The global biotechnology instruments market size is expected to surpass around US$ 107.5 billion by 2030 from valued at US$ 44.81 billion in 2021 and expanding growth at a CAGR of 10.2 % from 2021 to 2030.
The global biotechnology instruments market size is expected to surpass around US$ 107.5 billion by 2030 from valued at US$ 44.81 billion in 2021 and expanding growth at a CAGR of 10.2 % from 2021 to 2030.
The growing adoption of research and development activities for the development of biotechnology instruments industry is supporting the biotechnology instruments market expansion. The rising prevalence of chronic diseases in both developing and developed countries is expected to raise demand for effective technology for early disease diagnosis, boosting demand for biotechnology instruments. Furthermore, growing public-private funds in biotechnology research and technological developments in analytical equipment are boosting the market for biotechnology instruments.
The high cost of biotechnology instruments, on the other hand, is limiting the biotechnology instruments market’s growth. The rise in research and development efforts and activities in various sectors is likely to help the biotechnology instruments market. Furthermore, the growing number of novel product launches by a number of major players is likely to drive the biotechnology instruments market forward.
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| Report Scope | Details |
| Market Size in 2030 | USD 107.5 Billion |
| Growth Rate from 2021 to 2030 | CAGR of 10.2% |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
Regional Snapshot
North America is the largest segment for biotechnology instruments market in terms of region. The U.S. is dominating the biotechnology instruments market in the North America region. The factors such as growing government funding, growing adoption of technologically based advanced products, and growing expansion of biotechnology sector is driving the growth of biotechnology instruments market in North America region.
Asia-Pacific region is the fastest growing region in the biotechnology instruments market. China holds the highest market share in the Asia-Pacific biotechnology instruments market. The growth of biotechnology instruments market in Asia-Pacific is being driven by the existence of major market players and growing research and development activities. The favorable government regulations is also driving the growth of Asia-Pacific biotechnology instruments market.
Market Dynamics
Drivers
Technological developments
The growing adoption of nanopore sequencing technology is driving the growth of global biotechnology instruments market. The major market players are utilizing medical lasers on a large scale. This is supple and intricate technology used in biotechnology instruments market. In addition, the growing trend of automation is also driving the growth of biotechnology instruments market. As a result, technological developments are propelling the growth of global biotechnology instruments market over the forecast period.
Restraints
High expense of maintenance of biotechnology instruments
The growth of the biotechnology instruments market is projected to be hampered by high expenses regarding operations and maintenance. Furthermore, without a substitute, diagnosing the samples will be difficult because the lack of such sophisticated equipment would make the process more complex and cause the outcome to be delayed. Thus, high expense of maintenance and operations of biotechnology instruments is restricting the expansion of global biotechnology instruments market.
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Opportunities
Growing prevalence of chronic disorders
The cases of chronic diseases are on the growth. The rise in geriatric population is supporting to a constant rise in the incidences of chronic diseases globally. Obesity rates and occurrences of diseases such as diabetes are rising as a result of this. Chronic disease prevalence is anticipated to climb by 57% in coming years, as per the World Health Organization. Thus, chronic diseases had increased pressure on healthcare systems, which has become a serious concern. As a result, the rising prevalence of chronic diseases is driving the growth of biotechnology instruments market.
Challenges
High cost of biotechnology instruments
The huge challenge faced by biotechnology instruments market is the high cost of instruments. The operating and maintenance costs of biotechnology instruments is high as compared to other instruments, which is creating obstacles for the market growth. The cost of biotechnology instruments ranges from $20,000 to $50,000. Thus, high cost of biotechnology instruments is one of the challenges for the growth of global biotechnology instruments market.
Report Highlights
- On the basis of product, life science consumables segment holds the largest market share in the global biotechnology instruments market. The COVID-19 pandemic had brought drastic changes for the growth and development of life science consumables segment. The growing adoption of PCR test kits is also driving the segment expansion.
- On the basis of end user, hospitals and healthcare facilities segment holds the largest market share in the global biotechnology instruments market. The technological developments are boosting the growth of the segment. Beckman Coulter, for example, debuted the DXH560 AL, in February 2021. It is designed to alleviate the time and resource constraints that mid and small sized laboratories confront.
Recent Developments
- Sartorius Stedim Biotech bought Novasep’s chromatography process equipment sector in January 2021. Enhance chromatography systems for multi-use end users such as small molecules, peptides, oligonucleotides, and insulin are among the company’s chromatography product offerings.
- Lumenis introduced MOSES 2.0 Next generation Holmium Laser Technology in July 2021 to enhance the efficiency of operations for enlarged prostates and urinary stones by optimizing laser energy transmission.
- Waters Corporation introduced the Waters ACQUITY PREMIER Solution, a next generation liquid chromatography structure in February 2021. It includes MaxPeak High performance Surface technology, which was developed by the business.
Some of the key players in the market include:
- Abbott
- Agilent Technologies
- Alcon, Inc.
- AngioDynamics
- Becton, Dickinson, and Company
- BioMerieux SA
- Bio-Rad Laboratories
- BioTek Instruments, Inc.
- Candela Medical
- Cynosure, LLC
- Danaher Corporation
- Endress+Hauser
- F. Hoffmann-La Roche Ltd.
- IIlumina Inc.
- IRIDEX
- Lumenis
Market Segmentations:
By Product
- Life Science Consumables
- Medical Lasers
- Ophthalmic
- Therapeutics
- Ablation
- Lab Automation Instruments
- Genomics
- Proteomics
- Spatial Cell Analysis
- Sequencing
- Others
- IVD Instruments
By End User
- Pharmaceutical Companies
- Government & Academic Institutions
- Hospitals & Healthcare Facilities
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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