Life Science Equipment Market to be Worth $97.96 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., May 20, 2024 /PRNewswire/ -- According to a new market research report titled, 'Life Science Equipment Market Size, Share, Forecast, & Trends Analysis By Technology (Spectroscopy, Microscopy, Chromatography (HPLC, GC, TLC), PCR, Immunoassay, Sequencing, Flow Cytometry, Microarray, Centrifuge) End User – Global Forecast to 2031,' published by Meticulous Research^®, the life science equipment market is projected to reach $97.96 billion by 2031, at a CAGR of 6.3% from 2024 to 2031.

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Life sciences encompass a wide range of fields, including biology, biochemistry, genetics, pharmacology, and many more. Laboratory equipment plays a critical role in conducting experiments, collecting data, and analyzing samples to further scientific research and advance our understanding of living organisms and their underlying mechanisms. Equipment is also necessary for quality checks and validation of manufactured drugs and biologics in the life sciences industry. The growth of the life sciences industry is driving the adoption of life sciences and laboratory equipment.

The growth of this market is attributed to several factors, including increasing pharmaceutical and biotech R&D expenditures, government initiatives supporting life sciences R&D, the increasing prevalence of chronic and infectious diseases, and growth in initiatives to control environmental pollution. Additionally, the growth in genomics and proteomics, the increasing awareness and growing adoption of personalized medicines, increasing automation and digitalization in the life sciences industry, and the increasing focus on food safety and quality are expected to provide significant opportunities for players operating in the market.

The report offers a competitive landscape based on an extensive assessment of the leading players' product portfolios and geographic presence and the key growth strategies adopted by them in the last three to four years. In recent years, the life science equipment market witnessed several product launches, product enhancements, product approvals, partnerships, agreements, & collaborations, acquisitions, and expansions.

The key players operating in the life science equipment market are Agilent Technologies, Inc. (U.S.), Becton, Dickinson, and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann LA-Roche AG (Switzerland), PerkinElmer, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Waters Corporation (U.S.), Bruker Corporation (U.S.), Shimadzu Corporation (Japan), Siemens Healthineers AG (Germany), Eppendorf SE (Germany), Sartorius AG (Germany), and QIAGEN N.V. (Netherlands).

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Growing Awareness and Adoption of Personalized Medicine to Offer Opportunities for Players Operating in the Life Science Equipment Market

Personalized medicine, also known as precision medicine, is an emerging approach to patient care. Physicians choose a treatment method based on the patient's genetic makeup (also considering genetic changes resulting from a disease) and lifestyle habits. It is an emerging disease treatment and prevention approach that considers individual variability in genes, environment, and lifestyle.

Precision medicine can remove the need for guesswork, variable diagnostic ability, and treatment strategies based on generalized demographics. Moreover, precision medicine enables a more holistic view of an individual patient. Precision medicine for clinical workflows helps facilitate more predictive and preventive care by bringing targeted therapies. There has been an increase in the adoption of personalized medicine in recent years. For instance, according to the Personalized Medicine Coalition, the share of personalized medicine has increased steadily in the total drugs approved in the U.S. by the FDA, from 28% in 2015 to 35% in 2021. The increasing awareness and adoption of personalized medicine are driving the demand for specialized laboratory equipment and technologies that enable precise and accurate genetic and molecular analysis.

Personalized medicine heavily relies on genetic testing, sequencing, analysis of genetic, genomic, and proteomic information, and biomarker identification and validation. This necessitates the use of advanced laboratory equipment, such as DNA sequencers, gene sequencers, PCR machines, real-time PCR systems, next-generation sequencers, mass spectrometers, immunoassay analyzers, and chromatography systems, to accurately derive the necessary results.

The life science equipment market is segmented by Technology [Spectroscopy, Microscopy, Chromatography, Lab Automation, Immunoassay Analyzers, PCR, Sequencing, Flow Cytometry, Incubators, Microarray, Centrifuges, Electrophoresis, and Other Equipment], End User [Pharmaceutical and Biotechnology Industry, Academic & Research Institutes, Hospitals and Diagnostic Laboratories, Analytical Testing Laboratories, Agriculture and Food Industry, Forensic Laboratories, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets. (Note: Apart from primary segmentation, Spectroscopy, Microscopy, Chromatography, Lab Automation, Immunoassay Analyzer, PCR, Sequencing, Flow Cytometry, Microarray, Centrifuges, and Electrophoresis have further level segmentation).

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Among the technologies included in the report, in 2024, the spectroscopy segment is expected to account for the largest share of 22% of the life science equipment market. The spectroscopy segment is further sub-segmented into molecular spectroscopy, atomic spectroscopy, mass spectrometry, and software. In 2024, the molecular spectroscopy segment is expected to account for the largest share of the spectroscopy market. Molecular spectroscopy is used to determine the composition of a material in an unknown chemical composition. It is used in various applications across food & beverage, environmental screening, pharmaceutical, and biotech industries. Therefore, the wide range of applications of molecular spectroscopy coupled with the growth of the life sciences industry, especially the pharmaceutical and biotech sectors, contribute to the large market share of this segment.

Among the end users included in the report, in 2024, the pharmaceutical and biotechnology industry segment is expected to account for the largest share of 32% of the life science equipment market. The largest share is contributed by several factors, including the increased demand for new drugs and therapies leading to extensive research and development activities, the need for technologically advanced equipment in the pharmaceutical and biotech industries, the rise in funding and investments in the pharmaceutical and biotech industry, and increased healthcare expenditure.

