New York, May 01, 2023 (GLOBE NEWSWIRE) — The Global Analytical Instrumentation Market will exceed USD 83.0 billion by 2032, up from USD 47.0 billion in 2022, with a projected Compound Annual Growth Rate (CAGR) of 6.0% between 2023 and 2032. Analytical instrumentation is essential in modern scientific research and industrial processes. Modern equipment and techniques are utilized to assess the chemical, physical, and biological characteristics of substances. This enables scientists to identify components within a sample, define its structure and properties, and monitor its behavior and interactions. Analytical instrumentation plays an essential role in many fields such as pharmaceuticals, food & beverage, environmental monitoring, and material science; helping ensure product safety & quality while developing new materials with greater comprehension.
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Key Takeaway:
- By product, in 2022, the analytical instrumentation market was dominated by the instruments segment due to its specific function in analysis.
- By technology, the polymerase chain reaction segment dominated the largest market share and accounted for the largest revenue share in the analytical instrumentation market in 2022.
- By application, the life sciences R&D segment dominated the largest market share.
- In 2022, North America dominated the market with the highest revenue share of 45%.
- APAC is expected to grow at a greater pace owing to the increasing demand for new technologies and solutions in industries such as healthcare, food and beverage, and environmental monitoring.
Factors affecting the growth of the Analytical Instrumentation Market
There are several factors that are affecting the growth of the analytical instrumentation Market. These include:
- Technological Advancements: The analytical instrumentation industry is rapidly developing new technologies to enhance accuracy, sensitivity, and speed of analysis. Automation, miniaturization, and nanotechnology have all enabled the production of more efficient and cost-effective analytical instruments.
- The growing need for analytical instruments across various industries: Pharmacies, food and beverage manufacturers, environmental monitoring firms, and oil and gas firms all rely on analytical instruments to guarantee product safety, quality, and efficacy.
- Government Regulations: Governments around the world are enforcing stricter regulations to guarantee product and process safety and quality. Industry sectors such as healthcare and food and beverage have seen their compliance requirements become more stringent, driving up demand for analytical instrumentation.
- Expanding research and development activities: Industries such as pharmaceuticals, biotechnology, and nanotechnology are experiencing an uptick in research and development activities that necessitate analytical instruments. These fields require these instruments for drug discovery, formulation, quality assurance, etc.
- Increased Investment in Healthcare Infrastructure: The growing investment in healthcare infrastructure across developing countries drives demand for analytical instruments. With an ever-increasing need for healthcare services and accurate diagnostic tools, this trend will only serve to propel the growth of the analytical instrumentation industry.
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Top Trends in Global Analytical Instrumentation Market
The market for analytical instrumentation is experiencing several trends that are revolutionizing the industry and stimulating innovation. The increasing need for personalized treatment in medicine and healthcare has spurred the development of cutting-edge analytical technologies for drug discovery and diagnostics. Automation and artificial intelligence are increasingly being implemented into analytical tools and software programs. They enhance efficiency and accuracy without requiring human intervention. New analytical tools and methods for environmental monitoring have been developed recently to support sustainable practices. Data analytics and IoT offer greater opportunities to analyze data in real-time across multiple industries.
Market Growth
The analytical instrumentation market is experiencing rapid growth due to a variety of technological factors such as automation and nanotechnology has allowed the development of more efficient and cost-effective analytical instruments. The growing demand for analytical instruments from several industries such as healthcare, pharmaceuticals, chemical processing, and environmental monitoring is another reason fuelling the expansion of this market. Government regulations and increasing research-and-development activities across various industries have also contributed to the expansion of the analytical instrumentation market. Furthermore, rising investment in healthcare infrastructure across emerging nations is fuelling demand for analytical instruments.
Regional Analysis
North America holds the largest market share of 45% and is predicted to be the most dominant region in the global analytical instrumentation market with a projected CAGR of 7.2% during the forecast period. The regional market for analytical instrumentation is driven by several leading organizations and increased demand from the pharmaceutical and biotechnology industries. The Asia-Pacific is expected to experience the fastest growth in the global analytical instrumentation market, with a projected CAGR of 7.6% during the forecast period. Driven by rapid industrialization and urbanization, there is an increasing need for new technologies and solutions across industries such as healthcare, food & beverage, and environmental monitoring – contributing to market expansion.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 47.0 Billion |
| Market Size (2032) | USD 83.0 Billion |
| CAGR (from 2023 to 2032) | 6.0% |
| North America Revenue Share | 45.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The analytical instrumentation market has seen rapid growth over the past years, driven by several key drivers. The increasing need for analytical instruments in the pharmaceutical and biotechnology industries are major driving forces where they are employed to develop novel drugs and therapies. The food and beverage industry continues to expand, necessitating a need for analytical instruments that can guarantee food safety and quality. Furthermore, the rise of environmental regulations and worries about pollution has driven an uptick in demand for analytical instrumentation within the environmental monitoring and testing sector. Furthermore, technological developments such as portable and handheld instruments are propelling growth within this market due to the greater convenience and flexibility they offer.
