PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320136
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320136
Biotechnology Instruments Market size was valued at USD 44,532.2 Million in 2022, expanding at a CAGR of 5.7% from 2023 to 2030.
Biotechnology instruments play a crucial role in the isolation and identification of biological molecules. Recent advancements in the field of miniaturization and the development of lightweight materials have opened up new possibilities for designing these instruments. These advancements have introduced innovative dimensions in the construction of biotechnology instruments, allowing for more compact and portable designs. By leveraging miniaturization and lightweight materials, researchers and scientists are able to enhance the performance, portability, and usability of these instruments, making them more efficient and convenient for various applications in the field of biotechnology.
The market growth is being driven by the widespread adoption of point-of-care diagnostic devices. Continuous research and development efforts have led to significant advancements in the capabilities of these systems. The latest equipment offers a wide range of tests, making them suitable for use in various hospital settings. Additionally, novel point-of-care devices enable the real-time transmission of test results to patients' electronic medical records, allowing physicians to conveniently review the information. Moreover, these systems are designed to easily adapt to changes in laboratory regulations. Furthermore, the increasing prevalence of chronic disorders, including infectious diseases like COVID-19, cardiovascular disorders, diabetes, cancer, and others, is expected to contribute to the market's growth
The Global Biotechnology Instruments Market is segmented on the basis of Product Type, End User, and Region.
The market is divided into three categories based on Product Type: Lab Automation Instruments, Life Science Consumables, IVD Instruments. In 2023, the Life Sciences Consumables is anticipated to capture a significant market share. The introduction of new PCR test kits is anticipated to have a significant impact on the segment's growth. The COVID-19 pandemic has resulted in a widespread adoption of RT-PCR kits, which has played a substantial role in driving revenue within the life science consumables segment. The World Health Organization (WHO) has also emphasized the importance of early detection of COVID-19, leading to a large-scale adoption of reagents and kits. The market for medical lasers has witnessed substantial growth due to the increasing range of applications. Previously, medical lasers were predominantly utilized in surgical procedures. However, recent advancements in lasers, such as improved convenience, compact devices, miniaturization, and self-contained modules, have created new opportunities for market expansion in fields like neurosurgery, ophthalmology, dermatology, and dentistry. These developments have positioned the medical laser market as a lucrative space for growth and innovation.
The market is divided into three categories based on End User: Government and Academic Institutes, Pharmaceutical and Biotechnology Companies, Hospitals and Healthcare Facilities. Hospitals and healthcare facilities dominated the revenue share. The demand for IVD point-of-care devices in hospitals has been driven by the impact of COVID-19. Recent advancements in IVD instruments have significantly enhanced their usability and efficiency, leading to increased adoption across various healthcare settings. For example, Beckman Coulter introduced the DXH560 AL, a tabletop hematology analyzer, in February 2021. This innovative analyzer is designed to address time and resource constraints commonly faced by mid- and small-sized laboratories. With the ability to deliver results in a minute or less, it offers exceptional speed and efficiency. Additionally, it requires only 17 μL specimens, making it suitable for use with challenging patient populations such as the elderly, oncology patients, and infants, where obtaining larger blood samples may be challenging.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In order to gain a significant market share in the Biotechnology Instruments market, companies are adopting various strategies. Companies are also forming strategic partnerships and collaborations to leverage expertise and resources. Additionally, they are actively engaging with governments and participating in policy discussions to shape the regulatory environment and secure supportive frameworks for Biotechnology Instruments. Market expansion is pursued through the establishment of supply chains, infrastructure development, and investment in production facilities.
In July 2021, Lumenis introduced the MOSES 2.0 Next-Generation Holmium Laser Technology. This advanced technology aims to enhance the effectiveness of urinary stone and enlarged prostate procedures by optimizing the transmission of laser energy
In March 2022, Thermo Fisher Scientific introduced CE-IVD marked next-generation sequencing instrument, which allows users to perform clinical research, testing and diagnosis on a single instrument.