Analytical Instrumentation Market Size, Share & Trends Analysis Report By Technology (PCR, Spectroscopy), By Application (Forensic Analysis, Life Sciences R&D), By Product (Instruments, Services), And Segment Forecasts, 2023 - 2030.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Analytical Instrumentation Market Size, Share & Trends Analysis Report By Technology, By Application, By Product And Segment Forecasts, 2023 - 2030" - https://www.reportlinker.com/p06423494/?utm_source=GNW
Analytical Instrumentation Market Growth & Trends
The global analytical instrumentation market size is projected to reach USD 70.09 billion by 2030, registering a CAGR of 3.53% from 2023 to 2030. Analytical laboratory instrumentation includes a broad range of instruments with the main purpose of quantitative and qualitative analysis of samples. Increasing research and development activities in the pharmaceutical and biotechnology industries and increasing adoption of analytical instrumentation for applications in precision medicine are key factors driving the industry. Governments from various countries are continuously investing in pharmaceutical R&D to support new drug development and improve healthcare in their regions.
For instance, in October 2020, the UAE government announced the provision of financial incentives to support Indian healthcare manufacturing companies with robust R&D capabilities.The announcement was made at the UAE-India Healthcare Conference 2020 and was intended to promote partnerships and collaborations between the two countries for pharmaceutical, healthcare, medical devices, and alternative medicine.
Such initiatives will boost R&D activities, which, in turn, will support market growth. The COVID-19 pandemic led to a decrease in the sales of analytical instruments, such as spectroscopy and chromatography-related instrumentation, thermal analyzers, and others in 2020.
This was due to the imposition of lockdown strictures, disruption of supply chains, and a decrease in clinical trial activities during the period.However, due to the pandemic, instrumentation related to a polymerase chain reaction (PCR), microarray, and sequencing technologies saw a significant rise in demand in 2021.
Several new PCR products were launched to tackle the increasing COVID-19 cases during this period. For instance, in March 2022, Roche launched its new cobas 5800 system in the U.K. to increase testing volumes and enhance the operational efficiency of COVID-19 testing. Moreover, technological advancements are also leading to a reduction in analysis time and are increasing the medical applications of analytical instrumentation.
For instance, in June 2021, Trivitron Healthcare launched its NANO H5 & NANO H110 HPLC analyzers intended for the detection of HbA1c in less than 3 minutes.These HPLC-based HbA1c analyzers can also aid in monitoring hemoglobin variants, thalassemia, and diabetes.
Furthermore, key players are launching novel analytical instrumentation for microplastic analysis. For instance, in October 2022, Agilent Technologies, Inc. launched its enhanced 8700 LDIR Chemical Imaging System with Clarity 1.5 software optimized for the analysis of microplastics in environmental samples. The advances in analytical instruments include enhanced spectral acquisition, speed of analysis, transformation, and library matching.
These technological advancements can significantly aid in increasing the adoption of analytical instrumentation and fuel market growth.On the other hand, the high cost of analytical instrumentation may restrain the industry growth during the projected timeframe.
Spectrometry has a high initial setup cost; the mass spectrometers, LC/MS systems, cost around USD 40,000 to USD 200,000, depending on the technology, requirement, and analysis.Such high costs may not be affordable for small- and medium-sized laboratories, which hampers the market growth.
However, to overcome the cost-associated factors, various companies and organizations are undertaking initiatives to provide analytical instruments at affordable prices. For instance, Thermo Fisher Scientific offers Mass Spectrometer Price Affordability Programs in which the company helps buy mass spectrometry instruments at affordable prices.
Analytical Instrumentation Market Report Highlights
• The instruments segment held the largest share in 2022 owing to the presence of several companies offering different types of analytical instrumentation, such as mass spectrometers, chromatographs, and sequencing systems
• The PCR technology segment accounted for the largest share in 2022due to the benefits offered by PCR technology, such as rapid amplification, the requirement of a small amount of sample, and utility for the detection of multiple analytes in a single sample
• The life sciences research & development application segment dominated the market in 2022 owing to the rising R&D activities by various life sciences industries to develop and manufacture novel biologics, such as monoclonal antibodies, vaccines, and therapeutic proteins
• North America held the largest revenue share in 2022due to the presence of a well-established healthcare system and pharmaceutical industry in the region, which has created a significant demand for analytical instrumentation for clinical and research purposes
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