As pharma companies invest in building the labs of the future, the pharma lab equipment market is expected to boom in the coming decade.
The pandemic has underscored the importance of innovation, investment, and access. It has opened new avenues for the pharma laboratory equipment market from areas higher up in the value chain such as drug discovery, development, and API manufacturing
Amit Chopra Managing Director, India and South Asia, Thermo Fisher Scientific
India is one of the geographies for Agilent where we see great potential and we will continue to focus on expanding our local footprint. One of the focus areas for Agilent is to expand its capabilities and offer a complete biopharma workflow solutions portfolio
Samir Vyas Country Manager, Agilent India
Lab equipment related to cell/microbial cultures, biosafety, sample preparation, sample processing, storage are expected to grow in research, pilot or small-scale production while demand for large volume shakers, fermenters, bioreactors, single use culture vessels, large volume or continuous centrifuges are expected to stay high
Dr D Muruganand Head of Operational Marketing - India, Middle East & Africa, Eppendorf India
With Indian pharma expected to grow at a very impressive CAGR over the next few years, we are very well positioned to serve our customers. Our solutions span across the entire pharma value chain from disease discovery to quality control and manufacturing
Shripad Joshi President - India and South Asia, PerkinElmer
A 360 Market Updates report predicts that the global pharma lab equipment market size is expected to gain market growth in the forecast period of 2021 to 2025, with a CAGR of 4.3 per cent and will touch $11710 million by 2025.
As per a Market Insights report, Over the next five years, pharmaceutical lab equipment market will grow at 4.7 per cent CAGR in terms of revenue and the global market size will touch $11850 million by 2026.
Let's take a look at some of the primary drivers of growth in this segment.
The COVID-19 pandemic
In the near future, one of the key factors for the growth of the pharma lab equipment market is the COVID-19 pandemic. As the world raced to develop drugs and vaccines to tackle the novel coronavirus, significant investments have been made to upgrade lab infrastructure and equipment to aid and accelerate R&D efforts by private players and governments. India's lab equipment market is also going to see a growth spurt as a result of government initiatives to make India Pharma Inc stronger and self-reliant, increasing funding for life sciences, expansion of clinical capabilities, and growing academic-industry collaborations.
A Research and Markets reports also informs, The booming investments in the development of new vaccines along with a rapid increase in the number of sample tests have further led to an increased demand for lab equipment in various countries. In addition, the rising funding by the governments of various countries to boost the R&D for the development of vaccines and numerous medicines to meet the response of COVID is also anticipated to significantly drive the lab equipment market in the coming years. For instance, in April 2020, the Department of Biotechnology, India announced that around 16 companies were granted funds to boost their R&D for the development of drugs and vaccines to speed up the process with an aim to tackle the disease.
Growing R&D spend
Even before the pandemic, spurred by the increased volume of drug discovery research, pharma lab equipment market was poised for growth. Rise in chronic diseases like cardiovascular diseases, cancer, Alzheimer's disease, diabetes, chronic kidney disease etc had boosted the demand for new drugs. Now, the COVID-19 pandemic has also underscored the importance of increasing R&D endeavours to deal with emerging infectious diseases and enhance preparedness of the sector to deal with such crises.
The growth potential of the lab equipment market is set to increase due to the growing demand for biologics as well. In 2018, as per WHO's International Clinical Registry Platform, biologics comprised 40 per cent of the total trials in the pharma pipeline comprising over 50 countries.
Thus, mounting investments in pharma R&D is expected to impel progress of the pharma lab equipment market globally. Reports reveal that global life sciences companies are already spending over 20 per cent of their sales into new drug development.
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