Life Science Chemical and Instrumentation Market Size to Garner Around USD 103.29 Billion by 2032

The global life science chemical and instrumentation market size is estimated to garner around USD 103.29 billion by 2032 and is expanding at a healthy CAGR of 6.7% from 2023 to 2032.

The global life science chemical and instrumentation market size was valued at USD 54 billion in 2022, grew to USD 57.62 billion in 2023. North America led the global market with the major market share in 2022.

The collection of apparatus, tools, and devices used during research, scientific investigation, and testing in the fields of chemistry and life sciences is called life science instrumentation. Combined with the chemicals and reagents associated with these instrumentation as well as other parts of the domains, it forms the core of the life science chemical and instrumentation market. This specialized equipment is designed to make the generation of precise measurements, control, and analysis of chemical and biological samples more accessible. The life science chemical and instrumentation sector have applications in various industries, including, but not limited to, food and safety, research and development activities, biotechnology, pharmaceuticals, academic institutes, genomics, and healthcare.

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Driven by factors such as the growing prevalence of several chronic and infectious diseases, resource availability, private and state initiatives, partnerships and collaborations, and new therapeutics, the life science chemicals and instrumentation market has shown substantial growth in the past few years. Aspects like innovations, novel discoveries, artificial intelligence (AI), and automation, along with the several strategic partnerships focussed on research, are expected to boost the expansion of the market further by opening new avenues for potential growth. According to the United Kingdom Parliament’s October 2022 data, EUR 37.1 billion was allocated for the country’s research and development sector.

Based on the product, the market is composed of a vast assortment of instruments, chromatography systems, spectrometers, microscopy instruments, PCR machines, DNA sequencers and others. How scientists and researchers perform experiments and investigations has been substantially impacted by the adoption of these sophisticated equipment and chemicals in life science applications. The April 2022 update of the DPI Journal stated that the chromatography study of pharmaceuticals aims to validate and identify the drug, provide quantitative data, and monitor the course of disease therapy. Moreover, promising federal policies focussed on research and developments in the pharmaceutical sector in emerging nations and growing food safety concerns fuel the growth of the world’s life science and chemical instrumentation market. Additionally, technological refinements in analytical devices supplement growth.

Key Insights:

• By Technology, the chromatography segment captured the biggest revenue share in 2022.
• By End User, the pharmaceutical and biotechnology companies segment has held the largest market share in 2022.

Regional Stance:

North America dominated the market for life science chemicals, because of their use in so many academic disciplines. Chemicals from the life sciences are utilised to create medications and goods with a biological basis. Because the North American area has seen tremendous expansion, it has made significant investments in research and development. Research-based activities are made easier by North America’s strong infrastructure, which leads to more investment in this market.

Pharma spending in North America represents about 1.9% of GDP, according to OECD figures. Over 40% of pharmaceutical sales worldwide are made in this region. The ageing population is one factor that has contributed to this market’s rise. In addition, the requirement is growing due to people’s increased susceptibility to illness. The usage of therapies like biologics and precision medicines is another factor driving the expansion of this industry. Roughly 47.2% of all pharmaceutical sales in North America were made in the United States. Growth in the pharmaceutical industry in North America is anticipated to be between 5 and 7% due to per capita health expenditure. Within the pharmaceutical industry, the oncology segment is predicted to grow at the fastest rate globally.

In addition, the US has a higher cancer death rate per 100,000 population (178.3) than the OECD average. Consequently, the application of life sciences in the oncology division fosters the further expansion of this market. Chemicals are employed in agriculture as well as in healthcare. In order to enhance crop quality, biotechnology techniques such as plant tissue culture and stem cell therapy are used. Because more people in the US and Canada are turning to herbal medicine, botanicals are predicted to proliferate in this market.

Growth Factors:

• Life science and chemical instrumentation are involved in the production and quality control processes of the food and beverage industries. The manufacturing of edible products is susceptible to contamination and spoilage. Hence, there is a need for vigorous microbial testing and quality assurance procedures. Rapid microbial testing kits, sterilization equipment and reagents are some products of the life science chemicals and instrumentation market routinely used in the food and beverage industry. These instruments play a significant part in the scientific detection and removal of unwanted live organisms. Additionally, laboratory information management software and monitoring and control processes at the manufacturing plants utilize several technologies of the market, further driving its growth.
• Emerging economies and developing countries such as India and China have emerged as potential real estate resources for establishing facilities for several life science industries such as pharmaceutics, biotechnology, chemistry, etc. Also, opportunities dedicated to research and development activities are observed as a result. Recent Developments in the healthcare sector in terms of expenditure and infrastructure in these economies have propagated the growth of the scientific community. Opportunities for businesses to outsource non-central procedures of the product lifecycle are further made possible due to an abundance of necessary workforce. Significant prospects for players to enter the global market are produced by these offshoring practices. Furthermore, indulgent regulatory compliance along with trade-centric practices further aid these foreign ventures.
• Rigging prevalence of infectious diseases and complex chronic ailments has become a concern across the globe. It is estimated that one in three people are reported to be diagnosed with some chronic illness in their lifetimes, while more than 33% of the world, accounting for more than 52 million individuals, are suffering from infectious diseases. These diseases considerably erode the population’s overall health and quality of life. The World Heart Federation abbreviated as WHF, released its 2023 data for cardiovascular disease. It states that the number of fatalities from cardiovascular disease increased from 12.1 million in 1990 to 20.5 million in 2021 worldwide. These factors significantly increase the growth of the diagnostic segment of the life science market, especially the chemical and instrumentation segments. Moreover, multiple clinical trials have been conducted to combat these ailments in the past few years, creating a massive demand for specialized equipment and reagents.

