New York, USA, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Life Science and Analytical Instruments Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Life Science & Analytical Instruments Market Information by Type, Application End User, and Region - Forecast till 2030”, the market is predicted to reach USD 130.47 billion in 2030, expanding at a CAGR of 7% over the forecast period.
Market Scope:
The vast category of life science and analytical instruments is employed in pharmaceutical, chemical, oil refinery, clinical, and food processing laboratories for analytical purposes. These tools aid in material composition determination and analysis.
The life science and analytical equipment is utilized in a variety of industries, including laboratories, hospitals, clinics, and biotech and pharmaceutical firms. It is employed to evaluate and establish the caliber of completed goods and raw materials. In contrast, it is largely employed in hospitals to accurately detect diseases through the analysis of medical samples.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 130.47 Billion |
| CAGR | 7% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing demand for safety and quality of food, the rapid growth of the proteomics market |
| Rapid growth of new life science instrument companies in the healthcare industry |
Life Science & Analytical Instruments Market Competitive Analysis:
The major market participants or the manufacturers of life science instruments employ a variety of tactics to grow their operations and boost profits. To strengthen their position in the market for analytical instruments and life sciences, they employ tactics like acquisition, joint ventures, collaboration, mergers, and the introduction of new products. Some of the major market players are:
- PerkinElmer, Inc. (the U.S.)
- General Electric Company (U.S.)
- Danaher (U.S.)
- Thermo Fisher Scientific (U.S.)
- Agilent Technologies, Inc. (U.S.)
- Qiagen (Germany)
- Shimadzu Corporation (Japan)
- Becton, Dickinson and Company (U.S.)
- Merck KGAA (Germany)
Life Science and Analytical Instruments Market Dynamics:
Market Drivers:
The key drivers of market expansion are the increasing use of analytical instruments in life science and the rapid creation of new healthcare instrument firms. The market for life science and analytical instruments is predicted to grow as development and expansion in research and development continue to increase. Analytical instruments are in great demand across a wide range of industries, thanks in part to rising consumer demand for food that is safe and of good quality, as well as the rapid growth of the proteomics industry.
An further factor boosting the market is government support for R&D through the provision of financial incentives for companies to improve their analytical instrumentation. The life science and analytical instrumentation market is bolstered by these factors.
Market Limitations
The development of the life science and analytical equipment industry is predicted to be hindered by rising instrument costs, a lack of public health awareness, and the accessibility of other potential alternatives.
Life Science and Analytical Instruments Market COVID-19 Analysis:
The market for analytical instruments and biological sciences has been severely impacted by the COVID-19 epidemic. The creation of the necessary equipment needed for market expansion was hampered by the temporary closure of manufacturing firms and growing virus-related anxiety. The devastating impact of COVID-19 on people with chronic illnesses like cancer and diabetes further increased demand for such technologies.
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Life Science & Analytical Instruments Market Segmentation:
By Type
Due to the advantages of NGS technologies in DNA sequencing, which significantly increase throughput and reduce the need for fragment-cloning techniques, the next-generation sequencing (NGS) segment is predicted to expand at a notable CAGR over the projected period. In addition, the market for life science instruments is anticipated to rise over the projected period due to ongoing technical developments and the growing accessibility of less expensive sequencing platforms.
By Application
In 2019, the market for life science instrumentation applications was dominated by the research application segment. A growing number of research studies along with rising public-private financing in the field of genomic researches, as well as the continuous trend of laboratory automation & integration of robots, are all contributing factors to the research applications segment's significant market share.
By end-User
Over the study period, the pharmaceutical and biotechnology firms segment is anticipated to experience significant expansion.
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Life Science & Analytical Instruments Market Regional Analysis:
America is anticipated to hold the greatest market share for laboratory analytical instruments worldwide. The enormous expansion in this area may be attributed to the rise in chronic illnesses like cancer and other lifestyle-related diseases. The rise of the life sciences and analytical instruments industries in the United States is also being fueled by the country's aging population and technological advancements in diagnostic systems. Human genome mapping, an increase in the number of biotechnology companies globally, and the emergence of proteomics have all contributed to industry growth. Life science and analytical instrumentation markets have been bolstered by high-end research initiatives that require reliable instruments with high throughput capacity.
Europe is predicted to have the second-largest proportion of scientific instrument sales throughout the projection period. The explosive growth of the European analytical equipment market can be attributed to the burgeoning pharmaceutical and biotechnology sectors in countries like the United Kingdom, and Germany. Increased public awareness, clinical trials, and the influence of academic and research organizations drive the European market for laboratory analytical tools.
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The life science and analytical instrument sectors are expected to grow rapidly in the Asia-Pacific region. Because of an increase in chronic diseases like cancer, diabetes, and HIV, the industry is expected to develop in the future. Infrastructure expansion and an increase in research organizations mean that the market for laboratory analytical equipment will soar to new heights.
Life science instruments will continue to grow across Africa and the Middle East as a whole. Saudi Arabia, The UAE, Egypt, and other Middle Eastern countries are expected to dominate the regional market in the next years.
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