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.
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The global Scientific Instruments Market was estimated at $30.28 billion in 2020 and is expected to hit $49.77 billion by 2030, registering a CAGR of 5.2% from 2020 to 2030.
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 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.
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The growth of the scientific instruments market is attributed to technological advancements related to scientific instruments and increase in surge in incidences for identification of chronic conditions of such as diabetes, cancer, and other conditions.
Based on application, the research segment contributed to nearly half of the total market revenue in 2020, and is expected to dominate by 2030. The clinical and diagnostics segment, however, would manifest the fastest CAGR of 5.6% throughout the forecast period.
Based on region, North America held the major share in 2020, garnering more than two-fifths of the global scientific instruments market. The market across Asia-Pacific would cite the fastest CAGR of 7.2% from 2020 to 2030. The other provinces studied in the report include Europe and LAMEA.
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The key market players analyzed in the global scientific instruments market report include Agilent Technologies, Inc., Bruker Corporation, PerkinElmer Inc., Danaher Corporation, Shimadzu Corporation, Waters, Thermo Fisher Scientific, Mettler Toledo, F. Hoffmann-La Roche Ltd., and Zeiss International.These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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