Product ID: SQMIG35A2512
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 2024-2031
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.
Global Life Science Instrumentation Market Report Snapshots
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