Global Life Sciences and Analytical Instruments Market Size, Share, Growth Analysis, By Technology(NGS, PCR), By Application(Research applications and Clinical & diagnostic applications) - Industry Forecast 2023-2030

Life Sciences and Analytical Instruments Market size was valued at USD 71.4 billion in 2021 and is poised to grow from USD 76.56 billion in 2022 to USD 130.47 billion by 2030, growing at a CAGR of 7% in the forecast period (2023-2030).

Life science and analytical instruments find applications across diverse sectors such as laboratories, hospitals, clinics, as well as biotechnology and pharmaceutical companies. Their utility lies in the examination and validation of both end products and raw materials. These tools are pivotal in ensuring the quality and safety of goods, enabling precise evaluations in various industries while safeguarding against potential hazards. Global life sciences and analytical instruments market is segmented on the basis of technology, application and region. On the basis of Technology, global market is segmented into Spectroscopy, PCR, Next-Generation Sequencing (NGS), Microscopy, Flow Cytometry and Chromatography. On the basis of application, global market is segmented into research applications and clinical & diagnostic applications. On the basis of region, global market is divided into North America, Europe, Asia-Pacific, Latin America, and MEA.

Segmented by geography, the global market for life sciences and analytical instruments spans North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Notably, North America emerged as the dominant player, constituting approximately 38% of the market's revenue in 2022. Heightened investments in pharmaceutical R&D offer prospects for industry leaders. Additionally, escalated regulatory scrutiny regarding product integrity fuels adoption within the food and beverage sector. Europe, led by Germany, thrives on pharmaceutical research and technological strides. Asia-Pacific, driven by dynamic expansions in India and China, showcases robust growth attributed to advancing pharmaceutical industries.

Top-down and bottom-up approaches were used to estimate and validate the size of the Life Sciences and Analytical Instruments Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Driver:

Industries like biotechnology and pharmaceuticals are committing substantial resources to research and development (R&D) endeavors. This is aimed at expediting drug discovery and facilitating the innovative launch of therapeutic agents targeting rare ailments. The International Federation of Pharmaceutical Manufacturers and Associations (IFPMA) reports an annual R&D investment exceeding US$ 150 billion within the pharmaceutical sector. Over 7,000 novel compounds have been formulated, introducing 56 new drugs. Swift and effective life science tools play a pivotal role in hastening drug development, particularly for conditions such as cardiovascular diseases, neurological disorders, cancer, and infectious diseases, thereby propelling the global life sciences and analytical instruments market.

Restraint:

Anticipated impediments to the expansion of the life science and analytical equipment sector encompass escalating instrument expenditures, limited public health awareness, and the presence of feasible alternative options. The industry's growth trajectory might be constrained by these factors, as higher costs could deter adoption, insufficient awareness might limit demand, and the existence of viable alternatives could divert investment and interest away from traditional life science and analytical tools.

Key Market Trends:

Chromatography has gained prominence in analytical chemistry due to its remarkable attributes including precise separation capabilities, reproducibility, and rapid separation processes. A significant market trend involves its widespread application in pharmaceutical contexts, such as quantifying drug compounds. The rising utilization of chromatography assays in drug validation and augmented government funding bolster the market's anticipated expansion. These factors collectively underpin the projected market growth throughout the forecast period.