ANALYTICAL INSTRUMENTATION MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 Life sciences account for the largest analytical instrument industry share, representing a quarter of the entire industry. Life sciences comprise more than 13 individual technology segments, encompassing various applications using analytical tools such as spectrometry, atomic spectroscopy, and molecular spectroscopy, among others. It provides significant opportunities for the growth of both general instrument applications and niche research systems.

Demand for Next Generation Sequencing (NGS) continues to flourish, impacting the sequencing segment and driving strong demand in the nucleic acid sample preparation segment. This growth was evident in the public and private sectors, as genomics technology went beyond basic research to reach the biomedical domain.

Such tremendous growth is expected to create a significant demand for analytical instrumentation solutions, as it helps pharmaceutical companies comply with stringent regulations on drug safety.

The market is witnessing several strategic developments, such as new product developments, mergers, and collaboration, that suggest an increase in the adoption of the analytical tool in the segment.

Drug discovery and clinical research require various complex diagnostic instruments, analytical instruments, advanced medical devices, testing equipment, and many other specialized products. The COVID-19 pandemic resulted in significant demand in the market due to the growing need for accelerated research and public expectations of unprecedented progress from the scientific community.

The Analytical Instrumentation Market size is expected to grow from USD 49.47 billion in 2023 to USD 66.27 billion by 2028, at a CAGR of 6.02% during the forecast period (2023-2028).

The increasing concern for product quality, increasing investments in R&D, and stringent government regulations are the major factors driving the analytical instrumentation market growth. Increasing customer awareness, especially in emerging regions, and the need for analytical instruments across multiple sectors are expected to expand the market growth. Stringent regulations on drug safety, increasing focus on the quality of food products, expansion of crude and shale gas production, and technological advancements in mass spectrometers would aid the market growth.

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