PUBLISHER: Grand View Research | PRODUCT CODE: 1362999
PUBLISHER: Grand View Research | PRODUCT CODE: 1362999
The global biotechnology instruments market size is expected to reach USD 116.68 billion by 2030, according to a new report by Grand View Research, Inc.., exhibiting a CAGR of 3.94% from 2023 to 2030. The growing advancements in life science research technologies, growing demand for personalized medicines & diagnostics tests, and rising R&D for drug & vaccine developments for diseases, such as cancer, collectively propel the market growth. The demand for POC diagnostics is projected to be driven by factors, such as increasing government initiatives to establish outpatient care models for shortening hospital stays and the rising need for POC devices in home & healthcare settings to address the needs of the elderly population.
In addition, the expansion of the biotechnology industry can be linked to various factors including the introduction of new & innovative products, agreements, acquisitions, technological advancements, and growing adoption across different applications. In May 2023, NeoDx Biotech Labs, an Indian startup, launched 7 real-time PCR-based kits to diagnose infectious diseases, such as Hepatitis C, Hepatitis B, and HIV, at various hospitals and diagnostic centers. Similarly, in January 2023, Bio-Rad announced the launch of a real-time PCR system, CFX Opus Deepwell Dx, which is FDA-approved for IVD testing. Thus, these technological launches are projected to impel the market growth over the period. In addition, companies are launching new products to facilitate better and more advanced sequencing technology.
For instance, in April 2023, Biomodal, formerly known as Cambridge Epigenetix, announced the launch of the duet multiomics solution. This new multiomics sequencing technology is projected to highlight the synergistic potential of genetic and epigenetic insights extracted from a single low-volume sample. Moreover, the solution is one of the first single-base-resolution sequencing technologies, which enables simultaneous, phased reading of both genetic and epigenetic details from a single sample. This increases applications of the technology in unified workflows alongside any sequencing platforms. The increasing adoption of technological advancements in sequencing techniques is anticipated to impel market growth.