LAB EQUIPMENT - INDIA PERSPECTIVE

Ravi Shet

The phase of COVID­19has initiated emphasis on investing in building the labs of the future and thus lab equipment market is expected to boom and boom in the coming years.Industry is undergoing a tremendous transformation in the wake of an absolute technology revolution. There are several types of laboratory equipment ranging from glassware like autoclave, microscope, beaker, pipette, centrifuges, mixers and shakers, spectrophotometers, freezers, refrigerators, universal testing machine, humidifier, among many others. End users include pharmaceutical companies, biotechnology companies, diagnostic laboratories, and research institutes, among others. As per the reports, the laboratory equipment market size is expected to reach USD 50.87 billion by 2028, growing at a CAGR of 10.30% during the forecast period 2023 to 2028 which clearly indicates the increasing demand for laboratory equipment in the pharmaceutical, biotechnology, and medical device industries. Also, the key developments in the laboratory equipment market include the increasing adoption of laboratory automation, the rising popularity of personalized medicine, and the growing focus on sustainability and energy efficiency.India’s lab equipment market is also going to see a growth shot as a result of government initiatives to make India stronger and independent, increasing funding for life sciences, expansion of clinical capabilities, and growing academic­industry partnership.

The ongoing development of state­of­the­art lab equipment by the leading market players will strengthen the lab equipment market trends in the future. Lab equipment market is expected to display notable growth in India by the end of 2028 owing to the increasing expenditure on healthcare. Besides, the strong presence of various market players in the country who are focusing on business expansion strategies will further favor the industry growth.Scientific establishments such as research centers, laboratories, and companies require superior quality laboratory equipment to perform a range of tests and experiments. The success of these activities depends upon the quality, strength, and durability of the equipment. They help to provide accurate results and also improve work efficiency. This is eventually creating demand for the equipment and boosting the market growth.Laboratories require a variety of equipment and instruments to run tests and research. General lab equipment can be found in research labs, diagnostic testing in medical labs, quality assurance, manufacturing, and more. The use of laboratory equipment allows quicker analyses that add value to the laboratory itself by increasing the capacity of the instrument, thus allowing to perform more tests every day. The faster methods may even allow testing to be consolidated onto fewer instruments that can reduce consumables, maintenance, requirements for regulatory documentation, and overall costs.Technology trends are also increasing laboratory capabilities. Innovative technology and methods allow scientists and laboratory technicians to work more efficiently and accurately than ever before. Smart technology, automation, miniaturization, and artificial intelligence are becoming real ­ world, streamlining life in the lab. Simultaneously, the pressure to deliver results quickly is also increasing. Hence, laboratories must be fast and agile. Technological advancements in laboratory equipment are also driving its adoption. Modern laboratory instruments have interfaces that make their operation easy for end users.

While the growth potential is enormous, challenges like the financial crisis caused by the pandemic and high acquisition cost can slow down the pace of growth. Similarly, the life sciences industry’s hesitancy in adopting advanced technology and automation can also put the growth story at risk.

A clear roadmap needs to be created with a detailed and defined action plan, goal driven priorities and milestones.A strong collaboration is required between industry players, universities and Government to foster the lab equipment industry, so that we produce here and cater it to the local as well as global demand effectively.The economy of strategic scale is significant and we need to speak, make and act swiftly.Pool of financial support from banking sector to support the lab equipment industry will be boon to them. Interactions between Government and industry players have to increase and they need to be taken into confidence by Government while taking key policy decisions.Lab equipment should be powered by digital technologies and be more connected to improve data traceability and integrity.

India has the potential and all the right ingredients to be the powerhouse in the lab equipment ahead. Effective and transparent collaboration between Government and industry players will be required to accelerate production capabilities, spend in new technologies and leverage advanced technologies to produce various innovative and quality lab equipment’s. It has all the ingredients to be the next bright spot in the global economy as well as position themselves into leading position and excel in terms of delivering quality and innovative products to the country and globally.To conclude it will not be an easy ride for Indian lab equipment industries; however they need to be in top gear and make themselves AtmaNirbhar with the packages and policies rolled out by the government and to leverage the talent pool available in our country to produce quality and innovative lab equipment’s to cater need and demand of the current and future scenario.