PUBLISHER: The Business Research Company | PRODUCT CODE: 1425612
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425612
Life Science And Chemical Instrumentation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on life science and chemical instrumentation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for life science and chemical instrumentation? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The life science and chemical instrumentation market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Life science and chemical instrumentation represent critical medical devices employed for quality testing, process control, and monitoring in manufacturing plants, as well as for assessing food product quality and managing laboratory data. These instruments play pivotal roles in overseeing and regulating processes across industrial research and development labs, the pharmaceutical sector, biotechnology, and academic institutions.
Key technologies within life science and chemical instrumentation encompass polymerase chain reaction (PCR), DNA sequencers, amplifiers, flow cytometry, spectroscopy, electrophoresis, chromatography, centrifuges, and various other methods. For instance, PCR, facilitating the rapid amplification of DNA segments, finds broad applications in cell culture, cancer research, drug discovery, genomics, in vitro fertilization, bioprocessing, metabolomics, proteomics, and other fields. These instruments cater to diverse end-users, including hospitals, diagnostic centers, pharmaceutical and biotech firms, contract research organizations (CROs), academia, and research institutes.
The life science and chemical instrumentation market research report is one of a series of new reports from The Business Research Company that provides life science and chemical instrumentation market statistics, including life science and chemical instrumentation industry global market size, regional shares, competitors with a life science and chemical instrumentation market share, detailed life science and chemical instrumentation market segments, market trends and opportunities, and any further data you may need to thrive in the life science and chemical instrumentation industry. This life science and chemical instrumentation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The life science and chemical instrumentation market size has grown strongly in recent years. It will grow from $55.49 billion in 2023 to $59.8 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The expansion witnessed in the past period can be credited to heightened R&D endeavors, rigorous regulatory frameworks, a surge in healthcare spending, the global spread of research efforts, and governmental regulations.
The life science and chemical instrumentation market size is expected to see strong growth in the next few years. It will grow to $79.86 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the upcoming period can be linked to the rising intricacies of regulations, broader applications in personalized medicine, the burgeoning of emerging markets, and an increased emphasis on environmental testing. Key trends expected in this period encompass technological advancements in analytical tools, innovations in products, a heightened focus on green and sustainable technologies, and the integration of IoT and big data analytics.
The projected rise in chronic diseases is poised to drive growth in the life science and chemical instrumentation market. Chronic diseases, lasting a year or more and often impacting daily life, are on the rise, including prevalent conditions like cancer, heart disease, stroke, diabetes, and arthritis. Instruments in this sector play crucial roles in quality testing, manufacturing process control, food quality assessment, and managing chronic disease-related lab data. Notably, the World Health Organization reported in September 2022 that noncommunicable diseases account for 74% of global fatalities, with cardiovascular diseases alone causing 17.9 million deaths annually, followed by cancer, chronic respiratory diseases, and diabetes, thus fueling market expansion.
Increased investments in research and development (R&D) are expected to propel the life science and chemical instrumentation market. R&D investments, involving financial and human resources, drive advancements in these fields. They enable scientists and engineers to innovate, address critical healthcare challenges, and push boundaries in various sectors. For example, the National Center for Science and Engineering Statistics noted in September 2023 that federal agency commitments for R&D surged to an all-time high of $190.2 billion in FY 2021, marking a 13.6% increase from FY 2020. This heightened investment trend contributes significantly to market growth.
An emerging trend in the life science and chemical instrumentation market is technological advancements in analytical instruments. Major industry players are focusing on introducing innovative technologies to bolster their market positions. For instance, in October 2021, Bruker Corporation unveiled the Dimension IconIR nanoscale infrared spectroscopy and chemical imaging system. This platform, integrating Bruker's PeakForce Tapping mode, offers comprehensive correlative microscopy for nanochemical, nanomechanical, and nanoelectrical characterization. Its adaptability spans diverse applications in polymer, geoscience, semiconductor, and life science realms.
Key players in the life science and chemical instrumentation market are strategically introducing advanced technological solutions like automated sample preparation systems to gain a competitive edge. These systems, streamlining sample prep processes in life sciences and chemical analysis, offer enhanced efficiency and accuracy while reducing repetitive task allocation. For instance, in March 2022, Beckman Coulter Life Sciences launched CellMek SPS, an automated sample preparation system for clinical flow cytometry. It mitigates manual preparation bottlenecks by offering traceable and analysis-ready samples, utilizing integrated cell wash modules and enabling up to 53 vial storage with chilled liquid antibody carousels. The system's adaptability is further augmented by premade reagent mixtures, enhancing its capacity.
In December 2021, ATS Automation Tooling Systems GmbH, a Canadian firm specializing in the design and construction of factory automation systems, successfully acquired SP Industries, Inc. for US$445 million (C$550 million). This strategic move bolsters ATS' position in the pharmaceutical drug research and production sectors by integrating SP Industries' portfolio of aseptic and non-aseptic lyophilization products and fill-finish solutions. SP Industries, Inc., based in the United States, is recognized for designing and producing top-tier biopharmaceutical processing equipment, life sciences tools, and laboratory apparatus.
Major companies operating in the life science and chemical instrumentation market report are Agilent Technologies Inc., Becton Dickinson and Company, Bio-Rad Laboratories Inc., Bruker Corporation, Danaher Corporation, PerkinElmer Inc., Thermo Fisher Scientific Inc., Waters Corporation, F. Hoffmann-La Roche Ltd., Illumina Inc., Shimadzu Corporation, General Electric Healthcare LLC, Hitachi High-Technologies Corporation, JEOL Ltd., Oxford Instruments PLC, Rigaku Corporation, Sigma-Aldrich Corporation, SRI Instruments, Analytik Jena AG, Biochrom Ltd., BioTek Instruments Inc., Cole-Parmer Instrument Company LLC, Eppendorf AG, Harvard Bioscience Inc., HORIBA Ltd., Labconco Corporation, Mettler-Toledo International Inc., New England Biolabs Inc., QIAGEN N.V.
North America was the largest region in the life science and chemical instrumentation market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the life science and chemical instrumentation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the life science and chemical instrumentation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The life science and chemical instrumentation market consists of sales of medical equipment such as liquid chromatography, molecular spectroscopy, electron microscopes, and cell analyzers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.