The vendors in the laboratory equipment market in APAC & MEA are consistently focusing on upgrading their product offerings to sustain the competition.
Arizton’s recent market research report on the laboratory equipment market in APAC & MEA provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product types(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-user types (laboratories, hospitals, pharma and biotech companies, academic and research institutes), by geographies (APAC, Middle East, and Africa).
The laboratory equipment market in APAC & MEA regions is projected to reach values of approximately $6 billion by 2024, growing at a CAGR of around 6% during 2018−2024.
The laboratory equipment market has witnessed a considerable transformation over the past decade due to high growth in research activities across the world. Sectors such as life science, biotechnology, and pharma have received significant support and impetus from both public and private sector investments.
The leading three drivers and trends propelling the growth of the laboratory equipment market in APAC & MEA are discussed below:
Technological Advancements and Increased Automation Boosting Market Growth
The laboratory equipment market in APAC & MEA has witnessed a significant change over the past couple of decades. Several vendors across the market have engaged in designing new advanced technology products such as ultra-low temperature freezers, chillers and circulators, and ovens for improved efficiency and end-results. The vendors in the laboratory equipment market in APAC & MEA are consistently focusing on upgrading their product offerings through the utilization of available technology. Further, the need for improved laboratory equipment to streamline and accelerate research and investigation processes is expected to drive the laboratory equipment market in APAC & MEA during the forecast period.
The advent of modern technology in the past couple of years has increased automation in the laboratory equipment market in APAC & MEA.
On average, more than 20% of laboratory operations are automated worldwide.
The need for accuracy, speed, consistency, convenience, efficiency, and precision is increasing the incorporation of automation techniques across the laboratory equipment market in APAC & MEA. The integration of laboratory equipment with automation technology is currently the prime focus of several vendors. Thermo Scientific Laboratory Equipment and Bio Tek designed a modular benchtop workstation with the aim to automate the ELISA process, thereby resulting in higher productivity, throughput, and performance.
Surge in Life Sciences and Medical Research Projects
The growth in life sciences and medical research activities is one among the major drivers in the laboratory equipment market in APAC & MEA. A surge in life sciences and medical research activities is driven by the fast-aging population across countries in APAC and other regions. Several vendors are expanding their base in the APAC region as it holds tremendous potential for future medical research and development. Japan, for instance, has more than 26% of citizens above 65 years of age, which make them the oldest country across the globe. This factor can facilitate the growth in medical research in several fields such as regenerative medicine. The increasing aging population not only requires advanced treatment solutions but also requires laboratories with adequate equipment.
Integration of Laboratory Networks
The integration of the laboratory network is another key opportunity for the growth of the laboratory equipment market in APAC & MEA. As all laboratories cannot afford to be disease-specific in their research and testing purposes, it has led to the rise or evolution of program/disease-specific laboratories. These disease-centric laboratory settings tend to have specific equipment toward research and testing procedures for certain diseases/programs. This requires the laboratory setting to match with specific requirements and demands for tests and research activities to be conducted. The knowledge and expertise at specific laboratories catering to certain diseases tend to support other laboratories across these regions.
Thermo Fisher Scientific, Avantor, Eppendorf, and Shimadzu Corp. are the leading vendors in the laboratory equipment market in APAC & MEA.
The complete overview of the latest market research report on the laboratory equipment market in APAC & MEA by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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