Biotech instruments sales to reach US$ 218.11 billion by 2034: Fact.MR

New Delhi: The global biotechnology instrument market is calculated at US$ 67.24 billion in 2024, as revealed in the updated market research report by Fact.MR. Worldwide sales of biotechnology instruments are evaluated to accelerate at 12.5% CAGR and reach US$ 218.11 billion by the end of 2034.

Growing incidences of chronic illnesses and preference for minimally invasive surgeries is projected to boost the demand for personalized medication in the forthcoming years. This is likely to spur the sales of biotechnology instruments.

Similarly, application of in-vitro diagnostic (IVD) point-of-care devices in clinical labs and hospitals is surging. This is projected to create favorable growth prospects for the market.

Also, the advanced point-of-care (POC) testing systems will enable real-time transfer of patient data to electronic medical records for easy clinician reviewing. These advancements are projected to propel the demand for biotechnology instruments in the coming years.

Demand for surgical treatment, such as minimally invasive surgery (MIS), due to the increasing prevalence of diseases is estimated to rise. This is anticipated to fuel the demand in the market.

Further, integration of automation in biotechnology sector is projected to result in technical breakthroughs. This is expected to offer tremendous growth opportunities for the market players. Also, favorable government investment in the development of affordable and easy-to-use biotechnology equipment is estimated to supplement the development of the market.

Key Takeaways

♦ Based on end-use, the hospitals and healthcare facilities segment is expected to dominate the market, registering a CAGR of 15.2% and 14.7%, respectively.

♦ North America biotechnology instruments market is expected to register fastest growth at 15.6% CAGR during 2022-2032.

♦ In terms of component, life science consumables is projected to account for 50% of the overall market share.

♦ Biotechnology instruments market registered year-over-year growth at 12.6% in 2022.

Growth Drivers

Increasing prevalence of cardiovascular disorders, diabetes, infectious diseases, cancer, and others will contribute to the growth in the market.

Requirement of 2D and 3D cell cultures in the field of research and drug development is augmenting the sales of biotechnology instruments.

Restraints

Growing concerns regarding genetically modified crops, viruses, & bacteria and their impact on human health might hamper the growth in the market.

Implementation of biotechnology instruments in the agricultural sector is likely to trigger the spread of diseases or native contaminate the original gene pool. This is anticipated to decline the sales in the near future.

Competitive Landscape

Key players present in the global biotechnology instruments market are focusing on advancing their production capabilities. These initiatives are likely spur the growth potential of the market in the coming years.

According to Fact.MR, the detailed analysis of companies will offer insights into the financial status, latest product launches, ongoing trends, and others. Some of the leading players are adopting growth strategies such as mergers and acquisitions to expand their global presence.

For instance, February 2021: Waters Corporation developed Waters ACQUITY PREMIER Solution, which is a next-generation liquid chromatography system. This device promotes the organization’s innovation MaxPeak High-performance Surface technology.

January 2021: Novasep’s chromatography process equipment segment was brought by Sartorius Stedim Biotech. This deal help the latter gain control over the former organization’s advanced chromatography systems and resin-based batch.

Agilent Technologies, Alcon Inc., Bio-Rad Laboratories, Candela Medical, IIlumina Inc., Thermo Fisher Scientific Inc., AngioDynamics, Abbott, Danaher Corporation, QIAGEN, Novanta Inc., IRIDEX, Becton, Dickinson, and Company, BioMerieux SA, BioTek Instruments, Inc., Cynosure, LLC, Endress+Hauser (Analytik Jena GmbH), Zimmer MedizinSysteme, F. Hoffmann-La Roche Ltd., Lumenis, Merck KGaA, Perkin Elmer, Inc., Siemens Healthineers, Waters Corporation, Tecan Group AG

In the latest study, Fact.MR provides focused views on growing opportunities and challenges of the global biotechnology instruments market. The report also offers unbiased analysis for the forecast period (2022-2032).

These insights are based on a report on Biotechnology Instrument Market by Fact.MR.