Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Pharmaceutical Lab Equipment Market - Market Insights
Pharmaceutical lab equipment are of various sizes, shapes, and styles and are used for various purposes. There are various apparatus or equipment such as Vortex mixture, dasymeter, oscilloscope, comparison microscope, Gooch crucible, incubators, sterilizers, freezers, and freeze dryers. Safety equipment used for safety purposes include, goggles, gloves, caps, and apron to protect from any accidents or hazards, which are caused by vigorous chemical reactions that directly come in contact with the skin. Pharmaceutical lab equipment also include the spatulas and scoopulas. They are used for handling drug powders and to dissect during a chemical reaction in the pharmaceutical laboratory throughout the pharmaceutical experiment. Pipettes, droppers, tongs, weighing balances, burets, and forceps are some of the other common forms of equipment that are commonly found in a pharmaceutical laboratory for experiment purposes.
The pharmaceutical lab equipment market size was valued at US$ 9,000.3 million in 2017, and is expected to exhibit a CAGR of 4.3% over the forecast period (2018 – 2026).
Figure 1. Pharmaceutical Lab Equipment Market Value (US$ Mn), by Region, 2018
Source: Coherent Market Insights Analysis (2019)
Increasing number of research and development activities to propel the pharmaceutical lab equipment market growth
Increasing number of research and development activities in the pharmaceutical industry is expected to lead to high demand for pharmaceutical lab equipment, which in turn is expected to fuel the pharmaceutical lab equipment market growth over the forecast period. Moreover, key players in the market are focused on design and manufacturing of energy-efficient freezing and cooling systems. For instance, in March 2018, GEA introduced its new RAYPP (Pilot Plant) batch freeze dryers. The RAY PP (Pilot Plant) freeze dryer is designed for small scale industries. Its major applications include R&D drying of general food products such as food, herbs, vegetables, instant coffee, meat, seafood. It also dries very sensitive products such as enzymes, lactic acid bacteria, and lactoferrin.
Furthermore, in July 2018, PerkinElmer, Inc., a manufacturer of pharmaceutical equipment, announced the launch of FL 6500 Pulse Xenon and FL 8500 Continuous Wave Fluorescence spectrometers. The fluorescence spectrometers are available in pharmaceutical industries, contract and pharmaceutical laboratories, research and development sections, and in academics that analyses a diverse range of sample types.
Key players in the market are also focused on adopting acquisition strategies to expand their product portfolio. This in turn is expected to boost growth of the market. For instance, in March 2019, Thermo Fisher Scientific Inc. acquired Brammer Bio for US$ 1.7 billion in order to expand its presence in the field of gene therapy.
Figure 2. Pharmaceutical Lab Equipment Market Share (%), by Product Type, 2018 and 2026
Source: Coherent Market Insights Analysis (2019)
Increasing expansion activities by key players is expected to boost the market growth in North America
Several pharmaceutical lab equipment manufacturers are expanding their presence across the globe. The pharmaceutical lab equipment manufacturers are establishing their commercial production units in North America to remain competitive and gain advantage over other competitors. For instance, in May 2017, Thermo Scientific, headquartered in the U.S., launched new high performance refrigerated incubator consisting a powerful compressor technology that provides the optimum temperature conditions. This optimal temperature is essential for applications that require the thermal stability and uniformity above, around or below the usual ambient laboratory temperature. The systems are also suitable for standard 37 °C incubation applications in warm laboratory environments. The systems are suitable for use in a range of pharmaceutical, water treatment, life science, biological research, and microbiology applications, including water testing, incubation of bacteria and yeast, hatching of insects and fish, biochemical oxygen demand (BOD) testing, and sample storage at specific temperatures.
Furthermore, in February 2019, Danaher acquired Biopharma business of GE Life Sciences for US$ 21.4 billion, thus adding biopharmaceutical research, development, and manufacturing instruments, equipment, and consumables to Danaher’s Life Science group.
Major players operating in the pharmaceutical lab equipment market include, GE Healthcare, Agilent Technologies, Waters, Danaher, Thermo Fisher Scientific, Bruker, Eppendorf, Millipore, Shimadzu, Perkin Elmer, Brand GmbH, Pace Analytical, and Telstar.