Market Overview:
The Biotechnology Instruments market estimated at USD 45.54 Billion in the year 2022, is projected to reach a revised size of USD 69.37 Billion by 2030, growing at a CAGR of 5.4% over the analysis period 2023-2030.
Human civilization has been harnessing biological processes to enhance their standard of living for some 10,000 years, beginning with the first agricultural communities. Approximately 6,000 years ago, humans utilized the biological methods of microorganisms to make alcoholic beverages, bread, and cheese, and to preserve dairy products. Recently, due to the advent of biotechnology instruments, all these processes have become effortless, and new technologies have been discovered to increase the yield. Biotechnology is any technological application that incorporates the usage of biological systems, living organisms, or derivatives thereof, to manufacture or upgrade products or processes for specific use.
Top Key Players in the Biotechnology Instruments Market:
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 (Analytik Jena GmbH), F. Hoffmann-La Roche Ltd., IIlumina Inc., IRIDEX, Lumenis, Merck KGaA, Novanta Inc., and Other Major Players.
Market Dynamics and Factors for the Biotechnology Instruments Market:
Drivers:
Rise in Technological Advancements and The Increasing Knowledge in The Biotechnology Sector
With the rise in technological advancements and the increasing knowledge in the biotechnology sector, the demand for biotechnology instruments has significantly grown. Moreover, in healthcare and pharmaceutical applications, biotechnology has boosted the development and discovery of advanced medicines, therapies, diagnostics, and vaccines. Furthermore, breakthroughs in biotechnological techniques have generated new medicines for patients suffering from growth diseases, metabolic diseases, multiple sclerosis (MS), rheumatoid arthritis, cancer, and Alzheimer's disease thus driving the expansion of the Biotechnology Instruments Market during the forecast period.
Opportunities:
Adoption of Nanotechnology
Nanotechnology is a multidisciplinary sector that incorporated the usage of nano-sized particles and devices for various applications such as diagnostics, targeted drug delivery, and the production of new therapeutic materials. Nanoparticles such as gold and silver have been utilized in biomedical and diagnostic applications, for the detection of viral particles for certain instances. Nanotechnology has proven to aid in treating viral infection by modes of various mechanisms. Moreover, the employment of nanotechnology in the development of new medicines has been acknowledged as a key enabling technology, capable of offering new and innovative medical solutions to address unmet medical needs. Thus, providing tools required for nanotechnological processes is an essential opportunity for the market players.
Segmentation Analysis of the Biotechnology Instruments Market:
By Products, the life science consumables segment is anticipated to lead the Biotechnology Instruments Market during the period of forecast. The life science consumable is a vast field that includes research in food, forensics, cancer, and proteomics fields.
By Technology, the spectroscopy segment is expected to dominate the Biotechnology Instruments Market. Mass spectrometry is a type of spectroscopy, has wide application in diverse fields such as forensic toxicology, metabolomics, proteomics, pharma, biopharma, and clinical research.
Regional Analysis of the Biotechnology Instruments Market:
The North American region is anticipated to lead the growth of the Biotechnology Instruments Market in the forecast period. The presence of major companies and highly skilled professionals are the major factors driving the Biotechnology Instruments Market growth in this region. Moreover, countries such as the US, and Canada have made huge amounts of funding for the technological advancements in biotechnology instruments to improve the diagnostics process and to enhance the research-oriented work for the findings of novel techniques to treat cancer and other deadly diseases.
Key Industry Development:
In August 2021, BD (Becton, Dickinson, and Company), a leading global medical technology company, declared the inauguration of a new, completely automated high-throughput diagnostic system utilizing sample management software algorithms and robotics to establish a new standard in automation for infectious disease molecular testing in the United States for core laboratories and other centralized laboratories.
In July 2021, Agilent Technologies Inc. declared the launch of an optimized and verified method for PFAS Analysis in Water by triple quadrupole for liquid chromatography (LC/TQ) for testing per and poly-fluoroalkyl substances (PFAS) in surface and drinking water by employing mass spectrometry and liquid chromatography.
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
