Life Science And Chemical Instrumentation Market Growth Potential: Key Insights for 2024-2033
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How Will the Life Science And Chemical Instrumentation Market Grow from 2024 to 2033?
The size of the life science and chemical instrumentation market has seen substantial growth lately. It’s anticipated to expand from $55.49 billion in 2023 to $59.8 billion in 2024, with a compound annual growth rate (CAGR) of 7.8%. Factors driving this growth during the historic period include increased research and development activities, strict regulations, a rise in healthcare expenditure, the internationalization of research, and government guidelines.
In the coming years, the life science and chemical instrumentation market is projected to witness robust growth. The market is forecasted to escalate to $79.86 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. This growth during the prediction period can be credited to multiple factors including growing regulatory intricacies, wider applications in personalised healthcare, emerging market development, and increased emphasis on environmental testing. The period also anticipates trends like advancement in analytical instrument technology, product innovation, a focus on green and eco-friendly technologies, as well as the integration of the Internet of Things (IoT) and big data analytics.
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What Aspects Are Influencing the Growth Rate of the life science and chemical instrumentation Market?
The rise in chronic diseases is anticipated to spur the expansion of the life science and chemical instrumentation market. A chronic disease typically endures for over a year and can progressively worsen, necessitating continuous medical attention and potentially impeding everyday activities. The most common forms include cancer, heart disease, stroke, diabetes, and arthritis. Life science and chemical instrumentation are used for quality testing, process control and monitoring in factories, food quality testing, and lab information management related to chronic diseases. For example, the World Health Organization reported in September 2022 that noncommunicable diseases or chronic diseases, represent 74% of all global mortalities, equating to 41 million deaths annually. Cardiovascular diseases are the leading cause, accountable for 17.9 million deaths, followed by cancer (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million). Hence, the surging occurrence of chronic diseases is propelling the-life science and chemical instrumentation market’s growth.
What Are the Critical Segments of the Life Science And Chemical Instrumentation Market?
The life science and chemical instrumentation market covered in this report is segmented –
1) By Technology: Polymerase Chain Reaction (PCR), DNA Sequencers and Amplifiers, Flow Cytometry, Spectroscopy, Electrophoresis, Chromatography, Centrifuges, Other Technologies
2) By Application: Cell Culture And Cell Therapy, Cancer Research, Drug Discovery, Genomics, In Vitro Fertilization, Bioprocess, Metabolomics, Proteomics, Other Applications
3) By End Users: Hospitals And Diagnostic Centers, Pharmaceutical And Biotechnology Companies, Contract Research Organization (CRO), Academia And Research Institutes
What Trends Are Redefining Consumer Expectations in the Life Science And Chemical Instrumentation Market?
Emerging technology in analytical instruments is a notable trend thriving in the life science and chemical instrumentation market. Main companies working in the life science and chemical instrumentation sector are striving to contribute innovative tech solutions to fortify their stance in the industry. For instance, Bruker Corporation, an American firm known for manufacturing scientific instruments for molecular, material research, and industrial as well as applied analysis, introduced the large-sample Dimension IconIR nanoscale infrared spectroscopy and chemical imaging system in October 2021. With the integration of Bruker’s unique PeakForce Tapping mode, this new large-sample platform delivers the most comprehensive correlative microscopy solution for quantitative nano chemical, nanomechanical, and nano electrical characterization. IconIR offers significantly enhanced flexibility and adaptability fostering revolutionary research in diverse fields including polymer, geoscience, semiconductor, and life science applications.
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What Are the Leading Regions in the Life Science And Chemical Instrumentation Market Expansion?
North America was the largest region in the life science and chemical instrumentation market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the life science and chemical instrumentation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Life Science And Chemical Instrumentation Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the life science and chemical instrumentation market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Life Science And Chemical Instrumentation Market Include
1. Life Science And Chemical Instrumentation Market Executive Summary
2. Life Science And Chemical Instrumentation Market Segments
3. Life Science And Chemical Instrumentation Market Size And Template Market Growth Rate
4. Key Life Science And Chemical Instrumentation Market Trends
5. Major Life Science And Chemical Instrumentation Market Drivers
……
25. Key Mergers And Acquisitions In The Life Science And Chemical Instrumentation Market
26. Top Life Science And Chemical Instrumentation Companies
27. Life Science And Chemical Instrumentation Market Opportunities And Strategies
28. Life Science And Chemical Instrumentation Market, Conclusions And Recommendations
29. Appendix
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