Market Restraints
Though the analytical instrumentation market is growing, several challenges could slow its expansion. One major hindrance is the high cost of instruments which may prove prohibitive for smaller businesses and laboratories with limited budgets. Furthermore, some instruments require specialized training and expertise to operate and maintain effectively; additionally, changes to regulations or standards could impact demand for certain types of analytical instrumentation. Finally, competition in this market can be fierce as many companies offer similar products at similar prices leading to price wars and tight profit margins.
Market Opportunities
The analytical instrumentation market offers tremendous growth and innovation potential. One major opportunity exists in the rising demand for analytical instruments in emerging markets such as Asia-Pacific and Latin America where rapid industrialization and urbanization are driving demand for new technologies and solutions. Furthermore, the development of cutting-edge analytical technologies and applications such as nanotechnology and proteomics offers companies unique opportunities to enter the market and create new products. Big data analytics and the requirement for real-time monitoring and analysis have created a demand for advanced analytical instruments and software. Furthermore, environmental protection is becoming more of a focus leading to new applications of analytical instrumentation in areas such as air/water quality monitoring and renewable energy development.
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Report Segmentation of the Analytical Instrumentation Market
Product Insight
The market for analytical instrumentation is divided into instruments, services, and software. Of these products, instruments are the most lucrative segment within this global analytical instrumentation market with an expected CAGR of 7.2%. By 2022, the total revenue share of instruments will reach 55%. Analytical instrumentation requires highly specialized instruments designed for specific functions in chemical analysis. Chromatographs, spectrometers, and mass spectrometers are some of the instruments commonly used to separate and identify components in a sample, analyze its properties, and measure its composition. However, the software is forecasted to register the highest compound annual growth rate of 7.5% over the forecast period. Software is extensively employed for data analysis and interpretation in analytical practices such as hypothetical research or medical diagnosis.
Technology Insight
Based on technology, the market can be divided into polymerase chain reaction (PCR), spectroscopy, microscopy, chromatography, flow cytometry, sequencing, microarray, and other technologies. Polymerase chain reaction technology held the largest market share of 23.9% in the global analytical instrumentation market in 2022 and is projected to be its most lucrative segment with a CAGR of 7.4% through the projected period. The technology offers several benefits such as quick amplification and the need for less sample volume. Furthermore, it has potential applications in the detection of various diseases. Sequencing offers a higher degree of specificity and delicate detection in less time making the procedure immensely useful for basic and industrial purposes. Furthermore, the sequencing segment is expected to experience a CAGR of 7.6% over the forecast period due to its increasing adoption to evaluate nucleotide sequences within smaller genomic regions or overall genomes.
Application Insight
Based on application, the market is divided into life sciences R&D, clinical & diagnostic analysis, food & beverage analysis, forensic analysis, environmental testing, and other applications. The life sciences research & development segment accounts for 47% of the global analytical instrumentation market with an expected CAGR of 6.9% by 2022. The rise in chronic diseases has spurred research and development activities across several life sciences industries to create and manufacture novel biologics such as spectroscopy and UV-Vis spectroscopy used for antibody classification. The clinical & diagnostic analysis segment is expected to experience the highest compound annual growth rate of 7.3% during the forecast period. With rising cases of cancer and chronic illnesses, there has been a growing demand for diagnostic tests as well as analytical instrumentation such as flow cytometers for clinical testing purposes.
Recent Development of the Analytical Instrumentation Market
- In 2022, Thermo Fisher Scientific revealed the launch of its new Vanquish Core HPCL System which is proposed to give high-performance liquid chromatography analysis for a huge range of applications.
- In 2021, Agilent Technologies revealed the release of its new LC/MS system, the Ultivo Triple Quadrupole LC/MS which is designed to serve high sensitivity and robustness for a variety of analytical procedures.
- In 2021, Waters Corp. revealed the release of its new ACQUITY RDa Mass Detector which is designed to offer quick and precise detection of trace-level impurities in pharmaceuticals and other complex mixtures.
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Market Segmentation
Based on Product
- Instruments
- Services
- Software
Based on the Technology
- Polymerase Chain Reaction
- Spectroscopy
- Microscopy
- Chromatography
- Flow Cytometry
- Sequencing
- Microarray
- Other Technologies
Based On Application
- Life Sciences R&D
- Clinical & Diagnostic Analysis
- Food & Beverage Analysis
- Forensic Analysis
- Environmental Testing
- Other Applications
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Emerging key players are employing various strategic tactics to expand their businesses into global markets. Companies are investing heavily in research and development to release product portfolios that satisfy the increasing demand for analytical instruments. To boost global revenues in this arena, companies are resorting to mergers and acquisitions. Furthermore, these firms provide customized and personalized products, operate within niche segments, and adopt technological innovation tailored toward different customer demands.
Some of the major players include:
- Thermo Fisher Scientific, Inc.
- Waters Corp.
- Shimadzu Corp.
- Danaher
- Agilent Technologies, Inc.
- Bruker Corp.
- PerkinElmer, Inc.
- Mettler Toledo
- Zeiss Group
- Bio-Rad Laboratories, Inc.
- Illumina, Inc.
- Eppendorf SE
- Hoffmann-La Roche AG
- Sartorius AG
- Avantor, Inc.
- Other Key Players
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