Life Science Instrumentation Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028
Life Science Instrumentation Market in terms of revenue was estimated to be worth $54.9 billion in 2023 and is poised to reach $73.9 billion by 2028, growing at a CAGR of 6.1% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include growing food safety concerns, rising investments in pharmaceutical R&D, increasing public-private investments, and lucrative opportunities in emerging markets.
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Spectroscopy segment to register significant growth rate over the forecast period of 2023-2028
Based on the technology, the global life science instrumentation market is segmented into spectroscopy chromatography, Polymerase Chain Reaction (PCR), immunoassays, lyophilization, liquid handling systems, clinical chemistry analyzers, microscopy, flow cytometry, Next-Generation Sequencing (NGS), centrifuges, electrophoresis, cell counting, and other technologies. The NGS segment is anticipated to register the highest growth rate over the forecast period. The spectroscopy segment accounted for the highest share of the life science instrumentation market in 2022.
Research applications segment accounted for the largest share of the life science instrumentation market, by application in 2022.
Based on application, the global life science instrumentation market is segmented into research applications, clinical & diagnostic applications, and other applications. Research applications accounted for the largest share of the market in 2022 and is expected to grow at the highest CAGR during the forecast period.
Factors such as the rising incidence of infectious diseases, the growing use of novel analytical techniques, and the launch of advanced instruments drive the growth of life science instruments.
The pharmaceutical & biotechnology companies segment accounted for the largest share of the life science instrumentation market, by end user, in 2022
Based on end user, the global life science instrumentation market is segmented into hospitals and diagnostic laboratories, pharmaceutical & biotechnology companies, academic & research institutes, agriculture & food industries, environmental testing laboratories, clinical research organizations, and other end users. The pharmaceutical & biotechnology companies segment accounted for the largest share of the market in 2022. Factors such as rising healthcare expenditure and consistent increases in the adoption of advanced instruments by different end users are driving the growth of this segment.
The Asia Pacific market to register the highest growth in the market during the forecast period
The Asia Pacific life science instrumentation market is anticipated to register the highest growth from 2023 to 2028. Major players in the market are focusing on expanding their manufacturing capabilities in the APAC. This region is consistently witnessing a rise in the adoption of analytical instruments, offering significant growth opportunities for the key players.
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Life Science Instrumentation Market Dynamics:
Drivers:
- Increasing investments in pharmaceutical R&D
- Growing food safety concerns
- Increasing public–private investments in life science research
- Rising incidence of target infectious diseases and genetic disorders
- Advancements in NGS platforms
- Declining costs of genome sequencing
- Growing use of capillary electrophoresis with mass spectroscopy
- Growing adoption of flow cytometry techniques in research and academia
- Rising incidence of hospital-acquired infections
- Increasing outsourcing of sterilization services
Restraints:
- High cost of instruments
- Dearth of skilled professionals
- Technical limitations associated with qPCR and dPCR techniques
- High cost of advanced microscopes
Opportunities:
- Growth opportunities in emerging countries
- Growing demand for analytical instruments and focus of key market players on emerging countries
- Growth of the pharmaceutical and biotechnology industries
2. Application of NGS in precision medicine and molecular diagnostics
3. Widening application scope of analytical instruments
4. Increased demand for personalized medicine
Challenges:
- Inadequate infrastructure for research in emerging countries
- Ethical issues regarding the privacy of generated data from instrument software
- Pricing pressure faced by prominent players in emerging markets
Key Market Players:
As of 2022, prominent players in the life science instrumentation market are Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Agilent Technologies, Inc. (US), Waters Corporation (US), and Shimadzu Corporation (Japan)
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