Analytical Laboratory Instruments Market Definition
The analytical laboratory instruments market consists of sales of analytical laboratory instruments and related services. These instruments are used in laboratory analysis of the chemical or physical composition or concentration of solid, liquid, gaseous, or composite materials. Analytical instruments are a large class of instruments used in end-user industries such as chemical, pharmaceutical, life-sciences, food processing labs and oil refineries for testing the samples.
Analytical laboratory instruments are either electronic or non-electronic devices which help in assessing and analyzing samples, both qualitatively and quantitatively. Analytical laboratory instruments are used to analyze the chemical composition of a sample and the quantity of each component within a sample. They also encompass a portfolio of testing methods and their respective applications. Some of the common analytical laboratory instruments include mass spectrometers, chromatographs, titrators, spectrometers, particle size analyzers, rheometers, elemental analyzers and thermal analyzers.
Analytical Laboratory Instruments Market Size
The global analytical laboratory instruments market reached a value of nearly $93.8 billion in 2019. The market is expected to grow from $93.8 billion in 2019 to $110.3 billion in 2023 at a CAGR (Compound Annual Growth Rate) of 4.1%. The growth is mainly due to an increased prevalence of chronic diseases and economic growth in developing countries. The market is expected to stabilize and reach $125.8 billion in 2025 and $170.7 billion in 2030.
Growth in the historic period resulted from increases in healthcare expenditure, economic growth in emerging markets, an aging population, and rising awareness about food testing and stringent regulations for safety. This growth was restricted by the high prices of the instruments.
Going forward, factors including technological advances, increase in healthcare access and rising prevalence of chronic diseases are expected to drive the market. Reduction in free trade, global recession, and supply chain disruption due to the impact of COVID-19 are major factors that could hinder the growth of the analytical laboratory instruments market in the future.
Analytical Laboratory Instruments Market Drivers
The key drivers of the analytical laboratory instruments market include:
Technology is expected to be a continued driver of market growth during this period. The consumers are increasingly looking for instruments which provide quicker results at high efficiency and lower costs, thus supporting the growth of the market. The companies in the market are increasingly investing in nanotechnology, automation and artificial intelligence has led to a new generation of technology making instruments smaller, faster and more efficient when compared to traditional equipment. Companies such as Thermo Fischer and Waters Corporation are increasingly investing in artificial intelligence to achieve higher efficiency, thus supporting the growth of the market. ii iii
Analytical Laboratory Instruments Market Restraints
The key restraints on the analytical laboratory instruments market include:
Reduction In Free Trade
Many developed and developing economies are imposing restrictions on free trade to boost their local economies. The US government is taking a more protectionist stance, and renegotiating many trade agreements, including NAFTA (North America Free Trade Agreement) and increasing tariffs on Chinese manufactured goods. These changes could set off a wider trade war reversing the recent trend towards greater global free trade.iv For example, according to a report by the International Monetary Fund, a rise in trade barriers could increase import prices by 10% and decrease exports by 15%v during the forecast period. In 2019, the US government announced its decision to put a 25% tariff on Chinese goods entering the US, including laboratory equipment, thus negatively impacting the growth of the market in the forecast period. vi
Analytical Laboratory Instruments Market Trends
Major trends influencing the analytical laboratory instruments market include:
Companies Investing In Big Data Analytics
Analytical laboratory instrument companies are increasingly investing in big data analytics to better comprehend data received through analytical instruments. The large datasets collected by laboratories provide a basis for understanding emerging diseases and tracking chronic conditions. The analytical laboratory instruments in combination with the big data analytics software can automatically send compliance-required data directly to certification systems at required intervals. This data is retrievable and traceable whenever necessary, whether for internal (hospital) or external needs.vii This improves the efficiency of the hospital and the laboratory and ensures a certain degree of standardization as well. Through the data, the end-user can understand if the instrument is operating at full capacity at all times and that particular instrument has to be upgraded to a higher capacity instrument or another instrument is to be added to accommodate higher volume and increase revenue. Harnessing big data also leads to extensive actionable health information for physicians, alert laboratory technologists about potential issues, communicate calibration data, test results and performance information into multiple enterprise-wide systems to support quality and efficiency initiatives.viii For instance, Bio-Rad Laboratories, a leading manufacturer of products for the life science research and clinical diagnostics markets provides data management solutions to help improve laboratory analytical performance.ix
3D Printed Analytical Laboratory Instrument
Companies in the market are increasingly investing in 3D printing to manufacture analytical laboratory instrument. 3D technology (also known as additive manufacturing) allows manufacturers to create a complete self-supporting object, usually by laying down many thin layers of a material in succession. This technology enables manufactures to produce innovative instruments that are light and reliable. Greater flexibility and customization are the other major advantages of 3D printing technology. For instance, companies such as Labomed use 3D printing to develop high end analytical instruments including microscopes.x
Opportunities And Recommendations In The Analytical Laboratory Instruments Market
Opportunities – The top opportunities in the analytical laboratory instruments market segmented by type will arise in the elemental analysis segment, which will gain $10,154.3 million of global annual sales by 2023. The top opportunities in the analytical laboratory instrument market segmented by end-users will arise in the hospital segment, which will gain $13,427.7 million of global annual sales by 2023. The analytical laboratory instruments market size will gain the most in China at $3,515.3 million.
