Global Analytical Instrumentation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The analytical instrumentation market (henceforth referred to as the market studied) was valued at USD 43.2 billion in 2021, and it is projected to be worth USD 66.27 billion by 2027, registering a CAGR of 7.52% during the forecast period. The increasing concern for product quality, increasing investments in R&D, and stringent government regulations are the major factors driving the growth of the analytical instrumentation market. 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 is also playing a significant role in the development of the market studied. With a rising emphasis on pharmaceuticals' quality production, the bioprocessing sector is also emerging as a substantial investor in the market studied. In January 2022, Fujifilm announced to add 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 support 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, along with spectroscopy tools to discover critical changes in materials that cause defects and inefficiency.
• Elemental analysis spectrometers are finding applications in environmental, petrochemical, food safety, metallurgical, geochemical, and clinical/toxicology research applications. These products are widely used in markets such as China, India, and Latin America, to support compliance with increasingly stringent international environmental and consumer safety regulations. Agilent Technologies Inc., Thermo Fisher Scientific, and Shimadzu Corporation, among others, are some major vendors in the market studied, which are also increasingly investing in the market development and expansion of market scope.
• However, the high cost of analytical instruments restrains the growth of the studied market. Along with the cost of instruments, various other costs are associated, such as staffing, maintenance, and laboratory expenses, are also restraining the market's growth. Moreover, the advancement in features and functionalities, technological advancements, 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 costs about SUD 200,000.
• The COVID-19 outbreak resulted in significant demand in the market studied. The need for accelerated research has significantly increased during the COVID-19 outbreak, and the public expects unprecedented progress from the scientific community.

Scope of the Report

The analytical instrumentation market is driven by the global requirement for solutions that reduce cost, increase productivity, and strengthen product portfolios and other offerings.

The market is segmented by type, which includes instruments based on chromatography and spectrometry. However, different types of analytical instruments are also discussed in the study. The study also analyzes the end-users involved in utilizing these analytical instruments and the overall impact of COVID-19 on the market.

Report scope can be customized per your requirements. Click here.

Key Market Trends

Life Sciences Segment Expected to Hold Significant Market Share

• Life sciences account for the largest share in the analytical instrument industry, representing a quarter of the entire industry. Life sciences comprise more than 13 individual technology segments, encompassing a wide range of applications using analytical tools such as spectrometry, atomic spectroscopy, and molecular spectroscopy, among others. This provides significant opportunities for the growth of both general instrument applications and niche research systems.
• Demand for Next Generation Sequencing (NGS) continues to flourish, impacting the sequencing segment and driving strong demand in the nucleic acid sample preparation segment. This growth was evident in both the public and private sectors, as genomics technology went beyond basic research to reach the biomedical domain.
• Such tremendous growth is expected to create a significant demand for analytical instrumentation solutions, as it helps pharmaceutical companies comply with stringent regulations on drug safety.
• The market is witnessing several strategic developments such as new product developments, mergers, and collaboration that suggest the increase in the adoption of analytical tools in the segment.
• Drug discovery and clinical research require various complex diagnostic instruments, analytical instruments, advanced medical devices, testing equipment, and many other specialized products. The COVID-19 pandemic has resulted in significant demand in the market due to the growing need for accelerated research and public expectations of unprecedented progress from the scientific community.
• Hence, the demand for analytical instrumentation in the life sciences industry is expected to grow with increasing clinical research and drug discovery activities.

To understand key trends, Download Sample Report