Laboratory Equipment Market : Recent Industry Trends, Analysis and Forecast 2028 | Thermo Fisher Scientific, Inc., Merck KGaA, Beckman Coulter, Inc., Danaher Corporation,

Laboratory Equipment Market Is Witnessing High Growth Due To Increasing Research Activities In Biotechnology And Pharmaceutical Industries

Overview:

A well-equipped laboratory should be equipped with various types of instruments, and it should include post-process devices as well. The accuracy of the measurement results is only possible if it has a suitable follow-up. Therefore, it is important to carefully select laboratory equipment. It is vital that all electrical equipment is properly installed and maintained. To ensure safety and minimize damage to electrical equipment, the equipment must be installed and maintained according to the NEC and NFPA 2008 regulations. State and local codes may contain additional safety provisions for certain equipment.

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Market Dynamics:

Rising number of research activities in the biotechnology and pharmaceutical industries is expected to boost growth of the global laboratory equipment market over the forecast period. The demand for laboratory equipment is increasing with rising research activities. For instance, in April 2022, Venomtech collaborated with Charles River Laboratories, International Inc. for helping drug developers to explore more venom-derived compounds for different therapeutic targets.

However, factors such as high cost of service contracts and shifting lab-based diagnosis to PoC or home based testing is projected to hinder growth of the global laboratory equipment market over the forecast period.

Impact of COVID-19:

The COVID-19 outbreak led to spread of the virus in more than 100 countries all over the world. Many countries imposed stringent rules and regulations to control the virus spread. Many industries were shut down during this period. However, with increasing cases of COVID-19, research activities increased to develop vaccines and drugs against the virus. This further increased the demand for laboratory equipment. Moreover, advent of technologically developed equipment for laboratories increased during this period. Thus, the global laboratory equipment market witnessed positive impact of the COVID-19 pandemic.

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Key Takeaways:

• The global laboratory equipment market is expected to grow over the forecast period due to increasing investment and government funding for supporting biomedical research activities. For instance, in April 2022, researcher at Worcester Polytechnic Institute (WPI) received three new grants worth US$ 300,000 for research into tissue engineering, lymphatic disorders, and cancer.

• North America is likely to witness strong growth in the global laboratory equipment market over the forecast period. This is due to presence of biopharmaceutical and pharmaceutical companies involved in research and development, increasing grants by government organization in the region.

• Key players operating in the global laboratory equipment market include Siemens Healthineers, Agilent Technologies, Bio-Rad Laboratories, Inc., Waters Corporation, Becton, Dickinson, and Company, Thermo Fisher Scientific, Inc., Pace Analytical Services, Inc., PerkinElmer, Inc., Eppendorf, and Danaher Corporation.

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This release was published on openPR.