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Biotechnology Instruments Market Size to Garner Around USD 119.32 Billion by 2032

The global biotechnology instruments market size is estimated to garner around USD 119.32 billion by 2032 and is growing at a CAGR of 4 percent from 2023 to 2032.

/EIN News/ -- Ottawa, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The global biotechnology instruments market size was valued at USD 81 billion in 2022, and grew to USD 83.84 billion in 2023, According to Precedence Research. North America led the global market with a major market share of 40% in 2022.

Biotechnology instruments are specialized tools for conducting research, developing, and manufacturing biological products. They are crucial in advancing scientific studies and producing innovative biotechnological solutions. The global biotechnology instruments market is propelled by several critical factors, including the extensive integration of advanced technologies in the biopharmaceutical sector, heightened demand for biotechnology instruments, economic feasibility, and the substantial presence of influential market players.

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An escalating need for groundbreaking drugs, augmented investments in vaccine research and development along with supportive governmental measures for the pharmaceutical industry supplement the market’s overall expansion. The growth of the biotechnology instruments market is attributed to the widespread adoption of point-of-care diagnostic tools within healthcare establishments. The increased demand for biotechnology equipment aligns with the expanding requirements for drug development, therapeutic solutions, vaccines, and diagnostic devices.

Augmented investments in research and development have notably enriched the capabilities of biotechnology instruments, particularly in advancing point-of-care testing methodologies. These instruments are pivotal in the life sciences sector, significantly increasing various therapies, diagnostic tools, and genetic modifications.

Key Insights:

  • Asia Pacific is estimated to be the most lucrative market during the forecast period.
  • In 2022, the life science consumables segment led the global biotechnology instruments market with a share of 55% in 2022.
  • Over the course of the projected period, the medical laser is anticipated to be the most advantageous market.
  • In 2022, the global biotechnology instruments market was dominated by the hospitals & healthcare institutions segment.
  • Throughout the projection period, it is anticipated that government and academic institutions will expand quickly.

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Regional Stance

The U.S. biotechnology instruments market surpassed USD 23.81 billion in 2022 and is projected to be worth around USD 35.42 billion by 2032, growing at a CAGR of 4.10% from 2023 to 2032.

North America led the global market for biotechnology instruments in 2022, holding a market share of more than 40%. The key factors propelling the growth of the North American biotechnology instruments market are the increased demand for biotechnology instruments, the higher adoption rate of advanced technologies in the biopharmaceutical industries, the high affordability of these instruments, and the presence of several top market players in the United States. Furthermore, the pharmaceutical industry's favourable government assistance, the growing demand for novel and inventive pharmaceuticals, and the rise in vaccine R&D expenditures have all contributed to North America's dominant position in the world market for biotechnology instruments.

Over the course of the projection period, Asia Pacific is anticipated to be the most lucrative market. Favourable government investments are drawing FDIs and making it easier for local and foreign businesses to collaborate. This is one of the main factors propelling the market for biotechnology instruments. The need for biotechnology instruments is also being fueled by the tendency of developing nations such as China, India, Australia, and Japan to use these instruments in the domains of agriculture, energy, and environmental protection.

Growth Factors of Biotechnology Instruments Market:

  • The utilization of biotechnology tools in the development of new medications and treatments is significantly increasing due to the rising prevalence of chronic diseases such as cancer, cardiovascular disease, diabetes, and respiratory conditions. Anticipated increased investments by biopharmaceutical companies in developing vaccines, drugs, and diagnostic tests are expected to positively impact the global biotechnology instruments market. The demand for personalized medicines tailored to individual biological makeup and the growing initiatives to mitigate the adverse effects of medications are driving the need for biotechnology equipment.
  • Biotechnology instruments are vital in advancing innovative therapies, diagnostic tools, and genetic modifications within the life sciences sector. Their extensive application in agriculture has facilitated the creation of transgenic crops engineered to resist pests and insects, yielding higher agricultural outputs. The increasing global emphasis on environmental safety, particularly concerning hazardous chemicals, fosters a heightened demand for biotechnology instruments. These instruments address the toxicity of harmful chemicals and present a promising solution to environmental challenges. These factors are poised to drive the anticipated growth of the global biotechnology instruments market in the foreseeable future.
  • Growing investments by biopharmaceutical companies in vaccine, medicine, and diagnostic test development will significantly boost the global biotechnology instruments market. Increasing demand for customized drugs adapted to individual biological makeup and efforts to minimize medication side effects are driving the adoption of biotechnology instruments. The widespread use of 2D and 3D cell cultures in drug discovery and compound manufacturing further advances global growth in the biotechnology instruments market.
  • The global biotechnology instruments market is also driven by the increasing worldwide demand for point-of-care (POC) tests. For instance, in January 2023, Cipla introduced Cippoint, a cutting-edge point-of-care testing device. This device covers various testing parameters such as cardiac markers, diabetes, infectious diseases, fertility, thyroid function, inflammation, metabolic markers, and coagulation markers. Cipla aims to address diagnostic needs in India by offering reliable and affordable tests, facilitating quicker clinical decision-making processes.

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Market Potential

The increasing prevalence of chronic diseases worldwide is a crucial driver for the anticipated growth in the global biotechnology instruments market. For instance, the escalating incidence of chronic ailments, leading to a surge in surgical procedures, swiftly elevates the demand for biotechnology instruments. According to the World Health Organization (WHO), cardiovascular diseases top the list of non-communicable disease (NCD) deaths, numbering 17.9 million annually, followed by cancer (9.3 million), chronic respiratory disease (4.1 million), and diabetes (2.0 million, encompassing deaths related to kidney disease due to diabetes).

