USD 68336.6 million
Report ID: SQSG35A2028 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 101 | Figures: 76
Global Life Science Instrumentation Market size was valued at USD 68336.6 million in 2021 and is poised to grow from USD 72858.98 million in 2022 to USD 107344.2 million by 2030, growing at a CAGR of 6.5% in the forecast period (2023-2030).
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.
Global Market Size
USD 68336.6 million
Clinical & Diagnostic
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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.
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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.
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Life Science Instrumentation Market Driver
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.
Life Science Instrumentation Market Restraints
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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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
Life Science Instrumentation Market Recent Developments
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.
|Market size value in 2021||USD 68336.6 million|
|Market size value in 2030||USD 72858.98 million|
|Forecast Unit (Value)||USD Million|
|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)|
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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.
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