PUBLISHER: The Business Research Company | PRODUCT CODE: 1619462
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619462
Biotechnology instruments are specialized equipment and tools used in biotechnology laboratories for research, product development, and various biological processes. These instruments are crucial for manipulating biological systems and organisms, supporting advancements in medicine, agriculture, and environmental science.
The main types of biotechnology instruments include lab automation instruments, life science consumables, and in vitro diagnostic (IVD) instruments. Lab automation instruments are designed to carry out repetitive laboratory tasks with minimal human intervention. They are utilized in applications such as clinical diagnostics, drug discovery and development, proteomics and genomics, cell analysis, and more. These instruments are employed by various end-users, including pharmaceutical and biotechnology companies, hospitals and diagnostic laboratories, academic and research institutions, among others.
The biotechnology instruments market research report is one of a series of new reports from The Business Research Company that provides biotechnology instruments market statistics, including biotechnology instruments industry global market size, regional shares, competitors with a biotechnology instruments market share, detailed biotechnology instruments market segments, market trends, and opportunities, and any further data you may need to thrive in the biotechnology instruments industry. This biotechnology instruments 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 biotechnology instruments market size has grown strongly in recent years. It will grow from $71.06 billion in 2023 to $75.64 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth during the historical period can be attributed to the rise in chronic disease complications, a growing focus on digital solutions, an increasing geriatric population, higher demand for reverse transcription polymerase chain reaction (RT-PCR) tests, and advances in miniaturization.
The biotechnology instruments market size is expected to see strong growth in the next few years. It will grow to $98.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth during the forecast period can be attributed to increased biotechnology research, rising healthcare expenses and lost productivity, expanding applications of medical lasers, growing needs for the development of vaccines, drugs, therapies, and diagnostic devices, and the increasing burden of target diseases. Key trends during this period include technological advancements, innovations, progress in the biotechnology industry, integration of artificial intelligence and machine learning, and advancements in genomics and proteomics.
The growing prevalence of chronic diseases is anticipated to drive the expansion of the biotechnology instruments market. Chronic diseases, defined as health conditions persisting for three months or longer, are increasingly prevalent due to unhealthy lifestyle choices, an aging population, and improved diagnosis and awareness. Biotechnology instruments play a crucial role in enhancing the quality of life for chronic disease patients by improving diagnostic accuracy, optimizing treatment protocols, and facilitating better disease management. They also aid in identifying potential drug candidates and understanding their effects on chronic conditions. For example, in January 2023, the National Center for Biotechnology Information reported 1,958,310 new cancer cases and 609,820 cancer deaths in the United States. Additionally, the National Library of Medicine projected in May 2021 that the global cancer burden would rise to 28.4 million cases by 2040, a 47% increase from 2020. Consequently, the increasing incidence of chronic diseases is driving the growth of the biotechnology instruments market.
Leading companies in the biotechnology instruments market are focusing on developing advanced products such as single-cell multi-omics technologies to enhance personalized medicine and advance research in genomics, proteomics, and metabolomics. Single-cell multi-omics products analyze multiple types of biological data from individual cells, integrating information across various omics layers. For instance, in June 2023, Singleron Biotechnologies, a Germany-based biotechnology firm, introduced two advanced instruments, the NEO and the Python Junior. The NEO system can process up to half a million cells in a single run across four independent channels, offering high throughput and flexibility for simultaneous applications. The Python Junior is designed to dissociate solid tissues into high-quality single-cell suspensions using a combination of mechanical treatment and enzymatic digestion, improving the efficiency of the dissociation process.
In January 2024, Calibre Scientific, a U.S.-based company specializing in high-quality laboratory instruments, acquired LabTech S.r.l. for an undisclosed amount. This acquisition aims to enhance Calibre Scientific's position in the life sciences sector by expanding its range of laboratory instruments and consumables. LabTech S.r.l., a UK-based manufacturer, produces biotechnology instruments including centrifuges, shakers, incubators, and pipetting systems.
Major companies operating in the biotechnology instruments market are Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthineers AG, Merck KGaA, Quest Diagnostics Inc., Avantor Inc., Agilent Technologies, Illumina Inc., Sartorius AG, Mettler Toledo, Perkin Elmer Inc., Shimadzu Corporation, Bruker Corporation, Zeiss Group, QIAGEN N.V., Novanta Inc., Cynosure LLC, Bio-Rad Laboratories Inc, Ori Biotech Limited, Hudson Robotics
North America was the largest region in the biotechnology instruments market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biotechnology instruments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the biotechnology instruments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The biotechnology instruments market consists of sales of micropipettes, incubators, and autoclaves. 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.
Biotechnology Instruments 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 biotechnology instruments 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 biotechnology instruments ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The biotechnology instruments 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.