Life Science Instrumentation Market to Exceed USD 100 Billion by 2031 growing at a Steady 6.3% CAGR: TMR Report
Transparency Market Research
5 min read
Transparency Market Research
Increasing prevalence of chronic and infectious diseases and increased need for diagnostic technology for early detection of infectious diseases is expected to drive the life science instrumentation market
Wilmington, Delaware, United States, June 21, 2023 (GLOBE NEWSWIRE) -- The global life science instrumentation market is projected to flourish at a CAGR of 6.3% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 104.5 billion is anticipated for the market in 2031. In 2021 the life science instrumentation market was valued at US$ 56.6 billion
The continuous advancements in life science research, such as genomics, proteomics, and cell biology, drive the demand for advanced instrumentation. Increasing emphasis on personalized medicine, which involves tailoring medical treatments to individual patients based on their unique genetic makeup, and lifestyle, is expected to drive the market sales.
Life science instrumentation plays a crucial role in genomic analysis, biomarker identification, and diagnostics for personalized medicine. The demand for instruments that can accurately analyze genetic variations, predict disease risks, and guide treatment decisions drives the market.
The increasing application of biotechnology and the pharmaceutical industry and increasing demand for innovative drugs and therapies drive the market for life science instrumentation.
With growing biotechnology and pharmaceutical industry worldwide contributes to the demand for life science instrumentation increases. The increasing technological advancements in life science instrumentation enhance their performance, sensitivity, accuracy, and automation capabilities and are expected to spur market demand.
Key Takeaways from the Market Report
As of 2023, the life science instrumentation market is forecast to reach US$ 60.1 billion
By technique, the spectroscopy segment dominated the global life science instrumentation market in 2022.
Research institutes segment to remain popular during the forecast period
Based on application, the research application segment is expected to account for a significant market share due to the increase in drug discovery activity
Life Science Instrumentation Market: Prominent Drivers and Trends
Increased healthcare expenditure and the rising prevalence of various chronic diseases are creating demand for life science instrumentation
Increased application of life science and chemical instruments in drug discovery the demand for life science instruments increases.
Manufacturers are focusing on research and development activities and constantly innovating to meet the evolving needs of researchers and industry professionals in the life sciences field.
Life Science Instruments Market: Regional Analysis
North America is expected to account for a significant share of the life science instrumentation market due to increasing research and development activities, and the presence of a large number of biotechnology and pharmaceutical companies. The increasing technological advances and presence of leading instrument manufacturers contribute to the growth of the market in this region. Significant government funding for life science research is expected to boost market growth in the region.
The Asia Pacific is expected to grow at the highest CAGR in the life science instrumentation market during the forecast period. the growing expansion in research activities, biotechnology investments, and healthcare infrastructure in countries like China, Japan, South Korea, and India drive the market growth in the region. The rising adoption of advanced technologies, increasing focus on precision medicine and genomics research, and increasing government support for research and development, are expected to boost the market for life science instruments in the region.
Competitive Landscape
Transparency Market Research has profiled the following players in its global life science instrument market report:
Danaher
Thermo Fisher Scientific
Merck KGaA
Bio-Rad Laboratories Inc.
Agilent Technologies Inc.
Illumina Inc.
PerkinElmer, Inc.
BD
Bruker
Hitachi Hightech Corporation
The global life science instrumentation market is fragmented with the presence of many small and large-scale players. Merger, and acquisition, product advancement, and investment in research & development are some of the strategies adopted by leading players. Some of the development in the life science instrumentation market is as follows-
In March 2023- Danaher Corporation announced a strategic partnership with the University of Pennsylvania (Penn) focusing on cell therapy innovation. The multi-year partnership aims to develop new technologies that will improve the consistency of clinical outcomes for patients and overcome manufacturing bottlenecks in the delivery of next-generation engineered cell products.
Thermo Fisher Scientific, a prominent player in the life science instrumentation market, has been involved in various developments. They have introduced new products and technologies, such as high-resolution mass spectrometry systems for advanced proteomics research, next-generation sequencing platforms for genomics applications, and automated liquid handling systems for increased efficiency in sample preparation.
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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