Published Date : 05 Dec 2022
The global life science instrumentation market size accounted for USD 64.47 billion in 2022 and is expected to surpass around USD 106.39 billion by 2030, growing at a CAGR of 5.4% during the forecast period 2022 to 2030.
The increased spending on research and development by pharmaceutical and biotechnology businesses increased public and private financing for life science research, and the rising incidence of target diseases and genetic disorders are all driving the life science instrumentation market expansion. The emerging markets and rising demand for analytical instruments are likely to provide growth opportunities for market players.
On the other hand, the high costs associated with the drug discovery process, as well as a lack of finance and funding in emerging nations, are anticipated to limit market expansion. Furthermore, the life science instrumentation market growth is projected to be hampered by the saturation of research tools in diagnostics applications.
Life Science Instrumentation Market Report Scope
|Market Size In 2022||USD 64.47 Billion|
|Market Size By 2030||USD 106.39 Billion|
|Growth Rate from 2022 to 2030||CAGR of 5.4%|
|Forecast Period||2022 to 2030|
|Segments Covered||By Technology, By Application, By End User|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
North America is the largest segment of the life science instrumentation market in terms of region. The increased need for drug discovery, the rising frequency of chronic diseases, and increased demand for rising food safety concerns are among the drivers driving the growth of the North American life science instrumentation market. Furthermore, the growing emphasis on the development of new and improved drug assessment techniques in order to discover highly complex drugs has aided the evolution of innovative chemical methods in the North America region, driving the growth of the market in the region.
The Asia-Pacific region is the fastest-growing region in the life science instrumentation market. In the life science instrumentation market, the Asia-Pacific region is expected to see strong growth. The rising prevalence of chronic diseases such as diabetes, cancer, and chronic diseases is expected to drive the market. Moreover, the rapid infrastructure development and an increase in the number of research organizations would propel life science instrumentation to grow during the forecast period.
Drivers: Rising prevalence of chronic diseases
The prevalence of chronic diseases are on the rise. The rise in the elderly population is contributing to a continuous growth in the incidences of chronic diseases globally. Obesity rates and occurrences of diseases such as diabetes are rising as a result of this. Chronic disease prevalence is anticipated to climb by 57% in the coming years, according to the World Health Organization (WHO). Thus, chronic diseases had increased pressure on healthcare systems, which has become a serious concern. As a result, the rising prevalence of chronic diseases is driving the growth of the life science instrumentation market during the forecast period.
Restraints: Lack of skilled professionals
For the efficient use of life science instrumentation, skilled personnel with relevant experience and knowledge are required. The errors such as misplacing a sample in FTIR or UV-Vis, as well as issues such as fingerprints or bubbles in the solution, interfere with the transmission of light through the sample and can affect the final result's quality. The right technique must be chosen in order to obtain useful results. Lack of knowledge about the best technique to use not only affects the end results of operations but also incurs several direct and indirect costs for end users. There is currently a significant shortage of skilled personnel for method development, validation, operation, and troubleshooting activities, which is expected to limit the growth of the life science instrumentation market in the coming years to some extent.
Opportunities: Technological advancements
Continuous technological development is taking place in the life science instrumentation market. The life science instruments are being developed at a small size, with higher throughput, smaller samples, modularity, and simpler fluidics in robotic analyzers. Processing cellular treatments is one of the most rapidly growing topics in the life sciences. The cell types that conduct extremely essential activities are being separated and modified. This form of cellular therapy is used in some of the most promising cancer treatments. However, the process technologies used in these laboratories are very important and critical. Thus, technological advancements is creating lucrative opportunities for the growth of life science instrumentation market.
Challenges: High cost of instruments
The huge challenge faced by the life science instrumentation market is the high cost of instruments. The operating and maintenance costs of life science instrumentation is high as compared to other instruments, which is creating obstacles for the growth of the market during the forecast period.
key Players in the Report
Segments Covered in the Report
By End User
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