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This market research report on the APAC & MEA laboratory equipment market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by product type (vacuum concentrator, freeze dryer, glassware washer, VMI over-head stirrer, biosafety cabinet, ultra-low temperature freezer, spectrophotometers, freezers, chillers & circulators, refrigerators, small benchtops, high speed centrifuge, semi-micro balance, ovens, rotatory evaporator, water bath - high security, ultrasonic baths, incubators, and traceable), by end-user type (laboratories, hospitals, pharma & biotech companies, academic & research institutes, and others), and by geography (APAC, Middle East, and Africa).
APAC & MEA Laboratory Equipment Market - Overview
The growing demand for equipment, services, and accessories useful for sample creation, storage, and preservation is fueling the growth of the APAC & MEA laboratory equipment market. The increase in research activities is transforming the APAC & MEA market. The increasing investments from the public and the private sector across sectors such as life science, biotechnology, and pharma will result in the transformation of the laboratory supplies. The introduction of technologically advanced products catering to the healthcare bodies engaged in prognosis, diagnostics, and biopharmaceutical development is creating a need for innovative lab equipment in the market. The DNA sequencing, tissue engineering and regeneration, fermentation, cell-based assay, and nanobiotechnology are among the various application area in the APAC & MEA market. The launch of an enhanced version of centrifuges and incubators is pushing the growth of laboratory apparatus across all geographies. The transformations in the equipment from traditional to customizable across diverse end-users will create lucrative investment opportunities for leading vendors operating in the market. The increasing the number of end-user applications such as laboratories, hospitals, pharma & biotech companies, academic & research institutes, and other will boost revenues in the market. Hospitals and other research institutes participating in real time experiments or research and other related activities is one of the primary drivers of the APAC & MEA laboratory equipment market.
The significant research done across food, chemicals, industrial, and environmental industries will drive the need for dynamic scientific lab supplies across the market. The vendors are focusing on the purchase of expensive technology and machinery that can produce high-quality laboratory equipment for end-user applications in the market. The APAC & MEA laboratory equipment market is projected to reach values of approximately $6 billion by 2024, growing at a CAGR of around 6% during 2018-2024.
APAC & MEA Laboratory Equipment Market –Dynamics
The integration of laboratory networks is creating new avenues for expansion across the APAC & MEA laboratory equipment market. Since not all laboratories can be utilized for research and testing purposes, thus, the evolution of program/disease-specific laboratories has taken place in the market. These laboratory settings tend to have specific equipment targeted toward research and testing procedures for certain disease/program. The knowledge and expertise at such specific laboratories catering to the numerous diseases tend to support the other laboratories across the region. The integration of these laboratory networks will push the need for effective and adequate lab equipment in the market. Such networks will create opportunities for players to serve customers with a diverse range of products and solutions suitable for the variety of laboratory types in the APAC & MEA laboratory equipment market.
APAC & MEA Laboratory Equipment Market – Segmentation
This market research report includes a detailed segmentation of the market by product type,end-user type, and geography.
APAC & MEA Laboratory Equipment Market – By Product Type
The use of freezers across clinical reference laboratories will drive the demand in the APAC & MEA laboratory equipment market
The APAC & MEA laboratory equipment market by product type is classified into vacuum concentrator, freeze dryer, glassware washer, VMI over-head stirrer, biosafety cabinet, ultra-low temperature freezer, spectrophotometers, freezers, chillers & circulators, refrigerators, small benchtops, high speed centrifuge, semi-micro balance, ovens, rotatory evaporator, water bath - high security, ultrasonic baths, incubators, and traceable. The freezers segment dominated the largest market share in 2018, growing at a CAGR of around 6% during the forecast period. The laboratory freezers are one of the most commonly used equipment across end-user applications and are driving the growth of this segment in the APAC & MEA market. The use of biobanks and the need for storage of samples at a regulated temperature and the need for technologically advanced temperature control freezers for various storage purposes is boosting the sales of laboratory freezers. Clinical reference laboratories and hospitals are the largest end-users of freezers in the APAC & MEA laboratory equipment market.
