What is the global market size of Life Sciences and Analytical Instruments Market?

Life Sciences and Analytical Instruments Market size was valued at USD 71.4 billion in 2021 and is poised to grow from USD 76.56 billion in 2022 to USD 130.47 billion by 2030, growing at a CAGR of 7% in the forecast period (2023-2030).

Who are the key vendors in the Global Life Sciences and Analytical Instruments Market?

Major market players or manufacturers of the life sciences and analytical instruments market give various strategies to expand their operations and increase their profits. To strengthen their position in the global life sciences and analytical instruments market, they use strategies such as acquisitions, joint ventures, collaborations, mergers and new product launches. 'Agilent Technologies Inc.', 'Thermo Fisher Scientific Inc.', 'Danaher Corporation', 'PerkinElmer Inc.', 'Bruker Corporation', 'Waters Corporation', 'Shimadzu Corporation', 'Merck KGaA', 'GE Healthcare', 'bioMérieux SA', 'Hitachi High-Technologies Corporation', 'Bio-Rad Laboratories Inc.', 'Olympus Corporation', 'Beckman Coulter Inc.', 'Eppendorf AG', 'Illumina Inc.', 'Qiagen N.V.', 'Becton, Dickinson and Company', 'Hologic Inc.', 'Sartorius AG', 'On August 1, 2022, Thermo Fisher Scientific, Inc., a global leader in scientific services, introduced the Thermo Scientific Arctis Cryo-Plasma Focused Ion Beam (Cryo-PFIB), a new network and automated microscope designed to accelerate cryo-electron tomography (Cryo-ET) research'.

Life Sciences and Analytical Instruments Market Size

Life Sciences and Analytical Instruments Market Insights

Global Life Sciences And Analytical Instruments Market size was valued at USD 53.69 billion in 2023 and is poised to grow from USD 56.97 billion in 2024 to USD 91.48 billion by 2032, growing at a CAGR of 6.1% during the forecast period (2025-2032).

Life sciences and analytical instruments are used in a variety of industries, including laboratories, hospitals, clinics, and biotech and pharmaceutical firms. It is employed to assess and establish finished goods and raw materials. In contrast, much work is done in hospitals to accurately detect disease through the analysis of medical samples. A wide range of life science and analytical instruments are used in pharmaceutical, chemical, oil refinery, clinical and food processing laboratories for analytical purposes. These tools are help in physical structure determination and analysis. The growing aging population with an increasing sedentary lifestyle has resulted in an increase in the number of people suffering from lifestyle and chronic diseases such as obesity, diabetes, and cardiovascular disease. The modern world is highly competitive and busy, which results in acute stress in the population. No physical exercise, unhealthy diets, lack of sleep, and increased workload resulting in acute stress, migraine & sometimes depression are the today’s lifestyle of many peoples. To deal with the rising incidence of lifestyle diseases and other chronic conditions, healthcare institutions are developing tools, devices, and processes used for early detection of such conditions, and provide treatment options, for enhance the patient's recovery.

Increasing expenditure on research and development by pharmaceutical and biotechnological companies, growing public and private funding for life science research and rising incidence of target disease and genetic disorders are key factors that driving the growth of global life science and analytical instrument market. Use of various methods such as chromatography, spectroscopy, next-generation sequencing, polymerase chain reaction, flow cytometry, immunoassays, and clinical chemistry analyzers has increased significantly. This has led to a rise in demand for analytic instruments in the global market, which is boosting global life sciences and analytical instruments market.

According to data published by government in June 2021, approximately 1.2 million people in the United States have HIV (human immunodeficiency virus) and the incidence rate was 12.6 (per 100,000 populations). This indicates that the high incidence of HIV will increase the demand for analytical tools, thereby boosting the global life sciences and analytical instrument market. Lack of skilled professionals, high cost of life sciences and analytical equipment hamper the growth of the market.

US Life Sciences and Analytical Instruments Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

Major market players or manufacturers of the life sciences and analytical instruments market give various strategies to expand their operations and increase their profits. To strengthen their position in the global life sciences and analytical instruments market, they use strategies such as acquisitions, joint ventures, collaborations, mergers and new product launches. 'Thermo Fisher Scientific Inc. ', 'Danaher Corporation ', 'Agilent Technologies, Inc. ', 'Waters Corporation ', 'Shimadzu Corporation ', 'Becton, Dickinson and Company ', 'PerkinElmer Inc. ', 'Bio-Rad Laboratories, Inc. ', 'Bruker ', 'Qiagen N.V. ', 'Eppendorf SE ', 'Hitachi High-Technologies Corporation ', 'Horiba, Ltd. ', 'Merck KGaA ', 'JEOL Ltd. ', 'BioMérieux S.A. ', 'Carl Zeiss AG ', 'Tecan Trading AG ', 'Illumina, Inc. ', 'Avantor, Inc. ', 'On August 1, 2022, Thermo Fisher Scientific, Inc., a global leader in scientific services, introduced the Thermo Scientific Arctis Cryo-Plasma Focused Ion Beam (Cryo-PFIB), a new network and automated microscope designed to accelerate cryo-electron tomography (Cryo-ET) research', 'On August 3, 2022, Bio-Rad Laboratories, Inc., a global leader in life science research and clinical diagnostic products, announced that it had signed an agreement to acquire all of the outstanding shares of Curiosity Diagnostics. Curiosity Diagnostics, a late-stage, pre-commercial platform firm, is working on a sample-to-answer PCR system for the molecular diagnostics market.'

Industries such as biotechnology and pharmaceuticals are investing significantly on R&D. It is used to accelerate the need for drug development and innovative commercialization of drug molecules for the treatment of rare diseases. According to the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA), the pharmaceutical industry spends more than US$ 150 Bn annually on research and development. More than 7,000 new compounds were developed, while 56 new drugs were introduced. Rapid and efficient life science tools are essential to accelerate the drug development process. Increasing R&D in drug development for conditions such as cardiovascular diseases, neurological disorders, cancer, and infectious diseases is expected to drive the global life sciences and analytical instruments market.

Chromatography used in analytical chemistry, because of its ability to offer excellent features, like accurate separation capabilities, reproducibility, and quicker separation. A major trend in the market is the use of chromatography methods in many pharmaceutical applications, such as the quantification of chemicals in drugs. Increasing use of chromatography tests in drug approval and increasing support in the form of funding from the government are considered to contribute to the growth of the market during the forecast period.

On the basis of region, global life sciences and analytical instruments market is divided into North America, Europe, Asia-Pacific, Latin America, and MEA. North America accounted as the largest market for the global market with a share of nearly 38% of the market revenue in 2022. Increasing investment in research and development in the pharmaceutical industry will provide opportunities for key players in the sector. Increased regulatory analysis on the safety, quality and security of consumer products will also increase the adoption of testing and analytical tools by the food and beverage industry.