Among the geographies included in the report, in 2024, North America is expected to account for the largest share of 41% of the life science equipment market. North America's major market share is attributed to the presence of key players, its well-established life science industry, and substantial spending on R&D activities by pharmaceutical and biotech companies. The U.S. is home to global top-ranking pharmaceutical companies. Companies like Johnson & Johnson, Pfizer, AbbVie Inc., Merck, and Bristol Myers Squibb are headquartered in the U.S. These companies have high R&D expenditure at increasing at a high rate each year. For example, Johnson & Johnson spent USD 14.7 billion on research and development in 2021, with a 21% increase over 2020.

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Scope of the Report:

Life Science Equipment Market Assessment—by Technology

• Spectroscopy
  • Molecular Spectroscopy
    • UV/Vis Spectroscopy
    • Nuclear Magnetic Resonance (NMR)
    • Near-Infrared (NIR) Spectroscopy
    • Infrared (IR) Spectroscopy
    • Raman Spectroscopy
    • Polarimeters and Refractometers
    • Fluorescence & Luminescence Spectroscopy
    • Other Molecular Spectroscopy Technologies

Note: Other molecular spectroscopy technologies segment includes Raman spectroscopy, ellipsometry, and color measurement

• • Mass Spectrometry
    • Quadrupole LC/MS
    • Time of Flight LC/MS (Q-TOF & LC-TOF)
    • Gas Chromatography-Mass Spectrometry (GC/MS)
    • Fourier Transform Mass Spectrometry (FT/MS)
    • Matrix-Assisted Laser Desorption/Ionization-Time of Flight Mass Spectroscopy (MALDI-TOF MS)
    • Portable and In-Field Mass Spectroscopy
    • Tandem Mass Spectroscopy (MS/MS)
    • Ion Trap Mass Spectroscopy (LC/MS)
  • Atomic Spectroscopy
    • Atomic Absorbance Spectroscopy (AAS)
    • X-Ray Fluorescence (XRF) Spectroscopy
    • X-Ray Diffraction (XRD) Spectroscopy
    • Other Atomic Spectroscopy Technologies

Note: Other atomic spectroscopy technologies segment includes inductively coupled plasma (ICP) spectroscopy, glow discharge spectroscopy, and arc/spark optical emission spectroscopy

• • Spectroscopy Software
• Microscopy
  • Electron Microscopy
  • Optical Microscopy
  • Scanning Probe Microscopy
  • Other Microscopy
  • Microscopy Software
• Chromatography
  • High-Performance Liquid Chromatography (HPLC)
  • Gas Chromatography (GC)
  • Low Pressure Liquid Chromatography (LPLC)
  • Flash Chromatography
  • Thin Layer Chromatography (TLC)
  • Ion Chromatography
  • Supercritical Fluid Chromatography (SFC)
  • Chromatography Software
• Lab Automation
  • Automated Workstations
  • Robotic Systems
  • Automated Storage and Retrieval Systems (ASRS)
  • Lab Automation Software
• Immunoassay Analyzers
  • Chemiluminescence Immunoassay
  • Fluorescence Immunoassay
  • Radioimmunoassay (RIA)
  • Colorimetric Immunoassay
  • Other Immunoassay Analyzers
  • Immunoassay Software
• PCR
  • RT-PCR
  • Conventional PCR
  • Digital PCR
  • PCR Software
• Sequencing
• Flow Cytometry
  • Cell-Based Flow Cytometers
  • Bead-Based Flow Cytometers
  • Flow Cytometry Software
• Incubators
• Microarray
  • DNA Microarrays
  • Protein Microarray
  • Tissue Array
  • Other Microarrays
  • Microarray Software

Note: Other microarrays segment includes glycan microarray, carbohydrate microarray, and chemical compounds microarrays

• Centrifuges
  • Centrifuges, by Type
    • Devices
      • Multipurpose Centrifuges
      • Microcentrifuges
      • Mini centrifuges
      • Ultracentrifuges
      • Other Centrifuges
    • Centrifuge Accessories
  • Centrifuges, by Model
    • Benchtop Centrifuges
    • Floor-standing Centrifuges
  • Centrifuges, by Application
    • Research Applications
      • Genomics
      • Microbiology
      • Cellomics
      •  Proteomics
    • Clinical Applications
      • Diagnostics
      • Blood Processing and Screening
    • Other Applications
• Electrophoresis
  • Gel Electrophoresis
  • Capillary Electrophoresis
  • Gel Documentation Systems and Software
• Other Equipment

Note: Other equipment segment includes autoclaves, stirrers & shakers, mixers, baths, hot plates, ovens & furnaces, and balances

Life Science Equipment Market Assessment —by End User

• Pharmaceutical and Biotechnology Industry
• Academic & Research Institutes
• Hospitals and Diagnostic Laboratories
• Analytical Testing Laboratories
• Agriculture and Food Industry
• Forensic Laboratories
• Other End Users

Note: Other end users include blood banks and industries, such as cosmetics, chemicals, oil & gas, electronics & semiconductors, automotive, aerospace, ceramics, plastics, rubber, and paints & coatings

Life Science Equipment Market Assessment —by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Switzerland
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
  • Rest of APAC (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • Rest of LATAM (RoLATAM)
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East & Africa (RoMEA)

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Related Blogs:

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Life Science Equipment: The Role of Various Technologies

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