Biotechnology Instruments Market Size

Biotechnology Instruments Market Analysis

The Biotechnology Instruments Market size is estimated at USD 85.29 billion in 2024, and is expected to reach USD 106.57 billion by 2029, growing at a CAGR of 4.55% during the forecast period (2024-2029).

The COVID-19 pandemic had a positive impact on the biotechnology instruments market throughout the pandemic phase. The outbreak of COVID-19 boosted research work on several infectious diseases along with COVID-19. In addition, numerous major players accelerated research and development activities, focusing more on new launches and product approval procedures, which consequently impacted the market's growth. Among all, the demand for PCR kits drastically increased during the pandemic. For instance, in May 2022, Cipla launched its real-time COVID-19 RT-PCR test kit in India. The ‘RT-Direct’ multiplex COVID-19 RT PCR test kit was released in partnership with Genes2Me Pvt Ltd. In addition, several key and small players also underwent public and private collaboration to increase their research activities and combat the growing demand for new products. For instance, in May 2020, the Promega team undertook a public-private initiative with government agencies to scale up the COVID-19 testing capacity by utilizing Promega Maxwell Instruments in India. Hence, such an increase in research-related activities bolstered the demand for biotechnology instruments. In the post-pandemic period, the market studied is expected to register growth in the coming years due to the rapid technological advancements in biotechnology devices coupled with an increase in research activities.

Factors such as the rising demand for point-of-care testing, the growing geriatric population, and the high prevalence of target diseases across the globe are expected to propel the market's growth. For instance, as per the International Diabetes Federation, approximately 537 million adults (20-79 years) were living with diabetes in 2021. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Hence, the rise in diabetes cases is expected to increase chronic disease complications, thereby driving the market growth over the forecast period.

Moreover, to combat the rising demand for various biotechnology instruments, several prominent players are taking initiatives in this market space. For instance, in June 2022, Agilent Technologies Inc. publicized that CE-IVD marked instruments, kits, and reagents were released as IVDR Class A in compliance with the new EU IVDR regulation. With the introduction of IVDR-compliant Class A products, labs in the European Union can continue to utilize Agilent IVDR instruments, kits, and reagents in their diagnostic processes without interruption. Therefore, such factors are expected to increase the demand for IVD instruments as they are one of the essential requirements for developing such solutions. Similarly, in January 2023, Mumbai-based pharma firm Cipla launched Cippoint, a point-of-care testing device. This state-of-the-art device offers a wide range of testing parameters, including cardiac markers, diabetes, infectious diseases, fertility, thyroid function, inflammation, metabolic markers, and coagulation markers. The device is CE IVD approved, indicating the device is approved by the European In-Vitro Diagnostic Device Directive, thus ensuring reliable testing solutions.

Therefore, owing to the increase in chronic diseases and the rise in product launches, the studied market is anticipated to witness growth over the analysis period. However, stringent regulatory policies for product approvals are likely to impede the market's growth over the coming years.