Newark, NJ, May 11, 2022 (GLOBE NEWSWIRE) — According to the report published by MarketQuest.biz, the global life sciences and analytical instruments market is expected to grow from USD 40.22 billion in 2021 to USD 54.82 billion by 2030, at a CAGR of 3.5% during the forecast period 2022-2030.
The growth of the geriatric population coupled with an increasing sedentary lifestyle has led to an increase in the number of people suffering from lifestyle-related and chronic diseases such as obesity, diabetes and cardiovascular disease. The modern world is very competitive and busy, which leads to acute stress in the population. The contemporary lifestyle is associated with lack of physical exercise, unhealthy diet, on-the-go snacking, lack of sleep and increased workload leading to acute stress, migraines and sometimes depression. To address the growing prevalence of lifestyle-related diseases and other chronic conditions, healthcare institutions are developing tools, devices and processes that facilitate early detection of these underlying conditions, provide options for non-invasive treatment and improve patient recovery. Governments in developed and emerging economies have increased their tax expenditures on health to develop better infrastructure and systems.
Likewise, growing expenditure in life sciences and development of innovative and advanced analytical instrument for better diagnosis, prognosis and treatments will drive the growth of the market. Breakthrough new discoveries and innovations in medical science and biotechnology on genesis, cells and DNA will provide lucrative opportunities for the global life sciences and analytical instruments market. Since large capitals are used to research and develop such analytical instruments as they use the latest technology to improve their functionality and durability, they become expensive. High instrument costs will restrain the growth of the market.
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To strengthen their position in the global life sciences and analytical instruments market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships.
- Danaher Corporation agreed with GE Healthcare in 2020 to acquire GE Healthcare’s biopharmaceutical business.
- Thermo Fisher Scientific has launched a new niche segment of products that they will manufacture to expand their product portfolio to expand their market share. They are going to manufacture US FDA class 1 medical devices. These devices are used for clinical diagnostics and laboratories.
Market growth and trends
The covid 19 pandemic has put emphasis on sanitation and hygiene. Timely diagnosis was of paramount importance in containing the pandemic. Several tests were performed to detect the virus, including rapid antigen and RT-PCR. These tests were the only medical measure that prevented the virus from spreading in the community. The effectiveness of these tests and other treatments has increased over time. The development trend of life sciences and analytical instruments in medicine is expected to witness an increase in the coming years owing to the new resilience of governments around the world to speed up the healthcare sector and prepare for future pandemics. Besides the pharmaceutical sector, the food and beverage industry is expected to use innovations in testing instruments. The covid 19 pandemic has made people aware of the safety of their food and drink. The food and beverage industries market players use various testing instruments to provide customers with safe products. For example, the US CDC has stated that one in ten children becomes infected due to contaminated food and drink. These food safety concerns have increased the awareness of adulteration, quality standards and government guidelines have led market players to adopt quality testing and analysis to retain customers and stay in the market. The advancement of technologies with sophisticated processes for testing products has also increased the adoption of these analytical instruments.
- In 2021, the spectroscopy segment dominated the market with the largest market share of 27%.
The type segment is divided into centrifuges, electrophoresis, chromatography, microscopy, PCR, cell counting instruments, spectroscopy and others. In 2021, the spectroscopy segment dominated the market with the largest market share of 27%.
- In 2021, search applications accounted for the largest share of the market, at 51%.
The application segment is divided into diagnostic applications, research applications and others. In 2021, search applications accounted for the largest share of the market, at 51%.
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Regional Life Sciences and Analytical Instruments Segment Analysis
- North America (United States, Canada, Mexico)
- Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, rest of APAC)
- South America (Brazil and rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region has emerged as the largest market for the global life sciences and analytical instruments market, with a market share of around 38% of market revenue in 2021. North America has dominated the life sciences and analytical instruments market owing to major market players in the region. Growing investments in research and development in the pharmaceutical industry will also provide lucrative market opportunities for players in the regions. Increased regulatory scrutiny regarding the safety, quality, and security of consumer goods will also lead to an increase in the adoption of test and analytical instruments by the food and beverage industry. This will significantly contribute to the growth of the life sciences and analytical instruments market in the North American region.
Major Players operating in the Global Life Sciences and Analytical Instruments Market are:
- Becton, Dickinson and company
- Thermo Fisher Scientific
- Bio-Rad Laboratories
- water company
This study forecasts revenue at global, regional and country levels from 2019 to 2030. The Market Quest has segmented the global counter drone based on the segments mentioned below:
Global Life Sciences and Analytical Instruments Market By Type:
- Cell counting instruments
Global Life Science and Analytical Instruments Market by Applications:
- Search requests
- Diagnostic applications
- Other Apps
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About the report:
The global life sciences and analytical instruments market is analyzed on the basis of value (USD billion). All segments have been analyzed at global, regional and country level. The study includes analysis of more than 30 countries for each part. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, Supply, Demand Analysis, Competitor Position Grid Analysis, distribution and marketing channel analysis.
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