory Equipment Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The lab equipment market was valued at US$16.182 billion in 2019.
The recent outbreak of COVID-19
The recent pandemic of the deadly COVID-19 is further anticipated to be one of the key factors for the rapid growth of the lab equipment market during the short run. The booming investments in the development of new vaccines along with a rapid increase in the number of sample tests have further led to an increased demand for lab equipment in various countries. In addition, the rising funding by the governments of various countries to boost the R&D for the development of vaccines and numerous medicines to meet the response of COVID is also anticipated to significantly drive the lab equipment market in the coming years. For instance, recently, in April 2020, the Department of Biotechnology, India announced that around 16 companies were granted funds to boost their R&D for the development of drugs and vaccines to speed up the process with an aim to tackle the disease.
Increasing investments by pharma companies in the R&D
The booming investments by the companies operating in the pharma sector with an aim to treat the various chronic diseases further widen up the opportunities for the market to grow in the near future. Also, the rising initiatives by the government of various countries have led to the formation of new schemes with an aim to accelerate the development of new innovative drugs is also considered a key factor expected to drive the 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 mainly focused to reduce 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 the conditions or symptoms that last a year or more than a year, along with the requirement of regular medical attention. The growing prevalence of chronic diseases in the major countries is expected to augment the demand for new drugs. Chronic diseases include heart disease, cancer, chronic lung disease, stroke, Alzheimer's disease, diabetes, and chronic kidney disease. However, heart disease, diabetes, and cancer are the major chronic disease which 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 the new and advanced drug as diabetes further increases the risk of heart disease, kidney failures, so in order to mitigate the risk of these diseases, the adoption of drug intake rises, which will further propel the demand during the next five years.
North America to hold a significant share
North America 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 the 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 Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Lab Equipment Market Analysis, By Type
5.2. With sample characteristic sensing
5.3. Without sample characteristic sensing
6. Lab Equipment Market Analysis, By End-User
7. Lab Equipment Market Analysis, By Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.6. Asia Pacific
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Eppendorf AG
9.2. Beckman Coulter, Inc.
9.3. Agilent Technologies, Inc.
9.4. Thermo Fisher Scientific Inc.
9.5. Waters Corporation
9.6. F. Hoffmann-La Roche Ltd
9.8. Shimadzu Corporation
9.9. Bio-Rad Laboratories, Inc.
9.10. PerkinElmer Inc.
For more information about this report visit https://www.researchandmarkets.com/r/46ovie
View source version on businesswire.com: https://www.businesswire.com/news/home/20200812005316/en/
Laura Wood, Senior Press Manager
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