What Has Been the Growth of the Biotechnology Instruments Market So Far?
The biotechnology instruments market has seen considerable growth due to a variety of factors.
• The market size for biotechnology instruments has seen robust growth in the past few years. It is projected to escalate from $75.64 billion in 2024 to $80.9 billion in 2025 with a compound annual growth rate (CAGR) of 7.0%.
The expansion during the historic period can be credited to rising complications from chronic diseases, an enhanced focus on digital solutions, an increasing elderly population, heightened demand for reverse transcription polymerase chain reaction (RT-PCR) tests, and an uptick in miniaturization.
What Is the Forecasted Market Size and Growth Rate for The Biotechnology Instruments Market Size In The Coming Years?
The biotechnology instruments market is expected to maintain its strong growth trajectory in upcoming years.
• Expect a robust enhancement in the biotechnology instruments market over the next several years, as it is predicted to grow to $104.52 billion by 2029, with a compound annual growth rate (CAGR) of 6.6%.
The anticipated growth during this forecasted period can be linked to several factors such as an upsurge in biotechnology research, escalated healthcare expenses and lost productivity, expanding applications of medical lasers, increasing demand for development of drugs, vaccines, treatments, and diagnostic devices, along with the growing impact of target diseases. The major trends during this time frame include advancements in technology, innovative breakthroughs, evolution in the biotechnology sector, the integration of artificial intelligence and machine learning, and progress in genomics and proteomics.
What Factors Are Driving Growth In The Biotechnology Instruments Market?
The surge in chronic illnesses is anticipated to drive the expansion of the biotechnology instruments market. These long-lasting health problems, which are commonly referred to as chronic conditions or illnesses, are projected to rise due to poor lifestyle habits, an aging population, and the increase in disease diagnosis and awareness. Biotechnology instruments play a pivotal role in enhancing the lives of chronic disease patients through the precise diagnosis, efficient treatment methods, and effective disease control. They are instrumental in identifying prospective drug solutions and comprehending their impact on chronic illnesses. For example, in January 2023, the US-based intergovernmental organization National Center for Biotechnology Information reported 1,958,310 fresh cancer incidences and 609,820 cancer deaths during the year. Moreover, according to a May 2021 report by the US-based National Library of Medicine, the worldwide cancer rate is projected to reach 28.4 million by 2040, marking a 47% growth from 2020. Therefore, the escalating need for chronic disease treatment is contributing to the biotechnology instruments market's growth.
What Are The Main Segments Of The Global Biotechnology Instruments Market?
The biotechnology instrumentsmarket covered in this report is segmented –
1) By Product: Lab Automation Instruments, Life Science Consumables, In Vitro Diagnostic (IVD) Instruments
2) By Application: Clinical Diagnostics, Drug Discovery And Development, Proteomics And genomics, Cell Analysis, Other Applications
3) By End-user: Pharmaceutical And Biotechnology Companies, Hospitals And Diagnostic Laboratories, Academic And Research Institutes, Other End Users
Subsegments:
1) By Lab Automation Instruments: Robotic Liquid Handlers, Automated Plate Readers, Automated Workstations, Lab Sample Storage Systems
2) By Life Science Consumables: Reagents And Chemicals, Sample Collection And Transport Devices, Laboratory Plasticware, Culture Media And Kits
3) By In Vitro Diagnostic (IVD) Instruments: Molecular Diagnostic Instruments, Clinical Chemistry Analyzers, Hematology Analyzers, Immunoassay Analyzers
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What New Trends Are Influencing The Biotechnology Instruments Market?
Leading firms in the biotechnology instruments market are concentrating on the creation of groundbreaking products, such as single-cell multi-omics products. These developments are aimed at improving personalized medicine methods and pushing forward genomics, proteomics, and metabolomics research. Single-cell multi-omics products analyze differing types of biological knowledge from independent cells, combining data from numerous omics layers like genomics, transcriptomics, proteomics, and metabolomics. One example of this is the launching by Singleron Biotechnologies, a German biotech company, of two innovative devices - the NEO and Python Junior- in June 2023. These were built to elevate the uniformity of single-cell analysis procedures. The Neo system can handle up to half a million cells per single operation through four separate channels, offering high throughput and adaptability for numerous applications at the same time. Python Junior aimed at dissociating bulky tissues into superior single-cell suspensions, merging mechanical action with enzymatic digestion to improve the efficiency of the dissociation procedure.
Who Are the Key Players In The Biotechnology Instruments Market?
Major companies operating in the biotechnology instruments market are:
• Thermo Fisher Scientific Inc.
• Abbott Laboratories
• Danaher Corporation
• Siemens Healthineers AG
• Merck KGaA
• Quest Diagnostics Inc.
• Avantor Inc.
• Agilent Technologies
• Illumina Inc.
• Sartorius AG
• Mettler Toledo
• Perkin Elmer Inc.
• Shimadzu Corporation
• Bruker Corporation
• Zeiss Group
• QIAGEN N.V.
• Novanta Inc.
• Cynosure LLC
• Bio-Rad Laboratories Inc.
• Ori Biotech Limited
• Hudson Robotics
What Is The Most Dominant Region In The Biotechnology Instruments Market?
North America was the largest region in the biotechnology instruments market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biotechnology instruments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
