Asia-Pacific and Middle East Africa Laboratory Equipment Market to Reach $6 Billion by 2024
Arizton’s recent market research report on the Asia-Pacific and Middle East Africa laboratory equipment market identifies Thermo Fisher Scientific, Avantor, Eppendorf, and Shimadzu Corp. as the leading vendors in the market. This research report provides a comprehensive industry study, trend forecasts, and competitive analysis. It segments the market by product type (vacuum concentrators, freeze dryers, glassware washers, VMI over-head stirrers, biosafety cabinets, ultra-low temperature freezers, spectrophotometers, freezers, chillers & circulators, refrigerators, small benchtops, high-speed centrifuges, semi-micro balances, ovens, rotatory evaporators, water bath-high security, ultrasonic baths, incubators, and traceable), end-users (laboratories, hospitals, pharma & biotech companies, academic & research institutes, and others), and geography (APAC and Middle East and Africa).
The Asia-Pacific and Middle East Africa laboratory equipment market is expected to reach approximately $6 billion by 2024, growing at a CAGR of around 6% during 2018–2024.
The development of drugs, medicines, or other elementary molecules has led to the rise in the demand for adequate laboratory equipment such as ultra-low temperature freezers, chillers and circulators, and ovens. Several vendors across the market have engaged in designing new advanced technological products for improved efficiency and end-results. Among major end-users, hospitals are key end-users for laboratory equipment due to the need for carrying out real-time experiments/research and other related activities. Centrifuges and incubator equipment have witnessed an incredible transformation over the years, and the continuous demand for enhanced versions of the equipment across laboratories is expected to drive the growth of laboratory equipment worldwide.
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The Asia-Pacific and Middle East Africa laboratory equipment market is divided into three major segments - product type, end-users, and geography.
The laboratory freezer segment holds the largest share in the laboratory equipment market
Laboratory freezers are the most commonly used equipment across end-user applications in the laboratory equipment market. Clinical reference laboratories, pharma and biotech companies, and hospitals are primary laboratory freezer equipment users. Hospitals require laboratory equipment such as laboratory freezers, chillers, and ovens for preservation, storage, and investigation. They also need to store drugs and blood samples under regulated temperatures. These equipment are highly in demand for sample storages in biobanks. Several vendors across the market have engaged in designing new advanced technological products for improved efficiency and end-results. They are consistently focusing on upgrading their product offerings through maximum utilization of available technology. The market is witnessing considerable changes in product offerings, thereby resulting in enhanced demand and growth of laboratory equipment.
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Clinical reference laboratories to occupy a major market share during the forecast period
In 2018, clinical reference laboratories were the largest segment, accounting over 35% share of the Asia-Pacific and Middle East Africa laboratory equipment market. These laboratories require equipment for conducting numerous research activities, which require laboratory equipment such as incubators, chillers, freezers, and centrifuges. The demand for laboratory equipment is expected to rise in 2024 due to the continuous need for developing vaccines, growth in R&D activities across plant genomics, and other biotechnological advancements. Government support, coupled with increased private investments across geographies, is increasingly driving the need for launching new and technologically advanced laboratories. These technologically advanced laboratories are pushing the demand for enhanced laboratory equipment suitable for delivering fast and accurate real-time results. Bio RiiDL (Research Innovation Incubation Design Laboratory) launched a new DIY BIO LAB in 2017 in Mumbai (India) with an intention to foster innovation in the biotechnology sector.
APAC to emerge as the largest player in the laboratory equipment market
The APAC region dominated the laboratory equipment market, accounting for over 70% of market share in 2018. China, India, and South Korea lead the APAC market as laboratory equipment are witnessing a surge in these countries due to the establishment of laboratories and the rise in the biotechnology industry, which are pushing for research activities. High investments and fast-growing consumption patterns across the region continue to remain the key drivers, driving the APAC region’s economic growth. With the rise in the aging population and the increase in the number of cancer patients in China, the country is displaying positive signs for the development of its domestic biotech sector, thereby increasing the competition in the sector.
Acmas Technologies, Beijing Purkinje General Instrument, Bionics Scientific Technologies, E-Chrom Tech, Huanghua Faithful Instrument, Labtop Instruments, Macro Scientific Works, RSE Projects, Scientific Engineering, Spectralab, Telstar, The Biotechnologies, and Yamato Scientific are the other prominent vendors in the Asia-Pacific and Middle East Africa laboratory equipment market.
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The complete overview of the latest market research report on the Asia-Pacific and Middle East Africa laboratory equipment market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.
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