Analytical Instrumentation Market Size

Analytical Instrumentation Market Analysis

The Analytical Instrumentation Market size is expected to grow from USD 49.47 billion in 2023 to USD 66.27 billion by 2028, at a CAGR of 6.02% during the forecast period (2023-2028).

The increasing concern for product quality, increasing investments in R&D, and stringent government regulations are the major factors driving the analytical instrumentation market growth. Increasing customer awareness, especially in emerging regions, and the need for analytical instruments across multiple sectors are expected to expand the market growth. Stringent regulations on drug safety, increasing focus on the quality of food products, expansion of crude and shale gas production, and technological advancements in mass spectrometers would aid the market growth.

• The biopharmaceutical industry also plays a significant role in developing the studied market. With a rising emphasis on pharmaceutical quality production, the bioprocessing sector is also emerging as a substantial investor in the market studied.
• In January 2022, Fujifilm announced the addition of an additional 89,000 sq. ft of laboratory space at its North Carolina facility, which will feature analytical instrumentation, high throughput bioprocessing equipment, and automation technologies to support the process characterization program. This expansion will also allow Fujifilm Diosynth Biotechnologies to help its partners further in guiding clinical process development that can create more robust commercial processes.
• Automation across the end-user industries fueled the development in the market studied. Companies developing batteries for electric vehicles, mobile phones, energy systems, and other systems rely on analytical instruments to enhance storage potential and output, creating a more efficient, cleaner, and safer energy source. Companies use electron microscopy technologies to understand structures that level down at the atomic scale and spectroscopy tools to discover critical changes in materials that cause defects and inefficiency.
• The rising percentage of geriatrics in the global population, the prevalence of target diseases, the increasing demand and necessity for early detection of incurable diseases, and the presentation of innovative application is expected to increase demand in the global gas chromatography, mass spectrometry, liquid chromatography, and spectroscopy instruments market.
• However, the high cost of analytical instruments restrains the growth of the studied market. Along with the cost of instruments, various other costs, such as staffing, maintenance, and laboratory expenses, are also restraining the market's growth. Moreover, the advancement in features and functionalities, technological advances, and innovative systems are adding to the cost of analytical instruments. For instance, high-performance liquid chromatography (HPLC) ranges from USD 12,000 to USD 50,000. The 90-L column and packing station cost about USD 200,000.
• The COVID-19 outbreak resulted in significant demand in the market studied. The need for accelerated research significantly increased during the COVID-19 epidemic, and the public expects unprecedented progress from the scientific community.