The 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).
The global life science instrumentation market refers to the market for various analytical instruments, devices, and equipment used in the field of life sciences. These instruments play a crucial role in the diagnosis, research, and development of drugs, vaccines, and medical devices.
The market is driven by factors such as the increasing demand for personalized medicine, the rise in the geriatric population, and the increasing prevalence of chronic diseases. The market is expected to grow at a significant pace in the coming years, supported by advancements in technology and increasing investment in R&D activities.
Segments covered in this report
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.
Driver
The growth of the life science instrumentation market is being propelled by several factors including increased government spending in life science research and development in the biotechnology and life science sectors.
Furthermore, the market is benefitting from heightened awareness of food quality and stringent government regulations to ensure medication safety. According to the World Bank, research and development expenditures accounted for 2.63% of global GDP in 2020, up from 2.2% in 2019, and this trend is expected to continue in the coming years.
Restrain
An inadequacy of proficient personnel is likely to impede innovation. Although the Coalition of State Bioscience Institutes conducted a study which disclosed that conventional manufacturing jobs were effortlessly filled, the recent downsizing evidently demonstrated an excess of such employees. Nevertheless, there remains a deficit of qualified individuals with the essential proficiencies for overseeing biopharmaceutical production methods, especially in the fields of engineering, data analytics, and process development.
Trend
Agilent Technologies Inc. (NYSE: A) has acquired advanced artificial intelligence (AI) technology from Virtual Control, a software company specializing in AI and machine learning for lab testing. The purchased software, known as ACIES, will be integrated into Agilent’s top-tier gas chromatography and mass spectrometry (GS/MS) platforms to enhance the precision, efficiency, and efficacy of high-throughput labs worldwide. This exemplifies the use of AI in automating laboratories and developing advanced instrumentation.
Companies Mentioned
- 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
Source: https://www.businesswire.com/
