Analytical Instrumentation Market
Number of pages: 100 | Report Format: PDF | Published date: March 29, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 52.45 billion |
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Revenue Forecast in 2031 |
US$ 94.10 billion |
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CAGR |
6.71% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product Type, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global analytical instrumentation market was valued at US$ 52.45 billion in 2022 and is expected to register a revenue CAGR of 6.71% to reach US$ 94.10 billion by 2031.
Analytical Instrumentation Market Fundamentals
Analytical instruments are laboratory tools used to study the identification, separation, and quantification of chemical substances of natural and artificial materials. These analytical instruments are used to obtain quantitative and qualitative information about the presence of one or more components in a given sample. These tools are necessary for researchers, scientists, and technicians across various sectors, including petrochemicals, food and beverage, medicines, and environmental testing. Technologies such as spectroscopy, chromatography, microscopy, mass spectrometry, and thermal analysis are all part of the analytical instrumentation market. Applying these technologies makes it possible to identify and measure chemical components, find contaminants and impurities, and calculate physical characteristics, such as viscosity, density, and melting point.
The market for analytical instrumentation is expanding quickly due to the escalating need for accurate and trustworthy analytical data across various industries. For instance, the pharmaceutical sector primarily relies on analytical technology to ensure the safety and effectiveness of medications. Environmental testing labs use these tools to monitor water and air purity. At the same time, food and beverage manufacturers employ them to guarantee the uniformity and purity of their products.
The growing desire for cutting-edge technologies that deliver more exact and accurate data is one of the primary drivers for the analytical instrumentation market. The demand for analytical equipment that can provide real-time data and facilitate better decision-making is also fueled by the growing usage of automation and digitization across various industries. The market for analytical instrumentation is extremely competitive, with both long-standing businesses and recent newcomers competing for market share.
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Analytical Instrumentation Market Dynamics
The global analytical instrumentation market has been experiencing steady revenue growth over the past few years and is expected to continue growing in the near future. With the increasing demand for precision and accuracy in drug development and research, the pharmaceutical and biotechnology industries are driving the revenue growth of the global analytical instrumentation market. The growing concern for water and food safety has increased the demand for analytical instrumentation for testing and analysis purposes. The development of new technologies, such as mass spectrometry, chromatography, and spectroscopy, along with the integration of artificial intelligence and machine learning techniques in analytical instruments, are driving the revenue growth of the analytical instrumentation market. For instance, Tosoh Bioscience introduced TSKgel UP-SW30000-LS size exclusion chromatography to identify contaminants in biotherapeutics in May 2022. This method has a shorter analytical time. Due to the considerable R&D operations in the industry, where these instruments are frequently employed at all stages of drug development, the pharmaceutical and biotechnology companies are key end consumers of analytical instrumentation. Key pharmaceutical companies are robustly involved in R&D activities and extensively invest in new product innovation. For instance, Pfizer Inc. Pharmaceuticals invested US$ 13.829 billion in R&D in 2021, up 47.23% from the previous year. The development of smart analytical instruments, which are highly effective and can provide real-time analysis, is being facilitated by the integration of IoT, cloud computing, and big data analytics in analytical instruments.
The adoption of analytical instrumentation products is anticipated to increase during the forecast period due to the growing interest in precision medicine, which uses analytical instrumentation for molecular imaging, molecular diagnostics, molecular dynamics, and next-generation sequencing to identify illnesses and create customized therapies. Molecular diagnostics involves the analysis of a patient’s biomarkers through genomic sequencing. These analyses conducted with different analytical tools provide knowledge about the best course of action or can forecast the most appropriate drugs for a specific patient. In the drug discovery process, the 3D structures of biological entities, such as proteins, are extensively studied using microscopes and techniques, including cryogenic electron microscopy.
However, several potential restraints could impact the global analytical instrumentation market. Analytical instrumentation is often expensive, which can be a significant barrier to adoption for some businesses. The high cost of instruments and the cost of maintaining and repairing them can limit their usage and prevent smaller companies from investing in these tools. Analytical instrumentation often requires specialized training to operate effectively, and there is a shortage of qualified personnel who can operate these instruments. This can limit the adoption of new tools and slow down the revenue growth of the global market.
Analytical Instrumentation Market Ecosystem
The global analytical instrumentation market has been analyzed from three perspectives: product type, application, and region.
