Northbrook, IL 60062 -- (SBWIRE) -- 06/08/2023 -- The life science instrumentation industry is poised for significant growth and advancement in the near future. With rapid advancements in technology, increased demand for precision and accuracy in research and diagnostics, and a growing focus on personalized medicine, the industry is expected to witness remarkable developments. Cutting-edge technologies such as next-generation sequencing, high-throughput screening, mass spectrometry, and advanced imaging systems will drive the innovation and expansion of life science instrumentation. These instruments will enable researchers and healthcare professionals to delve deeper into the understanding of complex biological processes, develop novel therapies, and make more informed clinical decisions. Additionally, the integration of artificial intelligence, machine learning, and data analytics will enhance the capabilities of life science instruments, allowing for faster data analysis, improved efficiency, and the discovery of valuable insights. The industry's future holds the promise of ground-breaking discoveries, improved healthcare outcomes, and the advancement of life sciences as a whole.

Life Science Instrumentation Market in terms of revenue was estimated to be worth $54.9 billion in 2023 and is poised to reach $73.9 billion by 2028, growing at a CAGR of 6.1% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include growing food safety concerns, rising investments in pharmaceutical R&D, increasing public-private investments, and lucrative opportunities in emerging markets.

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Spectroscopy segment to register significant growth rate over the forecast period of 2023-2028

Based on the technology, the global life science instrumentation market is segmented into spectroscopy chromatography, Polymerase Chain Reaction (PCR), immunoassays, lyophilization, liquid handling systems, clinical chemistry analyzers, microscopy, flow cytometry, Next-Generation Sequencing (NGS), centrifuges, electrophoresis, cell counting, and other technologies. The NGS segment is anticipated to register the highest growth rate over the forecast period. The spectroscopy segment accounted for the highest share of the life science instrumentation market in 2022.

Research applications segment accounted for the largest share of the life science instrumentation market, by application in 2022.

Based on application, the global life science instrumentation market is segmented into research applications, clinical & diagnostic applications, and other applications. Research applications accounted for the largest share of the market in 2022 and is expected to grow at the highest CAGR during the forecast period.

Factors such as the rising incidence of infectious diseases, the growing use of novel analytical techniques, and the launch of advanced instruments drive the growth of life science instruments.

The pharmaceutical & biotechnology companies segment accounted for the largest share of the life science instrumentation market, by end user, in 2022

Based on end user, the global life science instrumentation market is segmented into hospitals and diagnostic laboratories, pharmaceutical & biotechnology companies, academic & research institutes, agriculture & food industries, environmental testing laboratories, clinical research organizations, and other end users. The pharmaceutical & biotechnology companies segment accounted for the largest share of the market in 2022. Factors such as rising healthcare expenditure and consistent increases in the adoption of advanced instruments by different end users are driving the growth of this segment.

The Asia Pacific market to register the highest growth in the market during the forecast period

The Asia Pacific life science instrumentation market is anticipated to register the highest growth from 2023 to 2028. Major players in the market are focusing on expanding their manufacturing capabilities in the APAC. This region is consistently witnessing a rise in the adoption of analytical instruments, offering significant growth opportunities for the key players.

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Life Science Instrumentation Market Dynamics:

Drivers:

1. Increasing investments in pharmaceutical R&D
2. Growing food safety concerns
3. Increasing public–private investments in life science research
4. Rising incidence of target infectious diseases and genetic disorders
5. Advancements in NGS platforms
6. Declining costs of genome sequencing
7. Growing use of capillary electrophoresis with mass spectroscopy
8. Growing adoption of flow cytometry techniques in research and academia
9. Rising incidence of hospital-acquired infections
10. Increasing outsourcing of sterilization services

Restraints:

1. High cost of instruments
2. Dearth of skilled professionals
3. Technical limitations associated with qPCR and dPCR techniques
4. High cost of advanced microscopes

Opportunities:

