USD 68.33 billion
Global Life Science Instrumentation Market Size, Share, Growth Analysis, By Technology(PCR, Spectroscopy), By Application(Clinical, Diagnostic), By Distribution Channel(Hospitals, Diagnostic Laboratories) - Industry Forecast 2023-2030
Report ID:
SQMIG35A2512 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
101 |
Figures:
76
Global Life Science Instrumentation Market Insights
Life Science Instrumentation Market size was valued at USD 68.33 billion in 2019 and is poised to grow from USD 72.85 Billion in 2023 to USD 107.34 Billion by 2031, growing at a CAGR of 6.5% in the forecast period (2024-2031).
Life science instruments are utilized for quality testing of the products in manufacturing plants, analytical techniques and method validation during drug development, etc. Modern medicine is developed using a number of cutting-edge technologies. The demand for analytical instruments is expected to increase, the biotechnology and pharmaceutical sectors will expand, research and development activities will increase, number of laboratories worldwide will increase and hence, the market for life science equipment will expand.
In 2021, the ILAC MRA Signatories accredited about 85,000 laboratories, nearly 13,000 inspection bodies, over 600 proficiency testing providers, and 250 suppliers of reference materials. Increased focus on next generation sequencing (NGS) is estimated to support life science instrumentation market growth since sequencing technologies help in determining the cause of a disease. The market for life science instruments is estimated to gain from a rise in R&D in a number of industries, including biotechnology, pharmaceuticals, food and beverage, and agriculture. Additionally, it is estimated that the increased number of unique product releases by various well-known players will raise the growth of the life science instrumentation market during the forecast period. According to projections, there will be a rise in the demand for instruments used in life science as a result of increased testing due to the rising prevalence of chronic diseases in both developed and developing nations. Additionally, growing public-private investments in life science research and technological advancements in analytical equipment are driving the market growth.
Life science instrumentation market is estimated benefit from the rising demand for efficient diagnostic technologies and rising government funding for the creation of novel instruments used in the life sciences and medical device sectors. The expansion of the life science instrumentation market is estimated to be aided by the expanding uses of life science instruments in other industries, such as the food and beverage sector. In order to create novel pharmacological treatments and assess the quality of food, DNA is studied using the majority of life science and analytical technology. In this area, businesses are making significant investments in an effort to boost market expansion. The creation of new items will increase the precision with which samples may be diagnosed. It will help in focusing treatment on a particular patient.
US Life Science Instrumentation Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Research
Fastest Growth
Clinical & Diagnostic
Growth Rate
6.5% CAGR
Global Life Science Instrumentation Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Life Science Instrumentation Market Size By Application 2021-2028 ($ Bn)
Global Life Science Instrumentation Market Size By Application, 2021-2028 (%)
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Global Life Science Instrumentation Market Segmental Analysis
Global life science instrumentation market is segmented based on technology, application, distribution channel and region. Based on the technology, the market is segmented into PCR, Spectroscopy, Microscopy, Chromatography, Electrophoresis, Next- Generation Sequencing (NGS), Flow Cytometry, Centrifuges and Others. Based on the application, the global life science instrumentation market is segmented into Clinical and Diagnostic, Research and Others. Based on the distribution channel, the global life science instrumentation market is segmented into hospitals and diagnostic laboratories, pharmaceutical and biotechnology companies, academic and research institutions and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Life Science Instrumentation Market Analysis by Technology
By Technology, next generation sequencing (NGS) segment is projected to continue dominating the global life science instrumentation market over the forecasted period. The multiple benefits of NGS technologies in DNA sequencing, which gives significantly higher productivity and reduces the need for fragment-cloning operations also causing the segment to grow at the quickest CAGR throughout the projection period. It is one of the most reliable technologies among the researchers and is widely utilized in quality control testing of end products across life science industry due to the ease of handling and lack of sample preparation.
Moreover, life science instrumentation market is projected to grow as a result of ongoing technical advancements and the increased accessibility of less expensive sequencing platforms. Microscopy is anticipated to expand quickly within the anticipated time frame.
Life Science Instrumentation Market Analysis by Application
By application, the life science instrumentation market is dominated by research in terms of application and is projected to continue dominating during the forecast period. This is supported by growing number of research studies, increased public-private funding for genomic research projects, and the persistence of the laboratory automation and robotics trends are all factors that contribute to the sizeable share of the research applications market.
