Analytical Instrumentation In Life Science Market Size

Analytical Instrumentation In Life Science Market Analysis

The Analytical Instrumentation In Life Science Market size is estimated at USD 18.80 billion in 2024, and is expected to reach USD 23.10 billion by 2029, growing at a CAGR of 8.80% during the forecast period (2024-2029).

The increasing number of chronic diseases and viruses across developing and developed regions fuels the demand for analytics instrumentations in pharmaceuticals, medical devices, and biotechnology companies.

• The emerging diseases and viruses worldwide demand new medicines, creating new market opportunities for analytical instruments such as gas and liquid chromatography. These methods help professionals to identify a molecule with remedial properties. Similarly, it helps to analyze the existing medicines and alter the formulations to reduce side effects and improve results.
• The need to correctly analyze the chemical components in the drugs to accurately understand the number of ingredients and purity of the product increased the demand for gas chromatography across the pharmaceutical industry. Gas Chromatography helps in quality control for drugs before launching them. Drug manufacturers must follow the rules and regulations while developing drugs and need to prove their safety to regulatory agencies such as FDA. Thus, chromatography is gaining traction across drug manufacturing companies.
• The growing investment in the research and development of medicines, drugs, and vaccines contributes to market growth. For instance, in July 2022, the Department of Pharmaceuticals India set up 7 National Institutes of Pharmaceutical Education & Research (NIPERs) to foster and encourage quality and excellence in pharmaceutical research and education. An expenditure of INR 1,500 Crore (USD 183.42 million). Approved by the government to strengthen or upgrade these NIPERs for the period 2021-22 to 2025-26.
• The growing number of chronic diseases such as cancers, heart and lung infections fuels the drug demand worldwide. Government agencies such as the National Cancer Institute (NCI), medical research universities, and pharmaceutical companies are focusing on drug discovery and drug development. The growing spending on pharmaceuticals across U.S., Germany, Canada, and other countries creates demand for medicines and pharma products and is projected to boost the demand for analytical instrumentation.
• The COVID-19 pandemic forced the world population to stay at home, and lockdowns across the countries postponed the ongoing clinical trials and shifted focus towards vaccine trials and research and development on coronavirus. The supply chain disruption halted the production of instruments during the initial phase of the pandemic. The growing number of tests, vaccine trials, and R&D increased the demand for analytical instrumentation in the life science industry. The demand for medicines and drugs increased exponentially during the pandemic, accelerating market growth in the second half of 2020.