Life Sciences and Laboratory Equipment Market Size, Share, Growth Analysis, By Equipment Type(Cold storage, Lab ovens & furnaces, liquid handling, Lab centrifuges & shakers), By Technology Type(Spectroscopy, chromatography, PCR, immunoassays), By Application(Cell culture & cell therapy, cancer research, drug discovery, genomics), By End user(clinical and diagnostics, research, academic & government institutions, pharmaceuticals & biotechnology), By Region - Industry Forecast 2024-2031

Life Sciences and Laboratory Equipment Market size was valued at USD 51.4 billion in 2022 and is poised to grow from USD 54.48 billion in 2023 to USD 86.84 billion by 2031, growing at a CAGR of 6% in the forecast period (2024-2031).

The growth of the global life sciences and laboratory equipment market is attributed to the increasing investments and funding for life sciences, rising clinical capabilities, expansion in various application areas, and increasing academic-industry collaborations.

Life sciences sectors such as pharmaceutical, biotech, and healthcare are impacted by the following factors- growing strategic alliances, advancement in technologies, and progress in the availability of useful tools. Drug discovery process, analysis, and modelling of the compounds requires advanced technologies and rising attention for the development and implementation of automation systems, instruments and documentation required for the life sciences applications. In addition, increasing drug development in the pharmaceutical industry propels the demand for technologically advanced equipment. Rising investment in personalized medicine, increasing demand for data analysis and management systems are the factors which help to propel the market growth. However, high cost of instruments may hinder the market growth.