Analytical Instrumentation Market by Product Type
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Based on product type, the global analytical instrumentation market has been segmented into molecular analysis spectroscopy, elemental analysis spectroscopy, chromatography, mass spectroscopy, and others.
The chromatography segment accounts for the largest revenue share in the global analytical instrumentation market. The numerous applications in the industries of pharmaceuticals, life science, and others are principally responsible for the segment’s revenue growth. Chromatography is a frequently employed analytical technique for analyzing and separating complex chemical mixtures. It is crucial in many fields, including biotechnology, food and beverage manufacturing, environmental testing, and research and development. Many variables influencing this technology’s growth and demand drive the chromatography market. Drug market growth is one of the main factors driving the chromatography industry. Chromatography is a vital part of medication development, quality assurance, and research in the pharmaceutical sector. Chromatography methods are used to identify and isolate drug molecules and validate the safety and effectiveness of pharmaceuticals. The chromatography market is anticipated to expand due to the increasing need for innovative medications and personalized medicine. The increasing application of chromatography in biotechnology is another factor driving the market. Proteins, peptides, and DNA are essential components of biopharmaceuticals and are separated and purified using chromatography techniques. The demand for chromatography is expected to go up as the biotechnology sector expands.
Analytical Instrumentation Market by Application
Based on application, the global analytical instrumentation market has been segmented into clinical & diagnostic analysis, life sciences research & development, forensic analysis, environmental testing, and others.
The life sciences research & development segment accounts for the largest revenue share in the global analytical instrumentation market. The rise in R&D activities by different life sciences industries to create and manufacture novel biologics, such as monoclonal antibodies, vaccines, and therapeutic proteins, is primarily caused by the rising prevalence of chronic and infectious diseases. The characterization of antibodies involves using analytical methods, such as liquid chromatography, mass spectroscopy, and UV-Vis spectroscopy. Additionally, therapeutic proteins require a detailed examination of their chemical makeup, which can be conducted using analytical instrumentation, such as HPLC, capillary electrophoresis, and mass spectroscopy. These uses of analytical instrumentation in life sciences research and development fuel the market expansion.
The clinical & diagnostics analysis segment is anticipated to grow at the fastest revenue CAGR over the forecast period. There is a high demand for diagnostic tests due to the rising prevalence of cancer and chronic diseases, which is likely to fuel demand for analytical instrumentation products, such as flow cytometers for clinical testing. Additionally, the approval and release of innovative analytical instrumentation for clinical laboratories are anticipated to accelerate segment revenue growth.
Analytical Instrumentation Market by Region
Based on region, the global analytical instrumentation market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share in the global analytical instrumentation market. Its considerable market share can be due to the region’s established healthcare system and pharmaceutical sector, which have generated a sizable demand for analytical instruments for clinical and research applications. Substantial R&D endeavors being undertaken for developing vaccines and treatments for various diseases and increased public-private funding in the field of cancer research have further fueled the need for these instruments. Also, the region has high affordability and adoption of novel and modern instrumentation, contributing to the market’s profitability.
Asia Pacific is projected to register a high revenue CAGR in the forecast period. Its rapid rise might be attributable to the substantial growth in emerging economies’ pharmaceutical and biotechnology industries, such as China and India. In addition, the continued government support for expanding the pharmaceutical sector in emerging nations is projected to augment the market revenue growth in this region. Continuous advancements in the treatment of cancer and infectious diseases, such as COVID-19, are also projected to fuel the expansion of the regional market.
Analytical Instrumentation Market Competitive Landscape
The prominent players operating in the global analytical instrumentation market are:
Analytical Instrumentation Market Strategic Developments
The global analytical instrumentation market is expected to register growth at a revenue CAGR of 6.71% during the forecast period.
PerkinElmer Inc., Thermo Fisher Scientific Inc., Shimadzu Corporation, Waters Corp., and Bio-Rad Laboratories Inc. are among the key players in the global analytical instrumentation market.
The chromatography segment accounts for the largest revenue share in the global analytical instrumentation market.
Asia Pacific is expected to register the highest revenue growth in the global analytical instrumentation market during the forecast period.
The rapid technological advancement, due to which several mid- and small-sized companies fail to keep up the pace, is a major challenge faced in the global analytical instrumentation market.
*Insights on financial performance are subject to the availability of information in the public domain