Laboratory equipment is essential in the study of healthcare, medical, and pharmaceutical research. These types of equipment are becoming more compact as new technologies eliminate equipment such as a series of pumps and valves used to keep samples. Recent developments in fluidic components, which are able to integrate numerous laboratory activities into a single chip and require fewer samples, are examples of new technologies.
Governmental and non – governmental research organizations are collaborating on R&D activities to detect and cure a variety of diseases around the world using novel technology such as specialized equipment. For instance, Cancer Research UK spent US$ 583 million in 2016 on cancer research to create new treatments and improve current ones. The sum invested was US$ 51 million on clinical trials research, US$ 50 million on new drug research, and US$ 23 million on cancer research to discover probable causes.
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Increasing chronic diseases such as chronic respiratory diseases, cardiovascular diseases, and diabetes, as well as an increase in the incidence of lifestyle diseases such as Atherosclerosis, heart disease, and obesity hereditary diseases such as Down’s syndrome, hemophilia, sickle cell anemia, and cystic fibrosis, are fueling the growth of laboratory equipment to bring innovative technologies to market. Around 40 million people die due to non-communicable diseases annually, accounting for 70% of all deaths globally, according to the World Health Organization (WHO). Annually, cardiovascular diseases account for the majority of NCD mortality (17.7 million), followed by cancer (8.8 million), respiratory disease (3.9 million), and diabetes (1.6 million).
Global Laboratory Equipment Market Taxonomy:
On the basis of equipment type, global laboratory equipment market segmented into:
- General instrument
- Analytical instrument
- Specialty instrument
On the basis of end user, global laboratory equipment market segmented into:
- Academic laboratory
- Research laboratory
- Pharmaceutical laboratory
- Clinical and diagnostic laboratory
Continuous advancements in the laboratory equipment segment help the global laboratory equipment market grow over the forecast period.
For instance, Echo, a company based in San Diego, introduced the Revolve hybrid microscope, a digital, all-in-one microscope, in March 2017. The novel microscope combines the advantages of an inverted and upright microscope. It is largely used in clinical laboratories and by cancer and stem cell specialists to record high-resolution pictures, and it also enables cloud storage to allow the microscope photos to be remotely maintained, managed and backed up. The company obtained US$ 7.5 million in investment from two capital ventures; moreover, the funds will help to boost the production of the Revolve hybrid microscope.
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Beckman Coulter, Inc. launched the Avanti J-15 Series, a next-generation refrigerated, high-speed benchtop centrifuge, in October 2017. It enhances operational efficiency and saves time by minimizing procedures. These technological and product developments contribute to the global laboratory equipment market growth over the forecast period.
Key players in the global laboratory equipment market:
Major players operating in the global laboratory equipment market include PerkinElmer, Inc., Beckman Coulter, Inc., Shimadzu Corporation., Thermo Fisher Scientific, Inc., Agilent Technologies, Danaher Corporation, and Merck KGaA.
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