Global Life Science Instrumentation Market Size By Application , 2021(%), 2023 (%)
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Global Life Science Instrumentation Market Regional Insights
North America is expected to continue dominating the global life science instrumentation market during the projection period. The region has strong presence of food & beverage and pharmaceutical companies. Wherein, the product is used for testing of finished good for quality and safety testing. Thanks to the rising adoption of cutting-edge product introductions and technological developments, the region is enjoying higher market share. An important factor in the development of creative chemical methods in the area, which further propels the North American life science and chemical instruments market, has been the growing emphasis on the creation of new and enhanced drug assessment approaches to find highly complicated medications. For instance, Agilent unveiled the K6460S, a Class I medical device classified by the US Food and Drug Administration, in March 2020 as the next-generation clinical edition triple quadrupole LC/MS system. This technology is intended to enhance clinical lab workflows.
On the other hand, the Asia-Pacific is one of the most lucrative regions in the global life science instrumentation market. Strategic market expansions by market players in developing nations, such as India and China as well as rapidly expanding pharmaceutical industries are driving the region's growth.
Europe is also expected to have a significant growth owing to increased government expenditure in life science research as well as rising R&D in the biotechnology and life science sectors. Furthermore, the industry is given a sizable potential by the rising demand for precision medicine in the UK, France, and Germany.
Global Life Science Instrumentation Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Life Science Instrumentation Market Dynamics
Life Science Instrumentation Market Driver
- Increased Government’s initiatives.
Increased government expenditure in life science research as well as rising R&D in the biotechnology and life science sectors are some of the key factors driving growth of the life science instrumentation market. Market expansion is further supported by greater food quality awareness and stringent government regulations to safeguard the safety of medicines. As per data released by the World Bank, spending in research and development made 2.63% of the global GDP in 2020. It has increased from 2019 which was 2.2% and is estimated to increase further in the forecasted years.
- Increased Need for Analytical Instruments
A growing focus on sequencing technology to understand the underlying causes of diseases is driving demand for analytical instruments. Moreover, the global life science instrumentation market is also experiencing need for user-friendly and sophisticated bioinformatics tools and the rapid development of emerging economies all contribute to the life science instrumentation market's significant potential. Moreover, as per studies globally, approximately one in three of all adults suffer from multiple chronic conditions (MCCs). This directly expands the requirement of testing and research which will grow the life sciences instrumentation market. As per reports, healthcare is one of the industries which receives maximum funds for research and development. In 2018, the R&D spend on healthcare was valued at around $169.5 billion.
Life Science Instrumentation Market Restraints
- Lack of Skilled Professionals, High Costs Involved with Drug Discovery Process & Shortage of Funding In Emerging Economies
A shortage of skilled employees will lead to a decrease in innovation. A survey conducted by the Coalition of State Bioscience Institutes found that traditional manufacturing positions were the easiest functional roles to fill; the layoffs that occurred around the end of the previous year do indeed reflect an overstock of such workers. However, the issue of a skill set deficit still exists when it comes to the skill sets needed to manage biopharmaceutical manufacturing processes, particularly in the areas of engineering, data analytics, and process development.
This also seems to be more common in Europe life science instrumentation market, especially given the uncertainty surrounding Brexit. The UK was in "risk of losing its world-leading research and development reputation," according to the Association of the British Pharmaceutical Industry (ABPI), which was supported by the two largest pharmaceutical investors in the nation, AstraZeneca and GlaxoSmithKline, in February.
According to International Monetary Fund (IMF), there are 20 countries identified as emerging life science instrumentation market, and accounted for 34% of the world’s nominal GDP and 46% in purchasing-power-parity terms. The prevalence of chronic diseases is high in emerging countries, therefore the opportunity was research and expansion life science instrumentation is high but funding for R&D is comparatively less.
