Published Date : 21 Nov 2022
The global biotechnology instruments market size was exhibited at USD 49.35 billion in 2022 and is expanding to around USD 107.5 billion by 2030, representing an impressive CAGR of 10.2% during the forecast period from 2022 to 2030.
The global biotechnology instruments market is primarily driven by the rising usage in the development of vaccines, drugs, novel therapies, and diagnostic tests. The rising investments by biopharmaceutical companies in the development of various drugs and diagnostics is fueling the demand for biotechnology instruments. The growing applications of biotechnology instruments in agriculture and environmental protection is further boosting the demand. Biotechnology instruments can degrade the toxicity in chemicals and thus reduce their harmful effects on the environment. Moreover, the utilization of biotechnology instruments in the agricultural field has facilitated the development of transgenic crops that gives higher yields and are resistant to insects and diseases. Therefore, the rising application of biotechnology instruments in agriculture, pharmaceutical, and environmental protection is expected to drive the growth of the global biotechnology instruments market. The outbreak of the COVID-19 pandemic in 2020 surged the demand for RT-PCR, which indirectly contributed to the growth of the biotechnology instruments market. Moreover, the growing adoption of biotechnology instruments in the 2D and 3D cell culture is expected to have an exponential impact on the growth of the market during the forecast period.
Biotechnology Instruments Market Report Scope
|Market Size In 2022||USD 49.35 Billion|
|Market Size By 2030||USD 107.5 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 10.2%
|Forecast Period||2022 to 2030|
North America dominated the global biotechnology instruments market, garnering a market share of over 40% in 2020. This is attributable to the increased adoption of advanced technologies in the pharmaceutical and healthcare sector. The increased presence of top market players in the region and various developmental strategies adopted by them significantly influences the market growth. The rising investments by pharmaceutical companies towards the drug discovery and development of various diagnostic tests and medical devices have exponentially spurred the demand for biotechnology instruments in North America. Moreover, various government and academic institutions contribute to the demand as they are involved in various research and studies regarding various diseases, drugs, and vaccines.
On the other hand, Asia Pacific is estimated to be the most opportunistic segment during the forecast period. The collaborations and partnerships of the regional and the global players owing to the favorable government policies is supporting the market growth in this region. Moreover, the rising prevalence of various diseases in Asia Pacific is expected to surge the consumption of various biotechnology instruments.
Driver: Technological advancements and rising applications of the biotechnology
The biotechnology instruments is expected to foresee a rapid growth in demand across various applications such as pharmaceutical, animal feed, livestock vaccines, veterinary, and agriculture. The increasing adoption of biotechnology instruments in the development of drugs and vaccines of various diseases in humans and animals is fueling the growth of the biotechnology instruments market.
Restraints: Stringent government regulation and rising complications related to the compactness of instruments
The stringent regulations of the government pertaining to the uses of biotechnology instruments across various applications is a constraining factor. Moreover, there are various regulations regarding the compliance of biotechnology instruments that poses a major challenge for the market players.
Furthermore, with the rising demand for miniature instruments, manufacturers are facing complications in the design of biotechnology instruments. These factors may hamper the market growth during the forecast period.
Opportunity: Increasing number of developmental strategies
The market players are constantly engaged in various developmental strategies like new product launches, partnerships, acquisitions, and mergers that are estimated to offer growth aspects in the future. For instance, in July 2021, Lumenis introduced Next Generation Holmium Laser Technology named MOSES 2.0. It was introduced to optimize the laser energy transmission in enlarged prostate and urinary stones procedures.
Challenges: Genetically modified crops may pose a health risk to the humans
The leakage of harmful microorganisms and bacteria from the biotechnology labs is a huge matter of concern. Moreover, the development of genetically modified crops may pose a threat to human health that may reduce the demand for such crops.
Key Players in the Report
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