The rapid advances in clinical chemistry will propel the demand for spectrophotometers in the market. The growth in biotechnological research across geographies will positively impact the chillers & circulators segment. The sanctions of new projects across markets for the pharma & biotech industry will boost the need for refrigerators in the market. The high-speed centrifuge has a diverse range of applications across research & development and pharmaceutical industries. The rising demand for demand for advanced analytical equipment for research and diagnosis purposes will boost the revenues for rotatory evaporators in the APAC & MEA laboratory equipment market.
APAC & MEA Laboratory Equipment Market – By End-User Type
Government investments for the development of the academic & research institutes will drive the APAC & MEA laboratory equipment market
The end-user type in the APAC & MEA laboratory equipment market is divided into laboratories, hospitals, pharma & biotech companies, academic & research institutes, and others. The academic & research institutes sector is the fastest growing end-user segment in the global market, at a CAGR of approximately 6% during the forecast period. The government and private entity investments across the APAC and MEA region will boost the demand for innovative equipment in the market. The increasing focus on the development of the academic & research institutes with laboratory facilities will create business expansion opportunities for top vendors operating in the market. Several companies engaged in the biotechnology sector are further pushing the growth of the academic & research institutes for enhanced findings and upgradation in the market. The advancements in life sciences and biotechnology will fuel the growth of various academic & research institutes across emerging locations in the APAC & MEA laboratory equipment market. For instance, AMGEN established an integrated research and development center in China while opening up an Asia Research and Development Center.
Countries such as China, India, and South Korea have the most significant growth opportunities for vendors in the clinical reference laboratories segment. The increasing incidences of rare epidemic diseases such as Ebola and swine flu will lead hospitals to invest in the discovery of drugs and other antidotes for such viruses in the market. The companies are focusing on the development of innovative products to cater to the customized requirements of the biotech companies in the APAC & MEA laboratory equipment market.
APAC & MEA Laboratory Equipment Market – By Geography
China is amongst the top nations in the APAC region contributing revenues to the APAC & MEA laboratory equipment market
The APAC & MEA laboratory equipment market by geography is segmented into APAC, Middle East, and Africa. APAC occupied more than half of the total market share in 2018, growing at a CAGR of over 5% during the forecast period. The growth in the establishment of laboratories and rise in biotechnology industry pushing for research activities is fueling the growth of the APAC region in the market. Although India is a fast-growing market for lab equipment products, China is amongst the top nations that are driving the market due to high demand from various end-user applications in the country. The increasing investments and fast-growing consumption rate are one of the major factors contributing to the development of the APAC region in the market. China, India, and South Korea are the largest revenues generators in the APAC market. The development of biotechnology and life sciences industry across emerging countries will positively impact the APAC & MEA laboratory equipment market.
The government policies supporting the growth of the biotechnology and life science sector in the region is expected to drive the growth of the Middle Eastern market. The many end-user applications witnessing growth in the African region is encouraging the vendors to expand their operations in these countries to enhance their APAC & MEA laboratory equipment market share.
Key Vendor Analysis
The APAC & MEA laboratory equipment market is highly dynamic and fragmented due to the presence of various global, regional, and local players. The key vendors are offering a broad range of latest-generation equipment for end-users to sustain the intense competition level in the market. The manufactures with a wide geographical reach, diversified product portfolio, and a strong focus on innovation and research activities will attract the maximum number of consumers in the APAC & MEA market. The players are selling their equipment and products to the smaller distributors and customers concentrated across certain geographies and product categories to boost their revenues in the APAC & MEA laboratory equipment market.
The major vendors in the APAC & MEA laboratory equipment market are:
- Thermo Fisher Scientific
- Shimadzu Corporation
Other prominent vendors include ACMAS Technologies, Beijing Purkinje General Instrument, Bionics Scientific Technologies, E-Chrom Tech, Huanghua Faithful Instrument Co., Labtop Instruments, Macro Scientific Works, RSE Projects, Scientific Engineering, Spectralab, Telstar, The Biotechnologies, and Yamato Scientific.
Key market insights include
- The analysis of APAC & MEA laboratory equipment market provides market size and growth rate for the forecast period 2019-2024.
- It offers comprehensive insights into current industry trends, trend forecast, and growth drivers about the APAC & MEA laboratory equipment market.
- The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
- It offers a complete overview of market segments and the regional outlook of APAC & MEA laboratory equipment market.
- The report offers a detailed overview of the vendor landscape, competitive analysis, and critical market strategies to gain a competitive advantage
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