The laboratory equipment market, estimated at USD 37.80 billion in 2024, is projected to expand at a CAGR of approximately 7.72% through the forecast period. Growth is driven by the acceleration of pharmaceutical R&D, the demand for precision diagnostics, and the increasing adoption of laboratory automation systems that streamline complex workflows. More than 55% of market gains are attributed to automation adoption, while over half originate from pharmaceutical research activities. The laboratory equipment market continues to witness dominance in North America and Western Europe, supported by advanced infrastructure, stringent regulatory standards, and integration with healthcare and academic research. In contrast, Asia-Pacific and Latin America are rapidly emerging as cost-competitive hubs, bolstered by investments in healthcare infrastructure, expansion of biotechnology lab equipment, and deployment of research lab instruments, positioning these regions as long-term growth drivers.
Lab Equipment overview
Published by MMR Statistics Research Team, Updated