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Life Science Chemical and Instrumentation Market Scope

Market Potential:

Artificial intelligence (AI) has been gaining traction in the past few decades. As a result, the development of various corresponding technologies has also populated the World Wide Web. AI-based innovations and machine learning have found their application in almost every sector, especially the healthcare sector. These technological innovations aid processes such as AI-guided automation to help reduce both duration and cost associated with the manufacturing of reagents and medical devices. Automation, especially, is a domain lately explored that has demonstrated extraordinary potential so far.

Investments and financial initiatives from private and governmental organizations provide small researchers and small startups opportunities to conduct interventional and exploratory research. Pharmaceutical groups prefer to form strategic alliances among themselves to develop therapeutics or technologies to match the ongoing trends in the healthcare sector, using their shared knowledge and expertise to gain a foothold in the industry. This plays a vital role in the market dynamics. The ongoing research generates a demand for test-specific chemicals and different devices. Furthermore, the success of these experiments can shape the future of the manufacturing segment of the life science chemicals and instrumentation market.

An increasing number of surgical procedures and techniques are observed in correlation with population growth and age. Custom equipment offers a solution to efficiently manage the rising demand and ensure that healthcare facilities can handle diverse surgical interventions. According to the International Society of Aesthetic Plastic Surgery, with more than 7.4 million procedures conducted globally, the US performed 8.9% of these operations, leading the global market. Japan follows close behind with 7.3% of cases. In terms of cosmetic procedures, the US and Brazil have the greatest number of plastic surgeons. Japan is placed third, China is fourth, and the Republic of Korea is fifth thought to follow. The stats above are expected to propel the market growth during the forecast period due to the wide variety of devices and chemicals utilized in such procedures.

Related Reports:

• Life Science Reagents Market: The global life science reagents market size is expected to hit around USD 90.05 billion by 2032 from USD 50 billion in 2022 and is poised to grow at a CAGR of 6.10% during the forecast period from 2023 to 2032.
  
• Life Science Analytics Market: The global life science analytics market size was estimated at USD 9.34 billion in 2022, and it is expected to reach around USD 24.12 billion by 2032 poised to grow at a compound annual growth rate (CAGR) of 8.63% during the forecast period 2023 to 2032.
  
• Life Science Tools Market: The global life science tools market size surpassed USD 111.28 billion in 2022 and is predicted to reach around USD 367.16 billion by 2032, expanding at a CAGR of 13% during the forecast period from 2023 to 2032.

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Industry Spotlight:

• In August 2022, a global leader in life science research and clinical diagnostic products, Bio-Rad Laboratories, Inc., announced their agreement to acquire all of Curiosity Diagnostics’ outstanding shares. Curiosity is a late-stage, pre-commercial platform company that works on a sample-to-answer PCR system for the molecular diagnostics market.
• In July 2022, Shimadzu announced the launch of the i-Series Plus integrated chromatography system that covers traditional to ultra-fast liquid chromatography analysis.
• In January 2023, Thermo Fisher Scientific announced its collaboration with AstraZeneca to create a solid tissue and blood-based Companion Diagnostic analysis for Tagrisso.
• In February 2023, a leader in the world of life science tools, MGI Tech Co., Ltd., presented the Middle East region with its brand-new revolutionary product, DNBSEQ-T202.

Market Key Players:

• Agile Technologies Inc
• PerkinElmer Inc
• Bruker Corporation
• Thermo Fisher Scientific Inc
• Water Corporation

Company Synopsis:

Thermo Fisher Scientific, Inc.

Thermo Fisher Scientific, a worldwide enterprise boasting a workforce of 80,000+, specializes in delivering medical equipment, analytical instruments, and services tailored for research and diagnostics. It is a prominent player in the life science instrumentation market and has been involved in various developments. Their product is a portfolio spanning cell culture media, chemicals, and chromatography columns. Thermo Fisher introduced several novel 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.

According to the 2023 financial report, the company holds a substantial market capital of $188.36 billion. Future projections for 2023 predict a 1% growth in the core organic revenue, generating $42.7 billion and an adjusted EPS of $21.5.

Agilent technologies

Agilent is a prominent leader in the life sciences, diagnostics, and applied chemical markets. The company diligently serves laboratories globally by providing a comprehensive range of instruments, services, consumables, applications, and expertise. This unwavering commitment enables customers to acquire the insights they actively pursue.

Bio-rad Laboratories Inc.

Bio-Rad stands as one of the world’s top five life science companies, offering instruments, software, consumables, reagents, and content across various domains such as cell biology, gene expression, protein purification, protein quantitation, drug discovery and manufacture, food safety, and science education. In August 2022, the developer of cutting-edge technology solutions for the medical diagnostic and healthcare markets, Curiosity Diagnostics, with headquarters in Poland, announced that it had reached a deal to be acquired by Bio-Rad Laboratories, Inc. for a registered capital of up to $170 million, consisting of roughly $100 million in cash and up to $70 million in potential future milestone payment.

Market Segmentation

By Technology

• Spectroscopy
• Chromatography
• Flow Cytometry
• NGS
• PCR
• Microscopy

By End User

• Hospital and Diagnostic centers
• Pharmaceutical and Biotechnology companies
• Contract Research Organizations and Research institutes

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

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