The life science instrumentation market is projected to reach $73.9 billion by 2028, registering a CAGR of 6.1% during the forecast period of 2023-2028, according to a recent report by MarketsandMarkets. Key factors driving this steady growth include rising investments in pharmaceutical RD, increasing research grants, growing prevalence of chronic diseases, and greater focus on precision medicine.
North America held the largest share of the global life science instrumentation market in 2022. The region’s leading position is attributed to substantial investments in research, expanding applications in the healthcare/medical sector, and the presence of major market players.
In terms of technology, spectroscopy commanded the largest share of the life science instrumentation market in 2022. Spectroscopy is seeing rising utilization in oncology research along with the need for enhanced sensitivity and speed, spurring segment growth.
Based on end-user, pharmaceutical and biotechnology companies accounted for the greatest market share in 2022. Extensive use of life science equipment for medication development and escalating RD are responsible for the leading share of this end-user segment.
Among the key application areas, research applications are forecast to register significant growth over the coming years. Availability of ample funding for RD in academic institutes is driving the high growth rate of this application segment.
While presenting lucrative expansion opportunities, the life science instrumentation market faces some restraints as well. The foremost challenge is inadequate research infrastructure in emerging economies across Asia, the Middle East, and Africa. Developing suitable infrastructure demands substantial financial backing, which continues to impede market growth in these regions.
Product innovation is an ongoing dynamic within the competitive landscape of the global life science instrumentation industry. Some recent developments include:
- Thermo Fisher Scientific introduced a new trace elemental analyzer, the Thermo Scientific iCAP RQplus ICP-MS, featuring multi-sample handling capabilities.
- Danaher Corporation subsidiary AB SCIEX unveiled the BioPhase 8800 system, a novel 8-channel capillary electrophoresis solution for high-throughput sample analysis.
- Agilent Technologies launched new GC/MS and LC/MS quadrupole mass spectrometers designed to address key user challenges and simplify lab workflows.
- Shimadzu Corporation released the Nexera UC superficial fluid extraction/chromatograph system with upgraded detection performance for improved separation.
The strategic moves of leading life science instrumentation companies like these are bolstering their product portfolios through cutting-edge innovations while also expanding market reach.
In summary, driven by sustained RD investment and the multiplying applications of analytical instruments across healthcare and other end-use sectors, the global life science instrumentation market outlook remains optimistic. Favorable growth opportunities can overcome prevailing restraints surrounding cost barriers and infrastructure limitations in developing regions.