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Global Life Science Instrumentation Market Competitive Landscape
Key industry competitors in the life science instrumentation market are utilising market expansion tactics like acquisitions, mergers, and partnerships to broaden their product lines. Innovative technology and fresh product introductions have only been made by a select few companies. For example, NGS DreamPre, a fully automated method for next-generation sequencing (NGS), was introduced by Tecan Trading AG in February 2019. It produces quality-controlled, sequencing-ready NGS libraries in a matter of hours with no operator intervention or sample loss. The most popular business tactics utilised by market participants for expansion included product approval and launches, acquisition, collaborations, and agreements. For instance, due to its broad range of life science instrument products and associated accessories, Thermo Fisher Scientific, Inc. dominates the global life science instrumentation market. Through insight-driven innovation and strategic M&A, Thermo Fisher has increased the scope of its product offering to better position itself in the market. For example, throughout the previous few years. In addition to the Vanquish Duo UHPLC system, Scientific Q Exactive UHMR mass spectrometer, Ion GeneStudio S5 Series next-generation sequencing systems, and ISQ EC Single Quadrupole mass spectrometer, Thermo Fisher also released the Biosystems QuantStudio 6 and 7 Pro Real-Time PCR Systems in April 2019 and the ISQ EC Single Quadrupole mass spectrometer in February 2018.
Life Science Instrumentation Market Top Player's Company Profiles
- Thermo Fisher Scientific Inc.
- Agilent Technologies Inc.
- Danaher Corporation
- PerkinElmer Inc.
- Waters Corporation
- Bruker Corporation
- Becton, Dickinson and Company
- Bio-Rad Laboratories Inc.
- Illumina Inc.
- Qiagen N.V.
- F. Hoffmann-La Roche Ltd.
- GE Healthcare
- Shimadzu Corporation
- Oxford Instruments plc
- Hitachi High-Technologies Corporation
- JEOL Ltd.
- Carl Zeiss AG
- Nikon Corporation
- Leica Microsystems GmbH
- Olympus Corporation
Life Science Instrumentation Market Recent Developments
- In May 2022, the Advanced-Technology Innovation Center Naka (ACN), a new demonstration and collaboration base for Hitachi High-Tech Corporation (Hitachi High-Tech), opened in the city of Hitachinaka, Ibaraki Prefecture. Through collaborative operations at a position closer to its design and development base, this facility will serve as a venue to launch and promote the development of innovative solutions for analytical system products as well as to exhibit to clients the aforementioned goods.
- In February 2022, Agilent Technologies Inc. (NYSE: A) announced that it had purchased advanced artificial intelligence (AI) technology created by Virtual Control, a maker of AI and machine learning software that develops cutting-edge analysis solutions for lab testing. The software, dubbed ACIES, will be incorporated by Agilent into its top-tier gas chromatography and mass spectrometry (GS/MS) platforms in order to boost the effectiveness, efficiency, and precision of the high-throughput labs that the business works with all over the world.
- In February 2022, Eppendorf increased the range of centrifuges it offered by purchasing the centrifugation division of the Japanese firm Koki Holdings Co., Ltd., whose goods are sold all over the world under the trade name Himac.
- In January 2022, Bruker acquired ProLab Instrumnets to augment multiomics solutions. It is a Swiss technology company specialized in low-flow, high precision liquid chromatography technology and systems.
Global Life Science Instrumentation Key Market Trends
- Use of Artificial Intelligence to automate laboratories and development of similar high-tech instruments. For example, recently Agilent Technologies Inc. (NYSE: A) announced that it had purchased advanced artificial intelligence (AI) technology created by Virtual Control, a maker of AI and machine learning software that develops cutting-edge analysis solutions for lab testing. The software, dubbed ACIES, will be incorporated by Agilent into its top-tier gas chromatography and mass spectrometry (GS/MS) platforms in order to boost the effectiveness, efficiency, and precision of the high-throughput labs that the business works with all over the world.
Global Life Science Instrumentation Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global life science instrumentation market analysis, increased government expenditure in life science research as well as rising R&D in the biotechnology and life science sectors, increased need for analytical instruments owing to increased research and prevalence of chronic diseases are some major factors driving the growth of the global Life Science Instrumentation market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 68.33 billion |
| Market size value in 2031 | USD 107.34 Billion |
| Growth Rate | 6.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Life Science Instrumentation Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Life Science Instrumentation Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Life Science Instrumentation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Life Science Instrumentation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Life Science Instrumentation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Life Science Instrumentation Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Life Science Instrumentation Market Report Snapshots
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