Globally, the laboratory oven market is expected to grow with a CAGR of 4.6% during the forecast period from 2019 to 2027. The laboratory ovens are majorly used across laboratories for different applications including evaporating, dehydrating, annealing, conditioning, baking, sample drying and other processes. They are majorly manufactured from stainless steel with a spray-painted surface that protects them from the rust.
The microplates market is set to register a CAGR of 4.2% during the forecast period from 2023 to 2031. Over the course of the past two decades, there has been a discernible increase in the use of microplates in the biopharmaceutical business. This is due to the fact that their applications have become increasingly sophisticated. During the stages of drug discovery and development, researchers frequently make use of microplates for the purposes of extracting precise results and performing important micro tests.
The global electrophysiology devices market accounted for a value of US$ 8,643.1 Mn in 2020 and expected to attain US$ 16,730.2 Mn by 2029. Variables of the market are globally growing older population base coupled with rising prevalence of atrial fibrillation (AF) & cardiovascular diseases (CVDs), technological advancements in electrophysiology devices, and the presence of favorable government initiatives.
The laboratory equipment market is predicted to grow at a CAGR of 14% between 2023 and 2030. The increasing number of research activities in the pharmaceutical and biotechnology industries, the rising demand for accurate and timely disease diagnosis, and the rising investments and government research funding to support biomedical research activities are the primary growth drivers of the laboratory equipment service market. However, the change from laboratory-based diagnosis to home-based/POC testing and the high cost of service contracts are the primary factors inhibiting the expansion of this industry.
The Laboratory Equipment and Disposables Market is anticipated to expand as the biotechnology, pharmaceutical, and medical device sectors raise their demand for these product categories. A rise in public health concerns, leading to higher government and private sector investments, is also anticipated to contribute to the market's expansion. As a result of technical advances, lab equipment makers have created innovative items, which have propelled the market for lab equipment and disposables.
According to a report published by the International Federation of Pharmaceutical Manufacturers and Associations in 2022, annual research and development spending in the pharmaceutical industry was 7.3 times that of the aerospace and defense industries and biopharmaceutical industry, 6.5 times that of the chemicals industry, and 1.5 times that of the software and computer services industry. According to the same analysis, global spending on biopharmaceutical research and development is expected to exceed $202 billion in 2022. Large market investments are believed to raise the demand for laboratory equipment and disposables in the development of biopharmaceuticals, consequently driving the market's expansion.
The increasing amount of investments in the research operations of the pharmaceutical and biotechnology industries are also anticipated to provide several prospects for market expansion. In addition, increasing investments and government research funding to support biomedical research activities, as well as increased government financing for research organizations and academic institutions, are anticipated to create profitable market prospects. However, the high cost of services contracts may hinder the growth of demand and market revenue for Laboratory Equipment.
Acute Market Reports is a market research and consulting company with a focus on the laboratory equipment market. Acute Market Reports' futuristic research technique, benefits our clients by enabling them to make timely and well-considered business decisions. To deliver cutting-edge strategic research solutions to our international customers, we work with a wide range of industry participants.
