The global biotechnology instruments market size was exhibited at USD 87.16 billion in 2022 and it is expected to hold around USD 128.4 billion by 2032, growing at a CAGR of 3.95% from 2023 to 2032.
The global biotechnology instruments market size was exhibited at USD 87.16 billion in 2022 and it is expected to hold around USD 128.4 billion by 2032, growing at a CAGR of 3.95% from 2023 to 2032.
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Key Takeaways:
- North America held the largest share of 44.19% of the global market in 2022
- The regional market in Asia Pacific is anticipated to register the fastest growth rate of 5.37% from 2023 to 2032.
- On the basis of product, the analytical instruments segment accounted for the largest market share of 62.16% in 2022.
- The cell culture instruments segment is expected to grow at the fastest CAGR of 9.99% from 2023 to 2032.
- On the basis of end-use, the pharmaceutical & biotechnology companies segment dominated the market with a revenue share of 38.75% in 2022.
- The academic & research institutions segment is expected to grow at the fastest CAGR of 5.08% from 2023 to 2032.
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The growing advancements in life science research technologies, growing demand for personalized medicines & diagnostics tests, and rising R&D for drug & vaccine developments for diseases, such as cancer, collectively propel the market growth. The demand for POC diagnostics is projected to be driven by factors, such as increasing government initiatives to establish outpatient care models for shortening hospital stays and the rising need for POC devices in home & healthcare settings to address the needs of the elderly population.
In addition, the expansion of the biotechnology industry can be linked to various factors including the introduction of new & innovative products, agreements, acquisitions, technological advancements, and growing adoption across different applications. In May 2023, NeoDx Biotech Labs, an Indian startup, launched 7 real-time PCR-based kits to diagnose infectious diseases, such as Hepatitis C, Hepatitis B, and HIV, at various hospitals and diagnostic centers. Similarly, in January 2023, Bio-Rad announced the launch of a real-time PCR system, CFX Opus Deepwell Dx, which is FDA-approved for IVD testing. Thus, these technological launches are projected to impel the market growth over the period. In addition, companies are launching new products to facilitate better and more advanced sequencing technology.
For instance, in April 2023, Biomodal, formerly known as Cambridge Epigenetix, announced the launch of the duet multiomics solution. This new multiomics sequencing technology is projected to highlight the synergistic potential of genetic and epigenetic insights extracted from a single low-volume sample. Moreover, the solution is one of the first single-base-resolution sequencing technologies, which enables simultaneous, phased reading of both genetic and epigenetic details from a single sample. This increases applications of the technology in unified workflows alongside any sequencing platforms. The increasing adoption of technological advancements in sequencing techniques is anticipated to impel market growth.
Regional Insights
North America held the largest share of 44.19% of the global market in 2022 due to the high demand and affordability of biotechnology instruments. Growth in R&D efforts and growing public-private investments in research also strengthen demand, contributing to market growth. For instance, in August 2023, the U.S. Department of Health and Human Services through the Administration for Strategic Preparedness and Response was funded with over USD 1.4 billion for Project NextGen. This initiative aims to foster the creation of advanced tools and technologies that would provide long-term protection against COVID-19.
Thus, continuous advancements and growing government investments in biotechnology instruments, coupled with the affordable adoption of innovative systems solidify the U.S. as the world’s most lucrative market. The regional market in Asia Pacific is anticipated to register the fastest growth rate of 5.37% from 2023 to 2032. This trend is mainly due to the rapid growth of the biotechnology sectors in emerging economies like China and India. Robust government backing for biotechnology in these nations also fuels market expansion. Continuous R&D investments further boost demand for biotechnology instruments.
For instance, in March 2023, the Australian government announced an investment of USD 400 million, which would support medical research projects, including projects to improve First Nation Health. In August 2023, the Indian government announced a new Anusandhan National Research Foundation (ANRF), which would empower the nation’s scientists to play a pivotal role in tackling worldwide challenges. The government plans to allocate a budget of ₹500 billion (USD 6.05 billion) to the ANRF for the period spanning 2023 to 2028. Hence, increasing research spending and growing government investments are anticipated to propel the market growth in the Asia Pacific region.
Key Companies & Market Share Insights
Market leaders are involved in extensive R&D for manufacturing cost-efficient and technologically advanced products. Several strategies, such as mergers & acquisitions, undertaken by these organizations to expand their market presence are anticipated to create significant growth opportunities over the forecast period. For instance, in August 2023, Roche announced the launch of a novel addition to the Cobas connection modules (CCM), the CCM Vertical, which would enhance the efficiency of the laboratory. Such strategic initiatives by organizations are anticipated to propel the growth of the market. Some of the key players operating in the global biotechnology instruments market include:
- Thermo Fisher Scientific, Inc.
- Waters Corp.
- Shimadzu Corp.
- Danaher
- Agilent Technologies, Inc.
- Bruker Corp.
- PerkinElmer, Inc.
- Mettler Toledo
- Zeiss Group
- Bio-Rad Laboratories, Inc.
- Illumina, Inc.
- Eppendorf SE
- F. Hoffmann-La Roche AG
- Sartorius AG
- Avantor, Inc.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Biotechnology Instruments market.
By Product
- Analytical Instruments
- Polymerase Chain Reaction
- Spectroscopy
- Microscopy
- Chromatography
- Flow Cytometry
- Sequencing
- Microarray
- Others
- Cell Culture Instruments
- Culture Systems
- Incubators
- Cryostorage Equipment
- Biosafety Equipment
- Pipetting Instruments
- Cell Separation Instruments
- Centrifuge
- Filtration Systems
- Magnetic-activated Cell Separator Systems
- Immunoassay Instruments
- Clinical Chemistry Analyzers
- Others
By End-use
- Pharmaceutical & Biotechnology Companies
- Hospitals & Diagnostic Laboratories
- Academic & Research Institutes
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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