Market-trend-based strategies for the analytical market includes investing in 3D printing technology, big data analytics, automation solutions, investing in the development of 3D microscopes, M&A growth strategies and adaptability to cloud technology for higher speed and efficiency. Player-adopted strategies in the analytical laboratory instrument market include expanding manufacturing operations, investing in new product launches and in acquisitions and mergers to strengthen their service offerings.
Recommendations – To take advantage of the opportunities, the business research company recommends the analytical laboratory instruments companies to focus on investing in 3D microscopes, adopting automation to achieve standardization, focus on mergers and acquisitions, offer skimmed pricing for innovative laboratory instruments, competitive pricing, expanding in emerging markets, and leveraging social media.
Analytical Laboratory Instruments Market Segmentation
The analytical laboratory instruments market is segmented by type, by end-user and by geography.?
By Type -
The analytical laboratory instruments market can be segmented by type
The elemental analysis was the largest segment of the analytical laboratory instruments market by type, accounting for 59% of the total market in 2019. Going forward, the molecular analysis segment is expected to be the fastest growing segment in the analytical laboratory instrument market, at a CAGR of 5.6%.
- a. Elemental Analysis
- b. Separational Analysis
- c. Molecular Analysis
- d. Others
By End-User –
The analytical laboratory instruments market are segmented by end-user into
The hospitals was the largest segment of the analytical laboratory instruments market by end-user, accounting for 66.3% of the total market in 2019. Going forward, the biotechnology segment is expected to be the fastest growing segment in the analytical laboratory instruments market, at a CAGR of 10.1%.
- a. Hospitals
- b. Diagnostic Laboratories
- c. Pharmaceutical
- d. Biotechnology
- e. Others
By Geography-?The analytical laboratory instruments market is segmented into
Asia Pacific was the largest region in the global analytical laboratory instruments market, accounting for 34.2% of the total in 2019. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the analytical laboratory instruments market will be Africa and Middle East, where growth will be at CAGRs of 7.8% and 7.4% respectively.
- o North America
- o Western Europe
- o Asia Pacific
- South Korea
- o Eastern Europe
- o South America
- o Middle East
- o Africa
Analytical Laboratory Instruments Competitive Landscape
Major Competitors are:
Other Competitors Include:
- • Thermo Fisher Scientific Inc.
- • Danaher Corporation
- • Agilent Technologies, Inc.
- • Shimadzu Corporation
- • F. Hoffmann-La Roche AG
- • Bruker Corporation
- • Mettler-Toledo International Inc.
- • Waters Corporation
- • PerkinElmer, Inc.
- • Bio-Rad Laboratories, Inc.
- • Scientific Solutions
- • Metrohm AG
- • SUEZ Water Technologies and Solutions
- • Ionicon Analytik Ges.m.b.H.
- • Elvatech Ltd
- • Myron L Company
- • LabGeni
- • LABOAO
- • AK Scientific Instruments
- • QIAGEN
- • Yamato Scientific co., ltd
- • Ace Instruments & Services Pvt Ltd.
- • Aczet Pvt Ltd
- • Anton Parr India Pvt Ltd
- • Toshvin Analytical Pvt. Ltd.
- • Advance Scientific Equipment Pvt. Ltd.
- • Peak Scientific Instruments
- • AMETEK
- • Spectris plc
- • Specac Limited
- • Markes International Ltd
- • Signal Group Ltd
- • NanoMagnetics Instruments Ltd
- • Sherwood Scientific Ltd
- • Malvern Panalytical
- • Cleaver Scientific Ltd
- • MRC
- • Cole-Parmer Instrument Company Ltd
- • Anton Paar Ltd
- • BWB Technologies Ltd
- • Systech Instruments Ltd
- • Appleton Woods Ltd
- • PAC L.P
- • A.KRÜSS Optronic GmbH
- • F-DGSi
- • Grant Instruments
- • Seaward Electronic Ltd
- • Endress+Hauser
- • Nanosurf
- • WITec GmbH
- • ZEISS Group
- • Sartorius AG
- • Eppendorf
- • Stable Micro Systems
- • ECROSKHIM Co., Ltd
- • Keithley Equipment
- • Laboratory Equipment and Instruments (LOIP)
- • Rostec
- • Chemglass Life Sciences Inc.
- • Kimble Chase
- • SP Industries
- • Teledyne Tekmar
- • AMETEK Process Instruments
- • Saifi International Co
- • National Scientific Co. Ltd.
- • Ghiath Mohammad Kaki Est.
- • BDH Middle East LLC
- • Maa Scientific International LLC
- • Tungsten Analytical Testing Equipment Trading LLC
- • RotaLab
- • SEM GROUP
- • Rhenium
- • CSI Analytical Innovations
- • Silicol-Silicol Scientific Equipment Ltd
- • Analytik Jena AG
- • Spectro Scientific Inc
- • Labotec
- • Wirsam Scientific
- • Labex (PTY) Ltd.
- • Labstock (Nigeria) Limited
- • Estec Ltd