Scientific Instruments Market Expected to Reach $49,770 Million by 2030

According to a new report published by Allied Market Research, titled, “Scientific Instruments Market by Type, Application, and End Users: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global scientific instruments market was valued at $30,289.1 million in 2020, and is projected to reach $49,770.2 million by 2030, registering a CAGR of 5.2% from 2021 to 2030.

Scientific instruments are designed, constructed, and refined such that they can aid for scientific purposes. These instruments are an important aspect for new product development, innovation, and remodeling of the existing products. The scientific purpose that can be accomplished using these devices include both natural phenomena and theoretical research. These equipment can be used for research purposes, especially in measuring, analyzing, and verifying the unproven properties and quantities of a material or an element.

Rise in collaborations between government and manufacturer to create effective means of development of scientific instruments would propel the growth of the market during the forecast period. The market is driven by increase in R&D sector for newer product development and improvement in the instruments that can be used for analysis, measurement, and verification of the properties of the newer products.

Increase in number of research projects & studies is expected to help the scientific instruments market generate higher revenue. Furthermore, growth in number of testing and research facilities, especially in the field of biotechnology and pharmaceutical contribute toward significant market growth during the forecast period. However, increase in compliance issues is expected to hamper the scientific instruments market. Moreover, surge in demand for better examinations for researchers is expected to generate lucrative opportunity for the market.

The advent of COVID-19 virus led to increase in mortality rates and hence was declared to be a pandemic. It had led to a drastic change in the market scenario. Healthcare workers, equipment, and facilities have been moved to cope with the rising number of patients with COVID-19. Furthermore, the pandemic caused major impediments in pharmaceutical and medical supply chain globally. The scientific instruments were the need of the hour to help combat with the growing demand for the therapeutic alternatives for COVID-19 virus. In addition, increase in investment over research purposes during the period led to high growth of revenue for scientific instruments during the forecast period.

Government of various developed and developing countries had declared stipulated lockdown. However, the government aided research continues throughout the forecast period. Moreover, increase in awareness regarding the need to have upgraded scientific instruments that can be used for research purposes in the commenced period fuel the scientific instruments market growth.

The global scientific instruments market is segmented on the basis of type, application, end user, and region. On the basis of type, the market is categorized into clinical analyzers, analytical instruments, and others. By application, it is classified into research, clinical & diagnostics, and others. By end user, it is segmented into hospitals & diagnostic laboratories, pharmaceutical & biotechnology companies, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of type, the clinical analyzers segment is anticipated to gain highest revenue segment during the forecast period, owing to increase in adoption of point of care testing devices and surge in demand for laboratory automation. In addition, surge in incidences of various chronic conditions, which need clinical analyzers for identification of the disease condition, would help the segment generate significant shares during the forecast period.

Based on application, the research segment is anticipated to gain highest revenue during the forecast period, owing to increase in incidences of chronic conditions such as cardiovascular diseases, cancer, and neurological diseases, which require scientific instruments for research purposes. In addition, the advancement in scientific instruments that can be used for research purposes would help the growth in demand for scientific instruments and hence aid the segment to gain traction in the next few years.

On the basis of end user, the hospitals & diagnostic laboratories segment is anticipated to gain highest revenue segment during the forecast period, owing to surge in the number of outpatients and inpatients preferring hospitals and higher investment of hospitals for getting improved scientific instruments. Furthermore, rise in adoption of newer methods and advanced instruments for research purposes in diagnostic laboratories had led toward the growth of the segment of scientific instruments market in the coming years.

North America is projected to account for a significant share of the global scientific instruments market during the forecast period. The market is anticipated to grow in the future, owing to surge in healthcare expenditure and rise in patient population in the region. In addition, Asia-Pacific is projected to gain fastest CAGR during the forecast period, owing to large patient population and surge in infrastructural development in the region. In addition, the government investment over R&D of the instruments would propel the growth of the scientific instruments market in the region.

Key Findings Of The Study

• By type, the clinical analyzers segment held largest share in the global scientific instruments market in 2020.
• By application, the research experienced the highest revenue in 2020, and is expected to continue the growth throughout the forecast period.
• By end users, the hospitals & diagnostic laboratories held largest scientific instruments market share in 2020, and is expected to remain dominant throughout the forecast period.
• By region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 7.2% during the forecast period.