Enjoy complimentary customisation on priority with our Enterprise License!
The scientific instrument market size is forecast to increase by USD 19.96 billion, at a CAGR of 5.45% between 2024 and 2028. Investments in drug discovery are on the rise, driven by the increasing prevalence of infectious diseases and the growing popularity of online distribution channels. This trend reflects a strategic shift towards leveraging digital platforms for pharmaceutical sales and distribution, enhancing accessibility and efficiency. The global health landscape, marked by the persistent challenge of infectious diseases, necessitates continuous innovation in drug development. Concurrently, pharmaceutical companies are adapting to consumer preferences by expanding their online presence, facilitating easier access to medications and healthcare products. This convergence of factors underscores a transformative period in healthcare delivery, where technological advancements and heightened disease awareness are shaping the future of drug discovery and distribution.
For More Highlights About this Report, Request Free Sample
In the realm of scientific instrumentation, advancements in product microscopes, spectrometers, X-ray diffraction, and thermal analyzers have transformed research capabilities across government laboratories, university laboratories, and research institutions. These tools, available in handheld, benchtop, and portable formats, facilitate drug safety assessments, automated solutions, and rigorous data analysis in diverse settings. Portable instruments and handheld instruments are particularly valuable for field research and point-of-care diagnostics, enabling real-time analysis of physical quantities critical to remodeling and theoretical research efforts. In the pharmaceutical sector and during public health emergencies, clinical analyzers deployed in hospitals play a pivotal role in measuring, analyzing, and verifying data swiftly and accurately. These technologies enhance efficiency and precision in both routine medical diagnostics and crisis response scenarios, underscoring their indispensable role in modern healthcare and scientific inquiry.
One of the key factors driving growth in the scientific instrument market is the increase in global R&D investments. Globally, the importance of investments in R&D is increasing since a robust R&D system forms the basis for the development of new products or enhancements of existing products. Increasing technological advances and the need for better analysis for researchers have led to an increasing number of research projects and research studies, which are using various scientific instruments to extract greater information and insights which contribute a great deal to how a final product is formulated. The rise in the number of testing and research facilities, particularly in the field of biotechnology and pharmaceutical, will lead to a rise in demand for scientific instruments as these instruments are the basis for generating relevant information that supports product innovation and development. With countries increasingly emphasizing knowledge expansion and innovation, this inclination towards an increase in R&D spending will continue over the forecast period.
The growing adoption of portable scientific instruments is one of the key trends in the market growth. The demand for miniaturized and portable scientific instruments has increased to save shelf space and efficiently accommodate such instruments within the confined spaces in laboratories. Such a demand has led the vendors to rework their industry-proven designs and make them more compact using miniaturization technologies such as fluidics and integrated printed circuit boards (PCBs). In conventional generalized scientific equipment, including laboratory centrifuge, the wires, and other components are placed at the bottom and rear of the equipment. However, the use of integrated circuit-based and fluidics-based miniaturization technologies has allowed the removal of complex wires, pumps, and valves in the miniaturized equipment, making them more compact. Additionally, advances in sensors and enhanced wireless connectivity have also helped in making such equipment independent of complex wires and cables. Multiple laboratory functions and features have been integrated on a single chip using very large-scale integration technologies, which has helped vendors and end-users save money, space, and manpower.
Moreover, miniaturization also helps make scientific instruments portable, which can then be used to perform testing outside laboratory settings on the site of the sample, thereby avoiding the risk of contamination during sample transfer. Miniaturization and nanotechnology have played key roles in point-of-care testing and allowed the manufacturing of portable equipment such as miniaturized centrifuges offered by vendors such as Bio-Rad Laboratories, Thermo Fisher Scientific, and Merck. Thermo Scientifics portable analytical instruments deliver actionable data for quick decision-making in critical situations. They combine advanced technologies, including X-ray fluorescence (XRF), near-infrared (NIR), Raman, and Fourier transform infrared spectroscopy (FTIR). They also have an easy-to-use interface. These portable analyzers provide rapid, reliable chemical identification and material verification to increase throughput, raise quality, and reduce risks. Owing to such benefits, the demand for portable scientific instruments is expected to increase during the forecast period.
