Life Science And Chemical Instrumentation Market Size, Share, And Growth Rate Analysis 2023
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
The Business Research Company’s life science and chemical instrumentation market report forecasts the life science and chemical instrumentation market size to grow to $71.71 Billion by 2027, with a CAGR (compound annual growth rate) of more than 6%.
Learn More On The Life Science And Chemical Instrumentation Market Report 2023 – https://www.thebusinessresearchcompany.com/report/life-science-and-chemical-instrumentation-global-market-report
Life Science And Chemical Instrumentation Market Size Forecast
The global life science and chemical instrumentation market is expected to grow from $51.82 billion in 2022 to $55.52 billion in 2023 at a compound annual growth rate (CAGR) of 7.13%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The life science and chemical instrumentation market is expected to reach $71.71 billion in 2027 at a CAGR of 6.61%.
North America held the largest life science and chemical instrumentation market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Life Science And Chemical Instrumentation Market Driver – Growth In The Prevalence Of Chronic Diseases
For example, according to the World Health Organization, a United Nations specialised agency for international public health based in Geneva, noncommunicable diseases (NCDs), also known as chronic diseases, will account for 41 million annual fatalities, or 74% of all fatalities worldwide in September 2022. The majority of NCD deaths, or 17.9 million people per year, are caused by cardiovascular diseases, which are followed by cancer (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million). As a result, the rising prevalence of chronic diseases is propelling the life science and chemical instrumentation markets forward.
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Key Life Science And Chemical Instrumentation Market Trend – Technological Advancement
Major players in the life science and chemical instrumentation markets are focusing on providing innovative technologies in order to strengthen their market position. For example, in October 2021, Bruker Corporation, a US-based manufacturer of scientific instruments for molecular and materials research, as well as industrial and applied analysis, will release the large-sample Dimension IconIR nanoscale infrared spectroscopy and chemical imaging system. Because of the inclusion of Bruker’s exclusive PeakForce Tapping® mode, the new large-sample platform provides the most comprehensive correlative microscopy solution for quantitative nano chemical, nanomechanical, and nano electrical characterization. IconIR provides greatly greater flexibility and adaptability to enable ground-breaking research across a broad spectrum of polymer, geoscience, semiconductor, and life science applications.
Life Science And Chemical Instrumentation Market Segment
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
Life Science And Chemical Instrumentation Market Major Players and Strategies
Major players in the life science and chemical instrumentation market are Agilent Technologies Inc., Becton, Dickinson & Company, Bio-Rad Laboratories Inc., Bruker Corporation, Danaher Corporation, F. Hoffmann-La Roche AG, Illumina Inc., PerkinElmer Inc., Thermo Fisher Scientific Inc., Waters Corporation, Shimadzu Corporation, Merck KGaA, Abbott Laboratories, Siemens Healthcare Diagnostics, and GE Healthcare.
SP Industries, Inc. was purchased for $445 million (C$550 million) by ATS Automation Tooling Systems GmbH, a Canadian company that designs and builds factory automation systems. This acquisition expands ATS’s presence in the pharmaceutical drug research and production end-markets by adding a portfolio of aseptic and non-aseptic lyophilization solutions as well as fill-finish solutions. SP Industries, Inc. is a designer and manufacturer of high-quality biopharmaceutical processing equipment, life sciences equipment, and lab apparatus products based in the United States.
The Life Science And Chemical Instrumentation Global Market Report 2023 covers regional data on life science and chemical instrumentation market size, life science and chemical instrumentation market trends and drivers, opportunities, strategies, and life science and chemical instrumentation market competitor analysis. The countries covered in the life science and chemical instrumentation 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.
Life science and chemical instrumentation are medical devices used to test the quality of products, control and monitor the process in manufacturing plants, test the quality of food products, and handle laboratory data. These are used to monitor and regulate processes in R&D activities in industrial laboratories, the pharmaceutical industry, biotechnology, and academia.
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