The global scientific instruments market size was valued at USD 40.6 Billion in 2022 and is likely to reach USD 65.4 Billion by 2031, expanding at a CAGR of 5.44% during the forecast period, 2023 – 2031. The growth of the market is attributed rising number of research activities across various sectors.
Increasing investments and initiatives toward scientific research and development are resulting in a high demand for advanced scientific instruments in various sectors. Government and private entities are heavily investing in scientific research, particularly in emerging technologies and critical areas, including space exploration, defense, and healthcare. Such wide-scale scientific research activities and projects are propelling the market. For instance,
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According to the UNESCO Institute for Statistics, global spending on research and development has exceeded USD 1.7 trillion. Around 10 countries are responsible for 80% of the overall investment, while other countries are focusing on increasing their public and private R&D spending and the number of researchers by 2030.
Scientific instruments are important for collecting accurate and reliable information. These instruments are utilized in physics, chemistry, biology, and other crucial fields where small variations have significant implications. Additionally, scientific instruments facilitate automation and data collection on a large scale and record data continuously. The growing advances in technology are leading to upgradation in these devices, thereby, further boosting their adoption from various fields of research.
The research report finds that the COVID-19 pandemic moderately impacted the market. During the pandemic, the demand for certain types of instruments directly related to pandemic response, such as diagnostic equipment used for virus detection and genomic analysis has increased. On the other hand, the pandemic has also disrupted supply chains and manufacturing processes, causing delays in the production and delivery of scientific instruments.
Impact of Artificial Intelligence on Scientific Instruments Market
Artificial intelligence is propelling the market. AI-powered data analysis and automation are playing a pivotal role in various scientific settings. The utilization of this advanced technology is helping to accelerate the pace of research while reducing the margin of error making scientific investigations precise and productive. For instance,
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On May 17, 2023, Deepcell, Inc., an advanced life science technology provider, announced the launch of the REM-I Platform which is an artificial intelligence-powered single-cell analysis platform. This technology has the ability of single-cell sorting, imaging, and high-dimensional analysis. Moreover, the REM-I Platform is introducing new ways to research in various fields, such as stem cell biology, developmental biology, gene therapy, cancer biology, and others.
Scientific Instruments Market Dynamics
Major Drivers
Increasing number of research activities globally is expected to drive the market. Scientific research across various sectors, such as healthcare, materials science, and environmental studies is fueling the demand for scientific instruments. Researchers constantly require new tools and equipment to conduct experiments, gather data, and make discoveries.
Moreover, the growing need for imaging instruments in medical fields for disease diagnosis, genetic testing, and drug development further boosts their demand in the market.
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On February 27, 2023, Bruker, a global supplier of scientific instruments, introduced the new edition of the nanoscale 3D X-ray microscope SKYSCAN™ 2214 CMOS. It contains the latest scientific CMOS detector technology and modern X-ray imaging for the highest-resolution image outcomes for industrial and academic research. This has simple user-friendly 3D.SUITE software for advanced image analysis and straightforward data collection.
Existing Restraints
High maintenance and lifecycle costs are expected to hinder the market. Owning scientific instruments involves regular maintenance and operational costs. These instruments often require a substantial investment, and not all research institutions, laboratories, or industries have the financial resources to acquire them. Furthermore, the lack of specialized and required skilled operators reduces the demand for scientific instruments in the market.
Emerging Opportunities
Rising utilization of automation and robotics technology to develop advanced scientific instruments is expected to create immense opportunities for the players competing in the market. Manufacturers are focusing on emerging instruments with robotics and automation capabilities to perform repetitive tasks.
This helps researchers to achieve high-precision outcomes while reducing human errors. Moreover, the use of these advanced instruments in drug discovery, genomics, and high-throughput screening to reduce time and cost further propels the market.
Scope of Scientific Instruments Market Report
The report on the market includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Scientific Instruments Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Clinical Analyzers, Analytical Instruments, and Others), Application (Clinical & Diagnostics, Research, and Others), and End-user (Pharmaceutical & Biotechnology Companies, Hospitals & Diagnostic Laboratories, Government Institutes, Research & Academic Institutes, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Agilent Technologies, Inc.; BioThema; Bruker; Danaher; F. Hoffmann-La Roche Ltd; Geno Technology, Inc; Lonza; Merck KGaA; Mettler Toledo; PerkinElmer Inc; Promega Corporation; Shimadzu Corporation; Thermo Fisher Scientific Inc; Waters Corporation; and Carl Zeiss AG
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Scientific Instruments Market Segment Insights
Type Segment Analysis
Based on type, the scientific instruments market is divided into clinical analyzers, analytical instruments, and others. The analytical instruments segment is expected to hold a major market revenue share during the forecast period, due to their importance in investigating and understanding the properties and composition of various substances.