1. Growth opportunities in emerging countries
- Growing demand for analytical instruments and focus of key market players on emerging countries
- Growth of the pharmaceutical and biotechnology industries
2. Application of NGS in precision medicine and molecular diagnostics
3. Widening application scope of analytical instruments
4. Increased demand for personalized medicine

Challenges:

1. Inadequate infrastructure for research in emerging countries
2. Ethical issues regarding the privacy of generated data from instrument software
3. Pricing pressure faced by prominent players in emerging markets

Key Market Players:

As of 2022, prominent players in the life science instrumentation market are Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Agilent Technologies, Inc. (US), Waters Corporation (US), and Shimadzu Corporation (Japan)

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Recent Developments:

- In 2023, Thermo Fisher Scientific introduced a new trace elemental analyzer. The Thermo Scientific iCAP RQplus ICP-MS Analyzer can be used in the pharmaceutical, food, and environmental sectors. It can be used for different sample types and trace elements at low concentrations.

- In 2021, AB SCIEX (a subsidiary of Danaher Corporation) launched a new capillary electrophoresis solution, the BioPhase 8800 system. It can process eight samples simultaneously and delivers consistent and accurate results

- In 2022, Agilent Technologies, Inc. launched GC/MS and LC/MS quadrupole mass spectrometers. These products simplify lab operations and address the key challenges faced by customers.

- In 2023, Waters Corporation announced the release of the Alliance iS HPLC System. This system is easy to use, eliminates common errors and makes precise measurements.

- In 2023, Shimadzu Corporation launched a Nexera UC. It is a superficial fluid extraction/chromatograph system with higher detection capabilities and improved separation.

Life Science Instrumentation Market Advantages:

- Improved Organ Transplantation Success: Accurate Life Science Instrumentation plays a critical role in organ transplantation. Matching the human leukocyte antigen (HLA) profile between the donor and recipient increases the chances of transplant success and reduces the risk of rejection. Life Science Instrumentation enables precise matching, resulting in improved patient outcomes and increased transplant success rates.

- Enhanced Disease Diagnosis and Treatment: Life Science Instrumentation is utilized in the diagnosis and treatment of various immune-related disorders, including autoimmune diseases, allergies, and certain cancers. By identifying specific HLA alleles associated with these conditions, healthcare professionals can tailor treatment plans and therapies to individual patients, resulting in more effective and personalized care.

- Advancement of Precision Medicine: The field of precision medicine aims to deliver targeted treatments based on an individual's genetic makeup. Life Science Instrumentation provides valuable information about an individual's immune system and genetic variability, allowing for personalized treatment selection and dosing optimization. This approach reduces the likelihood of adverse reactions, improves treatment efficacy, and enhances overall patient care.
- Expansion of Transfusion Medicine: Life Science Instrumentation is crucial in blood transfusion compatibility testing. Matching the HLA antigens between the donor and recipient minimizes the risk of transfusion reactions, ensuring safe and compatible blood transfusions. This advancement has improved the overall safety and success of transfusion medicine.
- Research and Scientific Advancements: Life Science Instrumentation serves as a fundamental tool in immunological research, facilitating studies on disease associations, population genetics, and immune response variability. By analyzing HLA data, researchers can gain insights into disease mechanisms, population diversity, and immunogenetics, leading to a deeper understanding of human health and the development of new therapies.
- Rapid Technological Advancements: The Life Science Instrumentation market benefits from ongoing technological advancements, such as next-generation sequencing (NGS), high-resolution molecular techniques, and advanced data analysis algorithms. These advancements enable faster, more accurate, and cost-effective Life Science Instrumentation, making it accessible to a larger population and facilitating widespread adoption in clinical practice.

Overall, the Life Science Instrumentation market offers significant advantages, including improved organ transplantation outcomes, personalized medicine approaches, enhanced disease diagnosis and treatment, advancements in transfusion medicine, scientific research opportunities, and rapid technological progress. These advantages contribute to the growing importance and widespread utilization of Life Science Instrumentation in the field of healthcare.