Scientific Instrument Market Size to grow by USD 19966.9 million between 2024-2028
According to a research report “ Scientific Instrument Market” by Product (Laboratory analytical instruments and consumables, Measuring and monitoring devices) End-user (Pharmaceutical and biotechnology companies, Hospitals and diagnostic laboratories, Others) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 19966.9 million, at a CAGR of 5.45% during the forecast period. In the pharmaceutical and biotechnology sectors, the surge in research and development (R&D) investments to discover new drugs, driven by the rising prevalence of chronic diseases and the demand for personalized medicine, has significantly boosted the need for scientific instruments. These instruments play a pivotal role in the initial drug discovery phase, specifically during the identification of protein targets. The utilization of scientific instruments streamlines compound screening processes, enhances throughput, consistency, and reliability, and eradicates human error. Protein crystallization and crystallography techniques are indispensable tools in this regard, enabling the identification of potential drug targets by determining the structural components that can be manipulated to inhibit or enhance a protein's therapeutic function..
Browse market data tables, figures, and in-depth TOC on “Scientific Instrument Market” by Product (Laboratory analytical instruments and consumables, Measuring and monitoring devices) End-user (Pharmaceutical and biotechnology companies, Hospitals and diagnostic laboratories, Others) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample
By Product, the Laboratory analytical instruments and consumables segment is projected to dominate the market size in 2024
The laboratory analytical instruments and consumables segment of the global scientific instrument market plays a pivotal role in the life sciences sector, particularly in the diagnosis and analysis of specific infections. This segment encompasses mass spectrometers, chromatographs, and other instruments, which are instrumental in metabolomics, genomics, and proteomics research. Raman spectroscopy, a prominent technology within this segment, is increasingly demanded by the pharmaceutical industry for drug discovery and development. Raman spectroscopy utilizes spectrometers and the spectroscopic technique to unveil the chemical structure, concentration, identity, and behavior of molecules in various forms, including solids, liquids, gels, gases, slurries, and powders. In the pharmaceutical industry, Raman spectroscopy is employed for defining the structural composition of therapeutic drug agents, characterizing intermolecular interactions during drug discovery, and ensuring the authenticity and purity of manufactured drugs by detecting impurities and contaminants from packaging materials.
By End-user, Pharmaceutical and biotechnology companies segment is expected to hold the largest market size for the year 2024
In the pharmaceutical and biotechnology sectors, ensuring product quality and adhering to regulatory guidelines are paramount. Identifying and quantifying raw materials is a crucial aspect of this process, known as current good manufacturing practice (GMP). Portable analytical tools, such as X-ray fluorescence (XRF), Raman, and near-infrared (NIR) spectrometers, provide cost-effective solutions for these industries. These advanced laboratory analyzers enable accurate identification of materials and substances, addressing the issue of counterfeit drugs, which costs the industry an estimated USD10 billion annually. By implementing these technologies, pharmaceutical and biotech companies can enhance their quality control processes, safeguarding their reputation and consumer trust.
North America is forecasted to hold the largest market size by region in 2024
The North American scientific instrument market is experiencing robust growth due to substantial investments in healthcare research and testing, particularly in the United States. This region is home to well-established distribution networks for scientific instruments, making it an attractive market for industry players. Furthermore, the increasing emphasis of pharmaceutical companies on drug discovery and development is driving market expansion. Notably, the presence of leading laboratory automation companies in the US adds to the market's momentum. Several North American governments have also increased healthcare funding, further fueling the demand for scientific instruments in this region.
The Scientific Instrument Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Scientific Instrument Market encompasses a wide range of devices used for verifying, analyzing, and measuring physical quantities in various industries, including hospitals, clinical analyzers for disease diagnosis, pharmaceutical sectors for drug safety, and research institutions for theoretical research and field studies. In the context of public health emergencies, rapid and portable instruments like handheld and benchtop clinical analyzers play a crucial role in diagnosing and treating patients. The market includes thermal analyzers, X-ray diffraction, spectrometers, product microscopes, and other advanced instruments used for data analysis and automated solutions. These instruments are essential in laboratories, such as hospitals, university laboratories, and government laboratories, for ensuring accurate and efficient analysis of samples. Handheld and portable instruments, like portable X-ray machines and handheld spectrometers, are increasingly popular due to their convenience and mobility. The market is also witnessing remodeling towards automated solutions for enhancing productivity and reducing human error. The scientific instrument market is expected to grow significantly due to the increasing demand for advanced instruments in various sectors.
Market Research Overview
The Scientific Instrument Market encompasses a wide range of devices used for verifying, analyzing, and measuring various physical quantities in various sectors. These instruments play a crucial role in the diagnosis and treatment of mutated diseases, particularly in the areas of neurological and cardiovascular diseases, diabetes, and chronic conditions. The research segment, including pharmaceutical research, biotech, and cancer research, is a significant contributor to the market. In diagnostic laboratories and hospitals, clinical analyzers are used to measure biochemical parameters such as blood cell counts, cholesterol levels, and glucose levels in inpatients and outpatients. In the context of public health emergencies, these instruments are essential for diagnosing and monitoring infectious diseases. Laboratory automation and the use of scientific clinical analyzers, particle analyzers, chromatographs, and quality control systems are essential for ensuring drug safety and accuracy in pharmaceutical companies. Handheld and portable instruments are increasingly popular for field research and personalized healthcare, while spectrometer systems, microscopes, and particle accelerators are used in academia and private organizations for theoretical research and materials science. The market also includes instruments used in environmental monitoring, avionics technology, planetary exploration, and celestial bodies research. Biomarker detection systems, molecular analyzers, genetic sequencers, and precision medicine are key areas of focus in biotechnology research. The market is driven by the growing demand for drug discovery, genomics and proteomics, disease mechanisms, and molecular interactions. Startups and analytical instruments companies are also playing an increasingly important role in the market. Online and retail sales are significant channels for the distribution of scientific instruments to healthcare companies, laboratories, and individual researchers.
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