Government and private research firms are taking initiatives in the research and development activities in context to diagnose and treat several disease worldwide through innovative technologies like specialty instruments. For instance, in 2016, Cancer Research UK spend US$ 583 million on cancer research to develop new treatment and to optimize existing cancer treatment. The amount spent was US$ 51 million on clinical trials study, US$ 50 million on research into new drugs and US$ 23 million on research to identify possible causes of cancer.
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Increasing chronic diseases such as chronic respiratory diseases, cardiovascular diseases and diabetes, and increasing incidence of lifestyle diseases such as heart disease, obesity, atherosclerosis and hereditary disease such as haemophilia, Down’s syndrome, cystic fibrosis and sickle cell anemia are leading to the increasing demand of laboratory equipment to bring innovative technologies in the market. According to World Health Organization (WHO), noncommunicable disease leads to cause 40 million deaths each year, which is equivalent to 70% of all deaths worldwide. Cardiovascular diseases account for most of NCD mortality (17.7 million) annually, followed by cancer (8.8 million), respiratory disease (3.9 million) and diabetes (1.6 million).
Laboratory equipment includes important aspects in healthcare, medical and pharmaceutical research study. These equipment are getting smaller and smaller as new technologies are eliminating these equipment like series of pumps and valves which are required to store samples. New technologies includes recent advancements in fluidic components which are capable of integrating multiple laboratory functions into a single chip requiring smaller amounts of samples.
Continuous advances in laboratory equipment segment allow to boost the market
For instance, in March 2017, Echo—a San Diego-based company—unveiled the Revolve hybrid microscope, a digital, all-in-one microscope. The innovative microscope integrates the features of upright microscope and an inverted microscope. It is used primarily in clinical laboratories and by cancer and stem cell scientists to capture high resolution images and it also provides cloud storage to allow the remotely maintain, manage and backed up images taken by the microscope. The company received the US$ 7.5 million funding from two capital ventures, moreover the funding helps to increase the production of Revolve hybrid microscope.
In October 2017, Beckman Coulter, Inc. introduced next generation, refrigerated, high-speed benchtop centrifuge-Avanti J-15 Series. It allows to improve operational efficiency and saves time by shortening workflows. These technology and product advancements helps to boost the laboratory equipment market in future.
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Key players in the laboratory equipment market:
Some of the key players in the laboratory equipment market are Thermo Fisher Scientific, Inc., Merck KGaA, Beckman Coulter, Inc., Danaher Corporation, Shimadzu Corporation, PerkinElmer, Inc. and Agilent Technologies.