What Will The Scientific Instruments Market Look Like In 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 scientific instruments market report forecasts the scientific instruments market size to grow to $50.84 Billion by 2027, with a CAGR (compound annual growth rate) of more than 5%.
Learn More On The Scientific Instruments Market Report 2023 – https://www.thebusinessresearchcompany.com/report/scientific-instruments-global-market-report
Scientific Instruments Market Size Forecast
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 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 scientific instruments market size is expected to grow to $50.84 billion in 2027 at a CAGR of 5.4%.
North America held the largest scientific instruments market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Scientific Instruments Market Driver – Increase In Testing And Research Facilities
For instance, according to the World Health Organization (WHO), a Switzerland-based specialized agency of the United Nations responsible for international public health, in September 2020, the Global Fund confirmed 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 encouragement for testing and research facilities will propel the growth of the scientific instruments market.
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Key Scientific Instruments Market Trend – Adopting Artificial Intelligence
the use of artificial intelligence in research is anticipated to alter current practices significantly. Such advancements enable key players to gain a competitive edge in the market. For instance, in February 2022, Agilent Technologies Inc., a US-based analytical instrumentation development and manufacturing company, acquired artificial intelligence (AI) technology developed by Virtual Control. Agilent plans to utilize the AI in conjunction with its software for mass spectrometry equipment used in combination with both liquid and gas chromatography. The new capabilities automate labor-intensive processes like sampling and report production. Virtual Control is an AI and machine learning software developer.
Scientific Instruments Market Segment
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
Scientific Instruments Market Major Players and Strategies
Major players in the scientific instruments 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.
In October 2021, Tibidabo Scientific Industries Ltd., a US-based developer and manufacturer of highly differentiated technology for scientific research, aerospace, and the industrial market, acquired Lambert Instruments B.V. for an undisclosed amount. Through this acquisition, Tibidabo Scientific Industries will expand its market by leveraging Lambert’s broad product offering and strong R&D capabilities. Lambert Instruments B.V. is a Netherlands-based company that develops and produces scientific imaging equipment and numerous fluorescence imaging modalities.
The Scientific Instruments Global Market Report 2023 covers regional data on scientific instruments market size, scientific instruments market trends and drivers, opportunities, strategies, and scientific instruments market competitor 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.
Scientific instruments are instruments designed in such a way that they can help achieve scientific purposes for the research of novel products. These instruments are essential for new product development and remodeling of existing products. Although they are a component of laboratory equipment, scientific instruments are thought to be more advanced and specialized than other measuring instruments. Scientific instruments are used to indicate, measure, and record physical quantities in science research labs and R&D facilities.
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