ASEAN Laboratory Equipment Market To Reach $7.38 Billion By 2030

ASEAN Laboratory Equipment Market Growth & Trends

The ASEAN laboratory equipment market size is anticipated to reach USD 7.38 billion by 2030, and is anticipated to expand at a CAGR of 8.43% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth can be attributed to the increased investments and government funding for research activities. Technological advancements in laboratory equipment have driven the demand for cutting-edge tools that enhance precision and efficiency in research processes. The rise in testing organizations and the increasing biotechnology and pharmaceutical industries have further fueled the demand for laboratory equipment.

Moreover, the rising investments in the healthcare industry and government research funding to support research activities have contributed to advancements in scientific research and technological innovation across various industries within the ASEAN region. As governments prioritize scientific development, allocating substantial funds towards research activities has created a conducive environment for market growth, facilitating the adoption of sophisticated laboratory equipment to enhance efficiency, accuracy, and productivity in research endeavors.

According to Hong Kong Means Business, several government incentives aimed at promoting R&D in Thailand have led to significant growth in the ASEAN laboratory equipment industry. Thailand has been rigorously looking to increase its competitive edge in the lab equipment space, including new tax and financial incentives. Furthermore, Thailand's Ministry of Science and Technology (MIST) has collaborated with several venture capital firms to establish a USD 14.4 million investment fund to offer financial aid to several priority sectors, including medical & wellness tourism, agriculture & biotechnology, biofuels & biochemical, and medical services.

In addition, several key players are undertaking various initiatives such as acquisitions, product launches, and partnerships to strengthen their market positions. This strategy enables companies to increase their capabilities, improve their competencies, and expand their product portfolios. By doing so, companies can drive innovation, stay flexible, and quickly respond to the ever-changing needs of the suture anchor device, ultimately playing a significant role in its growth. For instance, in March 2023, Bio-Rad Laboratories, Inc. launched the PTC Tempo Deepwell Thermal Cyclers and PTC Tempo 96, specifically designed to enhance & optimize PCR applications, including cloning, sequencing, and genotyping.

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ASEAN Laboratory Equipment Market Report Highlights

• In 2023, the general segment dominated the product segment, due to the wide range of applications and the increasing demand for general laboratory equipment, such as centrifuges, microscopes, and incubators, across various industries, including pharmaceuticals, biotechnology, and environmental testing

• Healthcare segment dominated the end use segment in 2023 owing to the high demand for diagnostic, monitoring, and treatment-related equipment

• Indonesia held the largest share in 2023 due to the country has highly developed R&D infrastructure, which has constant requirements for state-of-the-art laboratory equipment

• Market players adopt several strategic initiatives to increase product reach and improve product availability in diverse geographic areas

ASEAN Laboratory Equipment Market Segmentation

Grand View Research has segmented the ASEAN laboratory equipment market on the basis of product, end-use, and country:

ASEAN Laboratory Equipment Product Outlook (Revenue, USD Million, 2018 - 2030)

• General

• Analytical

• Clinical

• Support

• Specialty

ASEAN Laboratory Equipment End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Research Institutions

• Healthcare

• Veterinary

• Others

ASEAN Laboratory Equipment Country Outlook (Revenue, USD Million, 2018 - 2030)

• ASEAN

  • Brunei

  • Cambodia

  • Indonesia

  • Malaysia

  • Philippines

  • Singapore

  • Thailand

List of Key Players in the ASEAN Laboratory Equipment Market

• Sartorius AG

• Bio-Rad Laboratories, Inc.

• Thermo Fisher Scientific, Inc.

• Agilent Technologies, Inc.

• PerkinElmer Inc.

• Shimadzu Corporation

• Waters Corporation