DUBLIN--(BUSINESS WIRE)--The "Analytical Laboratory Instrument Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
The global analytical laboratory instrument market was worth $93.86 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 7.3% and reach $124.41 billion by 2023. North America was the largest region in the analytical laboratory instrument market in 2019. Asia is expected to be the fastest growing region during the forecast period.
This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider analytical laboratory instruments market, and compares it with other markets.
Major players in the analytical laboratory instruments market are Agilent Technologies, Waters Corporation, Thermo Fisher Scientific, Danaher Corporation, SP Industries, PerkinElmer, Danaher Corp, Chemglass Life Sciences Inc., Citotest Labware Manufacturing Co. Ltd., and Kimble Chase.
The rapid growth in life science industries contributed to growth of analytical laboratory instruments market. A growing patient population suffering from life-style related problems such as diabetes and heart-related problems, and other life threatening diseases such as cancer and growing investment on research and development and increasing aged population aided the growth in life science industry. According to International Diabetes Federation, the diabetic population is expected to grow to 700 million in 2045 from 463 million in 2019.
Moreover, according to the 2019 Revision of World Population Prospects by United Nations, the population above 65 years will increase to 16% in 2050 from 11% in 2019 and the population aged 80 years and above are expected to increase to 426 million in 2050 from 143 million in 2019. This rapid growth in population depending on life sciences market will increase the necessity to conduct lab researches that require analytical laboratory instruments thereby increasing the demand for laboratory instruments. Therefore, growing life science industry is expected to drive the market for analytical laboratory instruments.
The cost of life science instruments is expected to increase limiting the new purchases of analytical laboratory instruments. Development of advanced features and functionalities, technological advancements, innovative systems have added to their price. A High Performance Liquid Chromatography (HPLC) ranges from $12,000 to $50,000. The average estimated cost per batch for 90-L column, media, and labor is around USD $3,700 considering the amortized value of the equipment. Drug development companies require a significant number of laboratory instruments and the cost of investment increases substantially due to high prices. Therefore, the rising cost of instruments has a negative impact on the growth of analytical laboratory instruments.
Companies in the analytical laboratory instruments market are manufacturing equipment with ability to record data and provide to the cloud. The use of cloud technology will assist scientists in sharing the results sooner. For instance, TetraScience, a technology company that provide platform for data integration, developed a technology to integrate the lab equipment that collects data continuously and provide to the cloud. This will help monitor the equipment in real time and provide accurate results making the research complete faster. Incorporating such technology in the equipment will help complete the research sooner, reduce manual work and makes the research cost efficient.
In July 2019, Agilent technologies, an analytical laboratory instrument manufacturing company acquired BioTek instruments for $1.2 billion. This acquisition will help Agilent Technologies broaden its portfolio in cell analysis workflow and allow the company to deliver to provide its customers reliable insights across a range of cell analysis applications. BioTek instruments is a manufacturer of scientific instruments that is used in life sciences and quality assurance industries.
Key Topics Covered
1. Executive Summary
2. Analytical Laboratory instruments Market Characteristics
3. Analytical Laboratory instruments Market Size and Growth
3.1. Global Analytical Laboratory instruments Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers of the Market
3.1.2. Restraints on the Market
3.2. Global Analytical Laboratory instruments Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers of the Market
3.2.2. Restraints on the Market
4. Analytical Laboratory instruments Market Segmentation
4.1. Global Analytical Laboratory instruments Market, Segmentation by Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Element Analysis
- Separation Analysis
- Molucular Enalysis
4.2. Global Analytical Laboratory instruments Market, Segmentation by End-User, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Diagnostic Laboratories
5. Analytical Laboratory instruments Market Regional and Country Analysis
- Agilent Technologies
- Bio-Rad Laboratories
- Chemglass Life Sciences Inc.
- Citotest Labware Manufacturing Co. Ltd.
- Danaher Corp.
- Kimble Chase
- Scilabware Ltd.
- SP Industries
- Thermo Fisher Scientific
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