Newark, NJ, May 11, 2022 (GLOBE NEWSWIRE) -- As per the report published by MarketQuest.biz, the global life science & analytical instruments market is expected to grow from USD 40.22 billion in 2021 to USD 54.82 billion by 2030, at a CAGR of 3.5% during the forecast period 2022-2030.
The growing geriatric population coupled with a rising sedentary lifestyle has led to an increase in the number of individuals suffering from lifestyle and chronic diseases such as obesity, diabetes & cardiovascular diseases. The modern world is highly competitive and busy, which results in acute stress in the population. The contemporary lifestyle is associated with no physical exercise, unhealthy diets, on-the-go snacking, lack of sleep, and increased workload resulting in acute stress, migraine & sometimes depression. To deal with the rising prevalence of lifestyle diseases and other chronic conditions, healthcare institutions are developing tools, devices, and processes that aid in the early detection of such underlying conditions, provide non-invasive treatment options, and enhance the patient's recovery. The governments in developed and emerging economies have increased their fiscal expenditure on healthcare to develop better infrastructure and systems.
Similarly, the growing expenditure on life science and the development of an innovative and advanced analytical instrument for better diagnosis, prognosis, and treatments will drive the market's growth. New ground-breaking discoveries and innovations in medical sciences and biotechnologies on the genesis, cells, and DNAs will provide lucrative opportunities for the global life science and analytical instruments market. Since extensive capital is utilized to research and develop such analytical instruments as they use the latest technologies to improve their functionality and durability, they become expensive. The high costs of instruments will hamper the market's growth.
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Competitive Strategy
To enhance their market position in the global life science and analytical instruments market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- Danaher Corporation agreed with GE Healthcare in 2020 to acquire GE healthcare's biopharma business.
- Thermo Fisher Scientific has launched a new niche segment of products that they will manufacture to expand its product portfolio to expand its market share. They are going to manufacture the US FDA class 1 medical devices. These devices are utilized for clinical diagnostics and laboratories.
Market Growth & Trends
The covid 19 pandemic has increased an emphasis on sanitation and hygiene. The timely diagnosis was of paramount importance to containing the pandemic. Several tests were performed to detect the virus, including rapid antigen and RT-PCR. Such tests were the only medical measure that kept the virus from spreading in the community. The effectiveness of these tests and other treatments has increased with time. The trend of developing life sciences and analytical instruments in medicine is anticipated to witness a rise in the coming years owing to the newly found resilience of governments globally to ramp up the healthcare sector and prepare for future pandemics. Other than the pharmaceutical sector, the food and beverage industry is anticipated to utilize innovations in testing instruments. The covid 19 pandemic has made the population conscious about the safety and security of their food and beverages. Market players in the food and beverage industries employ various testing instruments to provide customers with safe products. For instance, The CDC of the US has said that out of every ten children, one is infected due to contaminated food and beverage products. These concerns about food safety increased awareness about adulteration, quality standards, and government guidelines have led to market players adopting testing and quality analysis to retain the customer base and stay in the market. Advancement in technologies with sophisticated processes to test products has also increased the adoption of these analytical instruments.
Key Findings
- In 2021, the spectroscopy segment dominated the market with the largest market share of 27%.
The type segment is divided into centrifuges, electrophoresis, chromatography, microscopy, PCR, cell counting instruments, spectroscopy, and others. In 2021, the spectroscopy segment dominated the market with the largest market share of 27%.
- In 2021, the research applications accounted for the largest share of the market, with 51%.
The application segment is divided into diagnostic applications, research applications, & others. In 2021, the research applications accounted for the largest share of the market, with 51%.
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Regional Segment Analysis of the Life Science & Analytical Instruments
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region emerged as the largest market for the global life science & analytical instruments market, with a market share of around 38% of the market revenue in 2021. North America dominated the life science and analytical instruments market because of significant market players in the region. The growing investments in research and development in the pharma industry will also provide lucrative market opportunities for the players in the regions. The increased regulatory scrutiny regarding the safety, quality and security of consumer goods will also lead to an increase in the adoption of testing and analytical instruments by the food and beverages industry. This will significantly contribute to the growth of the life science and analytical instruments market in the North American region.
Key players operating in the global life science & analytical instruments market are:
- Roche
- Danaher
- Becton, Dickinson, and Company
- Thermo Fisher Scientific
- Agilent Technologies
- Perkinelmer
- Shimadzu
- Bio-Rad Laboratories
- Bruker
- Waters Corporation
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Market Quest has segmented the global counter-drone based on the below-mentioned segments:
Global Life Science & Analytical Instruments Market by Type:
- Centrifuges
- Chromatography
- Electrophoresis
- Microscopy
- Cell Counting Instruments
- PCR
- Spectroscopy
- Others
Global Life Science & Analytical Instruments Market by Application:
- Research Applications
- Diagnostic Applications
- Other Applications
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About the report:
The global life science & analytical instruments market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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