Life Science & Analytical Instruments Market Size, Share, Growth, And Industry Analysis By Type (Centrifuges, Chromatography, Electrophoresis, Microscopy, Cell Counting Instruments, PCR, Spectroscopy, and Others) By Application (Research Applications, Diagnostic Applications, and Other Applications) Regional Forecast From 2023 To 2030

Updated On: 15 May 2023

Life Science & Analytical Instruments Market Report Overview

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The global life science & analytical instruments market size was USD 40.34 billion in 2022 and the market is expected to reach USD 50.16 billion in 2028, exhibiting a CAGR of 3.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with life science & analytical instruments market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

The life sciences, sometimes also known as the biological sciences, are the fields of science that deal with the rigorous study of life and species, including humans, plants, animals, and microorganisms. Analytical and life science tools are practical resources for life science research. It is created using cutting-edge technology and new chemistry for efficient utilization in life science studies.

The dual adverse effect of population and pollution has created numerous chronic disease for our society and has severely affected the ecosystem. A number of people are suffering from lifestyle and chronic diseases such as obesity, diabetes & cardiovascular diseases. Plants and animals are finding it difficult to cope with the drastic change occurring in the ecosystem. To tackle the rising challenges, the industry is developing tools and instruments and owing to the rising demand for life science & analytical instruments to study biological processes accurately and efficiently. Due to these factors, the market is expected to grow significantly in the coming years.

COVID-19 Impact: Increased Efforts to Develop COVID-19 Vaccines Boosted Demand

The impact of the COVID-19 pandemic has been enormous on the society. Tremendous strain on health infrastructure has put several industries under pressure. The pandemic has also made people conscious of their health. Further, it has heightened the awareness and urgency of the scientific community towards understanding COVID-19 and producing a much-needed vaccine. To fill the lack of research and existing gap of knowledge surrounding the COVID-19 pandemic, researchers, life scientists, and industry experts have created a surge in demand for life science and analytical instruments throughout the world. With continuous efforts worldwide to develop COVID-19 vaccines, the life science & analytical instruments market growth gained momentum during the pandemic.

Latest Trends

"Innovation in Instruments like Cell Culture Sensor Technology, Nano-Particles Size Analysis Instrument to Attract Greater Demand"

The industry is rapidly growing with the development of technology such as AutoCAD and implementation of 3D printing technology to produce complex life science and analytical instruments. With the advancement in Nano-particles, the demand of Nano-particles instruments has increased. The instruments used for tracking, analyzing, and observing the functioning and characteristics of nanoparticles are called nanoparticle instruments. These life science and analytical instruments have varied purposes and are used for tracking, analyzing, observing and others in life science. With expanding scope of application, the life science & analytical instruments market share is anticipated to go upwards in the coming years.

Life Science & Analytical Instruments Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Centrifuges, Chromatography, Electrophoresis, Microscopy, Cell Counting Instruments, PCR, Spectroscopy Others. Among these, the Centrifuges segment is projected to experience rapid growth through 2028.

• By Application Analysis

Based on application, the market can be divided into Research Applications, Diagnostic Applications, Other Applications. Among these segment, the one which has dominated the life science & analytical instruments market is research applications segment.

Driving Factors

"Increasing Research & Development to Stimulate Growth in the Market"

The market is projected to expand as a result of increased research & diagnosis activities. Rise in R&D projects have resulted in organizations ramping up their technology and adopting new life science & analytical instruments which are more efficient and can enable higher return on investment. With growing burden of various chronic and life-threatening diseases worldwide, R&D in the biomedical and biopharmaceutical sectors is garnering momentum. With growing R&D spending by both the government and private sector companies, the life science & analytical instruments market is projected to witness a positive growth trajectory during the forecast period.

"Increased Adoption of Analytical Solutions to Stimulate Demand "

The use of clinical trial analytics is expanding as a result of the evolving regulatory procedure requirements for conducting clinical trials and their difficulty in terms of data collection, analysis, and the quick creation of a study for presentation to the health authority. Therefore, these elements might enhance the application of analytics in the life sciences and allied industries, which would fuel the expansion of the market for life sciences and analytical instruments.

Restraining Factors

"Higher Cost of Adoption to Dampen the Demand Slightly "

For organizations with restricted budget, the high cost associated with the life science & analytical instruments may be a constraint, leading to lower sales and demand. This pattern is especially evident in emerging market economies, where there is often a trade-off between medical equipment to secure IT budgets. Such factors could limit the market potential in the coming years.

Life Science & Analytical Instruments Market Regional Insights

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"North America To Dominate Owing To Government Policies And IT Infrastructure "

North America holds the largest percentage of the global life science & analytical instruments market share supporting government policies, the availability of sound IT infrastructure, and high digital literacy are some of the major factors contributing to market growth in the region. Furthermore, there has been the increased application of life science analytics as a result of the demand to curb increasing healthcare expenditure in this field.

Among the emerging markets, the Asia Pacific is expected to see the highest growth in the market during the forecast period.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by collaborating with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Agilent Technologies (U.S.)
• Becton, Dickinson and Company (U.S.)
• Bio-Rad Laboratories (U.S.)
• Bruker (U.S.)
• Danaher (U.S.)
• Roche (Switzerland)
• Perkinelmer (U.S.)
• Shimadzu (Japan)
• Thermo Fisher Scientific (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.