Life Science Instrumentation Market Outlook 2031
- The global life science instrumentation market was valued at US$ 56.6 Bn in 2021
- The global market is projected to grow at a CAGR of 6.3% from 2022 to 2031
- The global life science instrumentation market is anticipated to reach more than US$ 104.5 Bn by the end of 2031
Life Science Instrumentation Market Introduction
Usage 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 life science and chemical instrumentation in the global market, thus boosting the life science and chemical instrumentation market. Companies in the global life science instrumentation market are emphasizing on the release of innovative, cutting-edge products. This is likely to augment the global life science instrumentation market size in the near future.
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Rise in Prevalence of Chronic and Infectious Diseases to Fuel Global Life Science Instrumentation Market
Life science laboratory equipment is primarily used for the diagnosis of infectious and chronic diseases. The advent and breakout of several infectious diseases have presented obstacles as well as new possibilities for researchers working on diagnostic tools and tests for advanced disease detection and prevention. According to the WHO’s World Health Report, infectious diseases account for around 17 million deaths globally each year. Furthermore, the emergence of new diseases has increased in the last few years, as a number of countries have reportedly not made enough investment in R&D to combat prevalent infectious diseases. The need for diagnostic technologies for the early diagnosis of infectious diseases to prevent outbreaks is rising. This is anticipated to propel the global life science instrumentation market.
Increase in R&D Activities in Biotechnology and Pharmaceuticals Industries to Propel Market
Industries such as biotechnology and pharmaceuticals are investing significantly in R&D. This can be ascribed to the rise in need for quick medication development and innovative drug molecule commercialization for the treatment of uncommon illnesses. According to the International Federation of Pharmaceutical Manufacturers and Association (IFPMA), the pharmaceutical industry spends around US$ 150 Bn on research and development annually. More than 7,000 novel compounds were developed, while 56 new medications were introduced in 2015. Rapid and effective life science instrumentation devices are required to accelerate the drug development process. Rise in R&D in drug development for conditions such as cardiovascular illnesses, neurological disorders, cancer, and infectious diseases is expected to drive the global life science instrumentation market.
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Improvement in Spectroscopic Technology and Rise in Demand for Real-time Sample Analysis Driving Spectroscopy Segment
In terms of technique, the life science instrumentation market has been classified into spectroscopy, chromatography, polymerase chain reaction, next-generation sequencing, clinical chemistry analyzers, flow cytometry, immunoassays, and others (incubator, electrophoresis, etc.). The spectroscopy segment dominated the global life science instrumentation market in 2021. Spectroscopy is essential in domains relating to bio- and life sciences for detection, identification, and quantification of molecules. The spectroscopy segment is anticipated to be driven by ongoing improvements in spectroscopic technology and rise in demand for real-time sample analysis.
Mounting Pressure on Pharmaceutical Industry to Create Novel, Affordable Treatments Fueling Research Applications Segment
Based on application, the global market has been divided into research applications, laboratory applications, and others. Research applications is expected to be a highly attractive segment of the global life science instrumentation market during the forecast period. This can be ascribed to the mounting pressure on the pharmaceutical industry to create novel, affordable treatments for different ailments. Surge in drug discovery activities is also projected to drive the demand for life science lab instruments. Rise in innovative medications & treatments under development is likely to augment the research applications segment during the forecast period.
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Increase in Usage of Life Science and Chemical Instrumentation in Drug Manufacturing Process Augmenting Pharmaceutical & Biotechnology Companies Segment
In terms of end-user, the global life science instrumentation market has been classified into research institutes, pharmaceutical & biotechnology companies, diagnostic laboratories, and others. The pharmaceutical & biotechnology companies segment held the major share of the global market in 2021. The segment is projected to sustain its market share during the forecast period due to the increase in usage of life science and chemical instrumentation in drug manufacturing processes to maintain the quality of drugs.
Regional Outlook of Global Life Science Instrumentation Market
North America dominated the global life science instrumentation market in 2021. It is projected to maintain its share during the forecast period. This can be ascribed to a large patient pool, technological advancements, and high acceptance of advanced treatments in the region. Increase in health care expenditure, rise in prevalence & incidence of chronic infectious diseases, and surge in investments are also anticipated to propel the life science instrumentation market in North America in the next few years.
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Europe accounted for the second largest share of the global market in 2021. High prevalence of chronic diseases such as diabetes, cancer, kidney disease, and inflammatory bowel disease; increase in geriatric population requiring regular medical tests; and well-established health care infrastructure are the major factors contributing to the region’s large share of the global life science instrumentation market.
The life science instrumentation market in Asia Pacific is expected to grow at a high CAGR during the forecast period due to the increase in demand for efficient and high-speed diagnostic equipment in developing countries; and rise in research initiatives in countries such as Japan and China.
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Analysis of Key Players in Global Life Science Instrumentation Market
The global life science instrumentation market comprises several small and large-scale companies that control majority of the share. Mergers and acquisitions and development of product portfolios, product launches, product approvals, and agreements are major strategies implemented by several key players. Prominent players operating in the global life science instrumentation market are Danaher, Thermo Fisher Scientific, Inc., Merck KGaA, Bio-Rad Laboratories, Inc., Agilent Technologies, Inc., Illumina, Inc., PerkinElmer, Inc., BD, Bruker, and Hitachi High-Tech Corporation.
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