PHARMACEUTICAL LAB EQUIPMENT MARKET ANALYSIS

Pharmaceutical Lab Equipment MarketSize and Trends

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 analyse 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 the 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 of 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.