Asia Pacific is anticipated to be the most lucrative market. Favorable government investments attract foreign direct investments (FDIs) and foster collaborations between local and foreign companies, serving as a significant driver for the biotechnology instruments market. Moreover, emerging economies such as China, India and Japan are increasingly adopting biotechnology instruments in agriculture, energy, and environmental protection, thereby contributing to the growing demand for these instruments.

The growing global elderly population presents significant growth opportunities for players in the biotechnology instruments market. For example, as people age, the risk of chronic diseases like heart disease, cancer, diabetes, dementia, and arthritis increases. Chronic diseases are the primary causes of disability and death among the elderly globally. According to the World Health Organization (WHO), by 2030, one in six people worldwide will be aged 60 or over, and the population of individuals aged 60 and older will double to 2.1 billion by 2050. This demographic trend is a crucial driver for market growth.

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Biotechnology Instruments Market Scope

Report Coverage Details
Market Size by 2032 USD 119.32 Billion
Market Size in 2023 USD 83.84 Billion
Growth Rate From 2023 To 2032 CAGR of 4%
U.S. Market Size by 2032 USD 35.42 Billion
U.S. Market Size in 2023 USD 24.67 Billion
Largest Market North America
Fastest Growing Market Asia Pacific
Forecast Period 2023 to 2032
Segments Covered Product, End User, Region

Industry Spotlight

  • In March 2022, Thermo Fisher Scientific launched a next-generation sequencing tool tailored for clinical labs, approved with a CE-IVD mark. This all-in-one system facilitates testing, clinical research, and diagnosis.
  • In June 2022, Agilent Technologies Inc. announced that their CE-IVD marked instruments and kits are now IVDR Class A compliant under the new EU IVDR regulation from May 26, 2022. This ensures a seamless transition for EU labs using Agilent IVDR products, aligning with updated regulatory standards without interruption.
  • In January 2023, an MGI Tech Co., Ltd. subsidiary introduced its complete sequencing platforms at Biotech Showcase during JP Morgan Healthcare Conference Week. Dr. Rade Drmanac, Chief Scientific Officer, announced a "free three-month trial" and a "reagent rental leasing" program, allowing customers to test the quality and reliability of the products before making a purchase.

Related Reports

  • Biotechnology Market: The global biotechnology market size reached USD 1,224.31 billion in 2022 and is expected to hit around USD 3,210.71 billion by 2030, poised to grow at a CAGR of 12.8% during the forecast period from 2023 to 2030.
  • Lab Automation Market: The global lab automation market was estimated at USD 6.89 billion in 2022 and is expected to be worth around USD 13.20 billion by 2032 and poised to grow at a noteworthy CAGR of 6.72% from 2023 to 2032.
  • Medical Laser Market: The global medical laser market size accounted for USD 5.16 billion in 2022 and is expected to hit around USD 19.91 billion by 2032, poised to grow at a CAGR of 14.50% during the forecast period from 2023 to 2032.

Market Key Players:

  • Abbott
  • Agilent Technologies
  • Alcon, Inc.
  • AngioDynamics
  • Becton, Dickinson, and Company
  • BioMerieux SA
  • Bio-Rad Laboratories
  • BioTek Instruments, Inc.
  • Candela Medical
  • Cynosure, LLC
  • Danaher Corporation
  • Endress+Hauser
  • F. Hoffmann-La Roche Ltd.
  • IIlumina Inc.
  • IRIDEX
  • Lumenis

Company Synopsis

  • Alcon, Inc.

Alcon is the world's largest eye care device company, operating prominently in expansive and evolving markets such as ophthalmic surgical and vision care. These sectors are recognized for their substantial size, dynamic nature, and consistent growth.

Alcon Laboratories is considering the construction of a new $100 million, 250,000-square-foot manufacturing plant at its south Fort Worth campus, adjacent to existing structures. The eye care company's plans align with the approval granted by the Fort Worth City Council in May, nominating Alcon for the Texas Enterprise Zone Program.

  • Candela Medical

Candela Medical is at the forefront, empowering physicians with state-of-the-art technologies for advanced energy-based solutions across diverse medical-aesthetic applications. Candela Corporation, a global leader in energy-based solutions and the visionary behind the groundbreaking long-pulse radiofrequency (RF) micro needling device has introduced its latest marvel—the Profound Matrix™ system.

  • Illumina Inc

Illumina Inc. is a pioneering force, leading the way in developing, manufacturing, and marketing life science tools and integrated systems. Their expertise lies in enabling large-scale analysis of genetic variation and function. In a recent stride, in August 2023, Illumina Inc., a global powerhouse in DNA sequencing and array-based technologies, marked a significant milestone with the official opening of a new office and cutting-edge Illumina Solutions Center in Bengaluru, India.

Market Segmentation

By Product

  • Life Science Consumables
  • Medical Lasers

    • Ophthalmic
    • Therapeutics
    • Ablation
  • Lab Automation Instruments|

    • Genomics
    • Proteomics
    • Spatial Cell Analysis
    • Sequencing
    • Others
  • IVD Instruments

By End User

  • Pharmaceutical Companies
  • Government & Academic Institutions
  • Hospitals & Healthcare Facilities
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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