Rise in prevalence of diseases which requires scientific instruments, surge in the incidence of ageing associated diseases, increase in healthcare expenditure, and growing number of product launches in the healthcare sector drive the growth of the scientific instruments market. On the other hand, higher price of scientific instruments impedes the growth to some extent. However, rising demand for better instruments for researchers is expected to pave the way for lucrative opportunities in the industry.
According to the report published by Allied Market Research, the global scientific instruments market was valued at $30,289.1 million in 2020, and is projected to reach $49,770.2 million by 2030, registering a CAGR of 5.2% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Scientific instruments are designed, constructed, and refined such that they can aid for scientific purposes. These instruments are an important aspect for new product development, innovation, and remodeling of the existing products. The scientific purpose that can be accomplished using these devices include both natural phenomena and theoretical research. These equipment can be used for research purposes, especially in measuring, analyzing, and verifying the unproven properties and quantities of a material or an element.
COVID-19 scenario-
- The outbreak of the pandemic led to increase in need for scientific instruments in order to cater to the escalating demand for therapeutic alternatives to combat against the COVID-19 virus. This, in turn, has boosted the global scientific instruments market.
- This trend is quite likely to continue post pandemic as well.
The global scientific instruments market is analyzed across type, application, end user, and region. Based on type, the analytical instruments segment accounted for more than two-fifths of the total market share in 2020, and is anticipated to lead the trail by the end of 2030. The clinical analyzers segment, on the other hand, would register the fastest CAGR of 5.8% from 2020 to 2030.
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The advent of COVID-19 virus led to increase in mortality rates and hence was declared to be a pandemic. It had led to a drastic change in the market scenario. Healthcare workers, equipment, and facilities have been moved to cope with the rising number of patients with COVID-19. Furthermore, the pandemic caused major impediments in pharmaceutical and medical supply chain globally. The scientific instruments were the need of the hour to help combat with the growing demand for the therapeutic alternatives for COVID-19 virus. In addition, increase in investment over research purposes during the period led to high growth of revenue for scientific instruments during the forecast period.
North America is projected to account for a significant share of the global scientific instruments market during the forecast period. The market is anticipated to grow in the future, owing to surge in healthcare expenditure and rise in patient population in the region. In addition, Asia-Pacific is projected to gain fastest CAGR during the forecast period, owing to large patient population and surge in infrastructural development in the region. In addition, the government investment over R&D of the instruments would propel the growth of the scientific instruments market in the region.
The key players profiled in this report include Thermo Fisher Scientific, Agilent Technologies, Inc., Bruker Corporation, PerkinElmer Inc., Danaher Corporation, Shimadzu Corporation, Waters, F. Hoffmann-La Roche Ltd., Zeiss International, and Mettler Toledo.
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