The laboratory equipment sector is rapidly expanding, and its growth trajectory has been significantly accelerated by the Covid-19 pandemic. This global health crisis has acted as a major catalyst, driving increased investment and demand in this market. The surge in vaccine development and the rise in sample testing are key factors contributing to the market’s growth.

Global Laboratory Equipment Market Projected to Reach USD 58,960 by 2025

With an anticipated compound annual growth rate (CAGR) of 7.3%, the global laboratory equipment market is set to reach approximately USD 58,960 by 2025. This market encompasses various tools and devices essential for research and development across multiple industries, including food & beverage, biotechnology, and pharmaceuticals. Recent substantial investments in laboratory equipment are expected to continue fueling this growth trend in the coming years.

Overview of Laboratory Equipment Market Segmentation

According to a laboratory equipment supplier in Canada, the market is categorized based on application, product type, and end user. Application-wise, the market includes endocrinology, genetic testing, microbiology, hematology, and biochemistry. Hematology, in particular, is projected to be a major revenue generator due to its role in analyzing various blood components. Product types include incubators, centrifuges, autoclaves, sonicators, and spectrometers.

Regional Market Insights

North America is expected to maintain its leading position in the global laboratory equipment market, driven by the significant demand for advanced laboratory technology. Both the US and Canada are major players, contributing substantially to the market's growth through 2025. According to a laboratory glassware supplier in Canada, Canada is a key contributor to the global market as well. Europe follows, largely due to the rising number of research institutions in the region. Additionally, the Asia-Pacific (APAC) region is forecasted to experience rapid growth due to the rising prevalence of chronic diseases and the expansion of advanced diagnostic kits. This growth is expected to continue accelerating the global laboratory equipment market from 2020 to 2025.