North America Analytical Instrumentation Market Size

North America Analytical Instrumentation Market Analysis

The North America Analytical Instrumentation Market size is estimated at USD 9.15 billion in 2024, and is expected to reach USD 12.14 billion by 2029, growing at a CAGR of 5.81% during the forecast period (2024-2029).

The rising concerns regarding product quality, increasing investments in R&D, and stringent government regulations are some major factors driving the growth of the North American analytical instrumentation market. The rising customer awareness, especially in emerging regions, and the need for analytical instruments across multiple sectors, are further expected to augment the market's growth over the forecast period.

• In the past few years, the growth in the market studied was primarily driven by factors such as government initiatives for environmental testing and pollution control and especially in developing countries, increasing investments in North America's pharmaceutical R&D, stringent regulations on drug safety, expansion of crude and shale gas production, increasing focus on the quality of food products, and technological advancements in mass spectrometers.
• Further, companies developing batteries for mobile phones, electric vehicles, energy systems, and other systems/devices depend on analytical instruments to enhance testing, storage potential, and output to create more efficient, cleaner, and safer energy sources. 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.
• However, the high cost of analytical instruments restrains the growth of the studied market. Furthermore, along with the cost of instruments, various other costs are associated, such as staffing, maintenance, and laboratory expenses, thereby 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.
• The market vendors are increasingly targeting analytics, mainly to support industries operating in regulated sectors across the world. To target applications in industries such as pharmaceuticals, collaborative work is increasingly witnessing adoption, which is critical for business growth.
• The recent 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.