The compliance issues will be a major challenge for the scientific instrument market during the forecast period. Safety measures are defined by regulatory organizations which need to be followed at an organizational level in multiple industries such as pharmaceuticals, biotechnology, F&B, and chemical to ensure a safe product is manufactured and sold in the market. Business operators such as line managers or quality managers must ensure proper adherence to habits such as hand washing is taken care of, and every employee follows a strict procedure. However, as these industries are understaffed and under constant work pressures, adherence, and compliance to regulatory procedures become difficult. This inherently leads to contamination in products, which adversely impacts the lives of patients or consumers. Without proper training, researchers cannot use scientific instruments properly, and compliance issues affect their research and analysis as well. Until these compliance issues are addressed, proper product safety measures cannot be thoroughly implemented. Therefore, these compliance issues need to be addressed, and until these issues are addressed, the adoption of scientific instruments in industries such as the F&B industry will be hampered and offset market growth.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd. - The company offers a wide range of scientific instruments. Under the electrification segment, the company offers solutions across the full electrical value chain from the substation to the point of consumption.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The laboratory analytical instruments and consumables segment is estimated to witness significant growth during the forecast period. The laboratory analytical instruments and consumables segment of the global scientific instrument market includes mass spectrometers, chromatographs, and others, which aid in diagnosing and analyzing specific infections. These instruments are increasingly used for life Science Research in metabolomics, genomics, and proteomics using spectroscopy, mass spectrometry, electrochemical analysis, thermal analysis, separation analysis, and microscopy.
Get a glance at the market share of various regions Download the PDF Sample
The laboratory analytical instruments and consumables segment accounted for USD 37.45 billion in 2023 and showed a gradual increase during the forecast period. Consumables comprise funnels, flasks, syringes, and needles, and these consumables are used for drug development. Consumables contribute significantly to market growth due to the repetitive purchases of a broad range of consumables for different testing purposes. Various consumables have gained importance in the last few years due to their increased applications in in-vitro diagnostics and academics. End-users repeatedly use consumables such as reagents and buffers to conduct scientific tests and experiments. Various applications require a variety of reagents based on the purpose of testing, which provides an opportunity for manufacturers of consumables to offer a broad range of consumables to meet the testing requirements of end-users. Furthermore, technological advances in reaction buffers have provided greater stability and longer activity for reagents and enzymes. These developments are expected to drive the growth of the laboratory analytical instruments and consumables segment, which, in turn, is anticipated to propel the growth of the market in focus during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The demand for scientific instruments is high in North America. This is attributed to the significant investments in healthcare research and testing in the US. The presence of strong distribution networks for scientific instruments in countries such as the US and Canada and the increasing focus of pharmaceutical companies on drug discovery and development have driven the growth of the scientific instrument market in the region. The presence of industry leaders in laboratory automation in countries such as the US is also driving the growth of the market in focus in the region during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
You may also interested in below market reports:
Laboratory Analytical Instruments and Consumables Market: Laboratory Analytical Instruments and Consumables Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, China, Germany, UK, Japan - Size and Forecast
US - Analytical Instrument Market: US - Analytical Instrument Market by Product and End-user - Forecast and Analysis
Instrumentation Services Market: Instrumentation Services Market Analysis North America, APAC, Europe, Middle East and Africa, South America - US, China, Germany, Japan, South Korea - Size and Forecast
In the diverse landscape of scientific and medical research, X-ray diffraction and X-ray crystallography equipment are crucial tools for studying molecular interactions, biological processes, and disease mechanisms in fields like materials science and biotechnology research. These technologies are pivotal in academic and research institutes, healthcare companies, and pharmaceutical sectors for advancing precision medicine and personalized healthcare through genetic sequencers and molecular analyzers. High-throughput sequencing platforms and spectrometer systems aid in genomic and proteomic research, enhancing capabilities in biomarker detection systems and high-throughput screening instruments for rapid disease diagnosis and treatment planning.
Moreover, in public health emergencies, point-of-care diagnostics and medical diagnosis tools, including point-of-care testing devices and clinical analyzers, play critical roles in managing chronic diseases such as diabetes, respiratory diseases, and cardiovascular diseases. These instruments enable efficient analysis of biological samples like blood, urine, and tissue, measuring parameters like glucose levels, cholesterol levels, and blood cell counts for timely intervention and patient care. Advances in next-generation sequencing instruments and biotechnology instruments further drive innovations in therapeutics and disease treatment, impacting both outpatients and inpatients across global healthcare settings.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
182 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.45% |
|
Market growth 2024-2028 |
USD 19.96 Billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
4.77 |
|
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
|
Performing market contribution |
North America at 34% |
|
Key countries |
US, China, Germany, UK, and India |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
ABB Ltd., ACMAS Technologies Pvt. Ltd., Agilent Technologies Inc., Alcon Scientific, Bio Rad Laboratories Inc., Bruker Corp., Carl Zeiss AG, Danaher Corp., Hitachi Ltd., HORIBA Ltd., Labappara, M.K.Scientific Instruments, MAC, Merck KGaA, Oxford Instruments plc, Shimadzu Corp., SM Scientific Instruments Pvt. Ltd., Thermo Fisher Scientific Inc., Thorlabs Inc., and Waters Corp. |
|
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
