Global Scientific Instruments Market Analysis 2023: Size, Share, And Key Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Scientific Instruments Global Market Report 2023, the scientific instruments market is expected to show significant growth in the forecast period.
Key insights from the scientific instruments market forecast include:
- Market Size
The global scientific instruments market is expected to grow from $38.94 billion in 2022 to $41.13 billion in 2023 at a compound annual growth rate (CAGR) of 5.6%. The scientific instruments market size is expected to grow to $50.84 billion in 2027 at a CAGR of 5.4%.
- Major Driver
The scientific instruments market is being driven by an increase in the number of testing and research facilities. Because of the virus’s spread and increased efforts to combat its aftereffects, there has been a significant expansion in testing and research facilities. These testing and research facilities require scientific tools in order to conduct effective testing and discover answers. According to the World Health Organisation (WHO), a United Nations specialised agency based in Switzerland that is responsible for international public health, the Global Fund confirmed in September 2020 that it had allocated the first $50 million from its COVID-19 response mechanism to assist countries in purchasing at least 10 million of the new quick tests for LMICs at the set price. Such support for testing and research centres will accelerate growth.
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- Key Trend
Artificial intelligence is a major concept that is gaining traction in the scientific instrument market. The application of artificial intelligence in research is expected to drastically modify present practises. Such developments allow important industry participants to obtain a competitive advantage. For example, Agilent Technologies Inc., a US-based analytical instrument development and production company, bought Virtual Control’s artificial intelligence (AI) technology in February 2022. Agilent intends to employ the AI in conjunction with its mass spectrometry software, which is utilised in conjunction with both liquid and gas chromatography. The new features automate time-consuming procedures such as sampling and report generation. Virtual Control is a software company specialising in artificial intelligence and machine learning.
- Largest Region
North America was the largest region in the scientific instruments market in 2022.
- Major Players
Major players in the food diagnostics market are Thermo Fisher Scientific Inc., Agilent Technologies Inc., Bruker Corporation, Danaher Corporation, Waters Corporation, Merck KGaA, Horiba Limited, PerkinElmer Inc., F. Hoffmann-La Roche Limited, Zeiss International, Roche Holding AG, 3M Company, and Geno Technology Inc.
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Key Scientific Instruments Market Segments
The global scientific instruments market is segmented –
1) By Type: Clinical Analyzers, Analytical Instruments, and Other Types
2) By Application: Research, Clinical and Diagnostics, and Other Applications
3) By End User: Hospitals and Diagnostic Laboratories, Pharmaceuticals and Biotechnology Companies, Other End-Users
The Scientific Instruments Global Market Report 2023 provides an in-depth analysis on the scientific instruments market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the scientific instruments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
View More Related Reports –
Scientific Research And Development Services Global Market Report 2023
Navigational, Measuring, Electro Medical And Control Instruments Global Market Report 2023
Search, Detection, And Navigation Instruments Global Market Report 2023
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