Analytical instruments are utilized in pharmaceuticals, environmental monitoring, and materials science. Moreover, the increasing availability of advanced and improved analytical instruments further boosts their demand in the market. For instance,
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On June 27, 2023, Bruker, a scientific instruments manufacturer, announced the launch of an advanced device called D6 PHASERTM X-Ray Diffraction. Unlike traditional powder diffraction methods, this device is designed to perform analytical methods beyond powder diffraction. The D6 PHASER offers versatility and flexibility with its DIFFRAC.SUITE software and allows users to automate measurements or customize configurations to optimize data quality.
The clinical analyzers segment is expected to expand at a significant CAGR in the coming years, owing to the increasing demand for medical tests and diagnostics to cater rapidly growing population. Clinical analyzers are used for diagnosing diseases, such as diabetes, infections, cancer, and others. They are incredibly versatile and gather precise data which further fuels their demand in the market.
Application Segment Analysis
On the basis of application, the market is classified as clinical & diagnostics, research, and others. The research segment is anticipated to register robust growth in the market, owing to the increasing occurrence of various chronic diseases, such as cardiovascular diseases, cancer, and neurological diseases.
Researchers use these advanced scientific instruments while conducting a variety of experiments and developing new effective medicines. Moreover, increasing research activities in educational institutions and universities contribute to the growing demand for this type of instrument in the market.
End-user Segment Analysis
In terms of end-user, the scientific instruments market is fragmented into pharmaceutical & biotechnology companies, hospitals & diagnostic laboratories, government institutes, research & academic institutes, and others. The hospitals & diagnostic laboratories segment is expected to hold a key market share during the projected period, as they deal with a continuous stream of patients who require various medical tests and procedures.
This steady flow leads to a higher demand for scientific instruments for diagnostics, such as blood analyzers, imaging machines, and lab equipment. Moreover, the increasing number of surgical processes that require scientific instruments to diagnose accurately for effective patient care in hospital and clinical settings further boosts the market.
The pharmaceutical and biotechnology companies segment is projected to register a considerable CAGR during the forecast period, due to the rising demand for precise scientific instruments to develop new medicines or drugs. Researchers need these tools to study molecular structures, identify potential drug candidates, and test their effectiveness.
Regional Analysis
In terms of region, the global scientific instruments market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market, as this region has the presence of numerous universities, research institutions, and technology companies that constantly need advanced scientific instruments for their work.
Furthermore, the growing governmental investments in scientific research and healthcare contribute to the market's expansion in this region.
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According to a report by the National Center for Science and Engineering Statistics, the United States government has increased its investment in research and development by USD 51 billion in 2020, bringing the total to USD 717 billion, and estimated that this total investment is further expected to increase to approximately USD 792 billion in 2021.
The market in Asia Pacific is anticipated to expand at a significant pace in the coming years due to the rapid economic growth in recent years. This growth has led to increased investments in research and development across various sectors which creates a strong demand for scientific instruments.
Moreover, emerging economies such as China and India are focusing on expanding their healthcare systems to meet the needs of their growing populations. These all factors contribute to propelling the market in this region.
Segments
The global scientific instruments market has been segmented on the basis of
Type
- Clinical Analyzers
- Analytical Instruments
- Others
Application
- Clinical & Diagnostics
- Research
- Others
End-user
- Pharmaceutical & Biotechnology Companies
- Hospitals & Diagnostic Laboratories
- Government Institutes
- Research & Academic Institutes
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Agilent Technologies, Inc.
- BioThema
- Bruker
- Danaher
- F. Hoffmann-La Roche Ltd
- Geno Technology, Inc
- Lonza
- Merck KGaA
- Mettler Toledo
- PerkinElmer Inc
- Promega Corporation
- Shimadzu Corporation
- Thermo Fisher Scientific Inc
- Waters Corporation
- Carl Zeiss AG
Competitive Landscape
Key players competing in the global scientific instruments market are Agilent Technologies, Inc.; BioThema; Bruker; Danaher; F. Hoffmann-La Roche Ltd; Geno Technology, Inc; Lonza; Merck KGaA; Mettler Toledo; PerkinElmer Inc; Promega Corporation; Shimadzu Corporation; Thermo Fisher Scientific Inc; Waters Corporation; and Carl Zeiss AG
These companies are driving their market share by adopting various approaches, such as collaborative partnerships, mergers, cutting down production expenses, introducing new product offerings, and implementing advanced technological solutions.
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On August 24, 2023, Thermo Fisher Scientific, a science technology company, announced the commercial launch of EXENT. It is an advanced solution designed to revolutionize the diagnosis and assessment of monoclonal gammopathies in patients, including multiple myeloma The EXENT is currently available for commercial use in several countries, including the United Kingdom, France, Germany, Italy, the Netherlands, Spain, and Belgium.
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