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.
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 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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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.
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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