Scientific Instruments Market Overview:
The global scientific instruments market size 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 devices that are used for indicating, measuring, and recording physical quantities. These devices are designed such that they can help in achieving scientific purposes for research of novel products. These instruments are an important aspect for new product development, and remodeling of the existing products. The scientific purpose that can be accomplished using these devices include both, natural phenomena and theoretical research. Furthermore, 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.
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 newly developed products, especially from the biotechnology and pharmaceutical sectors. Increase in collaborations between government and manufacturer to create effective means of development of scientific instruments will help the growth of the scientific instruments market in the coming years. Furthermore, increase in number of research projects & studies is anticipated to aid the scientific instruments market generate higher revenue in the coming years. Moreover, rise in number of testing and research facilities mainly in the field of biotechnology and pharmaceutical would contribute toward significant market growth in the commenced period.
However, stringent regulations regarding the efficiency of the scientific instruments may hinder the scientific instruments market growth. Moreover, surge in demand for analytical instruments poses lucrative opportunity for the growth of the market in the coming years.
The World Health Organization (WHO) on January 30, 2021 declared COVID-19 outbreak, a public health emergency of international concern. The scientific instruments can be used for assistance in bringing up novel products that can be used in the therapeutics of various chronic diseases. However, workforce shortages as well as resource limitations due to COVID-19 are expected to negatively impact the growth of the industry during the forecast period. In addition, rise in stringent government regulations regarding the lockdowns has led to the decrease in the growth of the market in the commenced period. Moreover, the need of the hour is to bring up newer products that can help combat with the advent of COVID-19 virus.
Scientific Instruments Market Segmentation
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 expected to gain highest revenue segment during the forecast period, owing to increase in adoption of point of care testing devices and rise in demand for laboratory automation. Furthermore, surge in incidences of various chronic conditions such as diabetes, respiratory diseases, cancer, and other conditions that need clinical analyzers for diagnosis would help the segment generate significant shares during the forecast period. In addition, huge increase in demand for clinical analyzers for assistance in identification of effectiveness of the novel products will fuel the segment growth.
The Analytical Instruments segment is expected to lead the market throughout the forecast period.
Depending on application, the research segment is anticipated to gain fastest CAGR during the forecast period, 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. The growth in investments for R&D of novel products for therapeutics of various diseases helps the segment generate higher revenue in the coming years.
The Research segment is expected to lead the market throughout the forecast period.
By end user, the hospitals & diagnostic laboratories segment dominated the global market in 2020, and is expected to continue this trend in the coming years. This is attributed to increase in the number of outpatients and inpatients preferring hospitals and higher investment of hospitals for getting improved scientific instruments. Furthermore, surge 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 segment held a highest revenue share in 2020, furthermore Asia-Pacific is expected to register the fastest CAGR during the forecast period.
The key players profiled in this report include Thermo Fisher Scientific, Agilent Technologies, Inc., Bruker Corporation, PerkinElmer Inc., Danaher Corporation, Shimadzu Corporation, Waters, F. Hoffmann-La Roche Ltd., Zeiss International, and Mettler Toledo.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the scientific instruments market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- The report covers the scientific instruments market analysis from 2020 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis of factors that drive and restrain the growth of the scientific instruments market is provided.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook and scientific instruments market growth.
Key Market Segments
- Clinical Analyzers
- Analytical Instruments
- Clinical & Diagnostics
By End User
- Hospitals & Diagnostic Laboratories
- Pharmaceutical & Biotechnology Companies
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Scientific instruments are designed and constructed such that they can aid for scientific purposes. In addition, rise in prevalence of chronic conditions such as cancer, cardiovascular diseases, and other such chronic conditions is expected to fuel the growth of the market in the coming years. Furthermore, the advent of unknown mutated diseases which require scientific instruments for research is anticipated to fuel the market growth during the forecast period. Growth in investment for development of scientific instruments is expected to propel the growth of the industry in the next few years.
North America is expected to gain significant shares in 2020, owing to surge in healthcare spending on the chronic diseases such as cancer, diabetes, cardiovascular diseases, urological disorders, and other such conditions. In addition, Asia-Pacific is anticipated to gain largest market share and the fastest growth rate, owing to rise in patient population in the region and growth in spending on the improvement of healthcare infrastructure during the forecast period.