Market Size of Life Science and Chemical Instrumentation Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Life Science & Chemical Instrumentation Market Analysis
The Life Science and Chemical Instrumentation Market is expected to witness a CAGR of 7.1% during the forecast period.
The COVID-19 pandemic had a favorable impact on market growth globally, with the rapid development of diagnostics, expedited regulatory clearances, and increased distribution in many nations to help control the virus's spread. Several diagnostic procedures played a crucial role in detecting COVID-19. Diagnostic companies were continuously coming up with new launches in developing as well as developed countries. For instance, in July 2020, Roche introduced the Cobas 8800 instrument to the National Institute of Cholera and Enteric Diseases in India, and the Cobas 6800 at the National Institute for Research in Reproductive Health in India, to aid with SARS CoV-2 diagnostic testing. Roche's Cobas 6800/8800 systems produce test findings in three and a half hours and offer flexibility, greater operational efficiency, and the fastest time-to-time results. Thus, during the COVID-19 pandemic, the market for life science and the chemical instrument was positively impacted as the demand for these instruments increased during the pandemic. Currently, the market has reached its pre-pandemic nature in terms of demand for instruments and is expected to witness healthy growth in the coming years.
The life science and chemical instrumentation market is primarily driven by the growing R&D activities and the growing burden of diseases worldwide. In addition, the growing investment from the pharmaceutical industry in drug discovery and development is likely to boost the demand for life science instruments for drug validation.
The growing increasing public-private investments in life science research and technological advancements in analytical instruments are driving the market for life science instruments and chemicals. For instance, as per the article published by United Kingdom Parliament in October 2022, the total expenditure on R&D during 2022 was EUR 37.1 billion in the United Kingdom. Moreover, as per the OECD data, pharmaceutical spending as a percentage of GDP in 2021 was highest in Bulgaria, with around 32.4% spent on pharmaceuticals. Thus, growing pharmaceutical spending on research and development activity is expected to boost market growth over the forecast period.
Additionally, the high prevalence of infectious diseases and technological advancements in the field of life sciences and biotechnology support market growth. According to Statistics published by HIV.gov in June 2021, approximately 1.2 million people in the United States had HIV (Human Immunodeficiency Virus), with an incidence rate was 12.6 (per 100,000 population). This suggests that a high incidence of HIV will lead to increased demand for these instruments, thereby boosting market growth. Moreover, the launch of various instruments by the market players supports market growth. For instance, in June 2021, Thermo Fisher Scientific launched Invitrogen Attune CytPix Flow Cytometer, an imaging-enhanced flow cytometer that combines acoustic focusing flow cytometry technology with a high-speed camera.
Thus, all the above-mentioned factors are expected to boost market growth over the forecast period. However, the lack of skilled professionals and the high cost of life science and chemical instrumentation are further impeding the growth of the market.
