PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401814
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401814
Biotechnology Instruments Market size was valued at USD 86,700 Million in 2022, expanding at a CAGR of 4.1% from 2023 to 2030.
Biotechnology instruments encompass a diverse array of specialized tools and equipment crucial for advancing research, analysis, and production within the biotech field. These tools include DNA sequencers, PCR machines, microarray scanners, mass spectrometers, chromatography systems, centrifuges, spectrophotometers, and more, contributing significantly to various biotechnological applications like genetic analysis, molecular biology studies, cell culture maintenance, protein purification, and bioinformatics analysis. Their precision, efficiency, and adaptability empower scientists, researchers, and industry professionals to explore and manipulate biological systems, leading to innovations in medicine, agriculture, pharmaceuticals, environmental science, and related domains.
Biotechnology Instruments Market- Market Dynamics
Increasing acceptance of precision medicine, expanding knowledge in molecular biologics & genomics, and a growing demand for spectroscopy techniques in drug development to propel market demand
Market growth in biotechnology instruments is anticipated due to factors such as the increasing acceptance of precision medicine, expanding knowledge in molecular biologics & genomics, and a growing demand for spectroscopy techniques in drug development. Additionally, the prevalence of chronic conditions like COVID-19, cardiovascular disorders, diabetes, cancer, and others is expected to drive market growth. The pandemic significantly impacted the market by accelerating the need for vaccine development and diagnostics, causing supply chain disruptions and accelerating the adoption of automation and data analysis techniques in laboratories. The increasing demand for point-of-care testing worldwide is another factor propelling market growth. Several key players have initiated endeavors in this sector. For instance, Abbott launched a molecular point-of-care test for COVID-19 detection in less than five minutes, catering to various healthcare settings. Similarly, Agilent Technologies Inc. launched the release of CE-IVD marked instruments, kits, as well as reagents as IVDR Class A compliant, allowing labs in the European Union to continue using these products in diagnostic processes. Such initiatives are expected to drive demand for in vitro diagnostic (IVD) instruments, being an essential requirement for developing these solutions.
Biotechnology Instruments Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.1% over the forecast period (2023-2030)
Based on product type segmentation, analytical instruments was predicted to show maximum market share in the year 2022
Based on end user segmentation, pharmaceutical and biotechnology was the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Biotechnology Instruments Market is segmented on the basis of Product Type, End user, and Region.
The market is divided into six categories based on product type: Analytical Instrument, Cell Culture Instrument, Cell Separation Instrument, Immunoassay Instruments, Clinical Chemistry Analyzers and Others. In 2022, the analytical instruments segment emerged as the market leader, holding the largest share. These instruments, incorporating technologies like mass spectrometry, chromatography, and spectroscopy, play a pivotal role in enabling precise analysis and characterization of biological samples. They are instrumental across diverse applications, from drug discovery to genetic research, underscoring their critical importance in driving advancements within the biotechnology industry.
The market is divided into four categories based on end user: Pharmaceutical & Biotechnology Companies, Hospitals & Diagnostic Laboratories, Academic & Research Institutes and Others. The pharmaceutical and biotechnology companies segment exerted dominance in the market in 2022 based on end-use. These industries heavily rely on a varied array of instruments like gene sequencers, protein analyzers, and high-throughput screening schemes to boost drug detection, development, and production processes. The persistent pursuit of innovative therapies, precision medicine, and advanced research techniques continues to drive the demand for cutting-edge biotechnology instruments. They play a critical role in shaping the trajectory of scientific and medical advancements.
Biotechnology Instruments Market- Geographical Insights
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.
Companies in this industry concentrate on continuous innovation, aiming to develop state-of-the-art instruments with improved precision, sensitivity, and automation capabilities. These instruments find significant utility in genomics, proteomics, bioinformatics, and cell biology, contributing to the study of biological systems, therapeutic development, and biopharmaceutical manufacturing. Technological advancements such as CRISPR and single-cell analysis have further accelerated the evolution of biotechnology instruments, facilitating groundbreaking discoveries and applications across healthcare, agriculture, environmental science, and more. The market remains fundamental to scientific research, enabling progress and innovation in understanding biological mechanisms and addressing global challenges. Leading market players engage in extensive research and development to manufacture cost-effective and technologically advanced products. Strategic maneuvers like mergers and acquisitions undertaken by these organizations aim to expand their market presence and are anticipated to offer substantial growth prospects.
In August 2023, Roche's announcement of the CCM Vertical, a novel addition to the Cobas connection modules (CCM), is expected to enhance laboratory efficiency, reflecting such strategic initiatives propelling market growth.
The scope of this report covers the market by its major segments, which include as follows: