DUBLIN--(BUSINESS WIRE)--The "Laboratory Equipment Market in APAC & MEA - Industry Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The APAC & MEA laboratory equipment market is projected to reach values of approximately $6 billion by 2024, growing at a CAGR of around 6% during 2018-2024.
The report considers the present scenario of the APAC & MEA laboratory equipment market and its market dynamics for the period 2019-2024. It covers a detailed overview of various market growth enablers, restraints, and trends. The study includes both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the market.
Market Dynamics
Growth Enablers
- Technological Advancements Boosting Market Growth
- Surge in Life Sciences and Medical Research Projects
- Requisites for Preservation of Culture Samples and Specimens
Growth Restraints
- Soaring Purchasing and Maintenance Costs of Laboratory Equipment
- Intensifying Competition across Geographies
- Stringent Government Regulations Monitoring the Market
Opportunities & Trends
- Increasing Automation and Innovation across the Market
- Alignment of the Business Models with Regional Growth Prospects
- Integration of Laboratory Networks
Laboratory Equipment Market in APAC & MEA - Segmentation
This market research report includes a detailed segmentation of the market by product type, end-user type, and geography.
The APAC & MEA laboratory equipment market by product type is classified into vacuum concentrator, freeze dryer, glassware washer, VMI over-head stirrer, biosafety cabinet, ultra-low temperature freezer, spectrophotometers, freezers, chillers & circulators, refrigerators, small benchtops, high speed centrifuge, semi-micro balance, ovens, rotatory evaporator, water bath - high security, ultrasonic baths, incubators, and traceable.
The sanctions of new projects across markets for the pharma & biotech industry will boost the need for refrigerators in the market. The high-speed centrifuge has a diverse range of applications across research & development and pharmaceutical industries. The rising demand for demand for advanced analytical equipment for research and diagnosis purposes will boost the revenues for rotatory evaporators in the APAC & MEA laboratory equipment market.
The end-user type in the APAC & MEA laboratory equipment market is divided into laboratories, hospitals, pharma & biotech companies, academic & research institutes, and others. The academic & research institutes sector is the fastest growing end-user segment in the global market, at a CAGR of approximately 6% during the forecast period.
The government and private entity investments across the APAC and MEA region will boost the demand for innovative equipment in the market. Countries such as China, India, and South Korea have the most significant growth opportunities for vendors in the clinical reference laboratories segment. The increasing incidences of rare epidemic diseases such as Ebola and swine flu will lead hospitals to invest in the discovery of drugs and other antidotes for such viruses in the market.
The APAC & MEA laboratory equipment market by geography is segmented into APAC, Middle East, and Africa. APAC occupied more than half of the total market share in 2018, growing at a CAGR of over 5% during the forecast period.
The growth in the establishment of laboratories and rise in biotechnology industry pushing for research activities is fueling the growth of the APAC region in the market. The government policies supporting the growth of the biotechnology and life science sector in the region is expected to drive the growth of the Middle Eastern market. The many end-user applications witnessing growth in the African region is encouraging the vendors to expand their operations in these countries to enhance their APAC & MEA laboratory equipment market share.
Key Vendor Analysis
The APAC & MEA laboratory equipment market is highly dynamic and fragmented due to the presence of various global, regional, and local players. The key vendors are offering a broad range of latest-generation equipment for end-users to sustain the intense competition level in the market.
The manufactures with a wide geographical reach, diversified product portfolio, and a strong focus on innovation and research activities will attract the maximum number of consumers in the APAC & MEA market. The players are selling their equipment and products to the smaller distributors and customers concentrated across certain geographies and product categories to boost their revenues in the APAC & MEA laboratory equipment market.
The major vendors in the APAC & MEA laboratory equipment market are:
- Thermo Fisher Scientific
- Avantor
- Eppendorf
- Shimadzu Corporation
Other prominent vendors include: ACMAS Technologies, Beijing Purkinje General Instrument, Bionics Scientific Technologies, E-Chrom Tech, Huanghua Faithful Instrument Co., Labtop Instruments, Macro Scientific Works, RSE Projects, Scientific Engineering, Spectralab, Telstar, The Biotechnologies Inc., and Yamato Scientific.
For more information about this report visit https://www.researchandmarkets.com/research/cc65jx/the_laboratory?w=4
