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Global Scientific Instrument Market to Reach US$ 42 Billion by 2024, Fostered by Increasing Research Activities in the Pharmaceutical Industry

As per the latest report by IMARC Group, titled “Scientific Instrument Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global scientific instrument market size reached US$ 33 Billion in 2018. Scientific instruments refer to laboratory equipment utilized for measuring, analyzing, and verifying the properties of an element or material. They generally include ammeter, hydrometer, photometer, barometer, phonograph, chromometer and galvanometer that aid in examining the chemical and physical viabilities of materials which are further utilized for research purposes. These instruments widely used in a diverse range of industries, including life sciences, pharmaceuticals, biotechnology, and material sciences.

Global Scientific Instrument Market Trends:

One of the primary factors that are impelling the growth of the scientific instrument market is the increasing number of research and testing facilities, particularly in the pharmaceutical and biotechnology fields. This is further supported by investments in the healthcare sector by governments of numerous countries, owing to the aging population and the growing demand for generics and biosimilars. In line with this, pharmaceutical companies are striving to improve their drug development process as well as enhance the product quality, which is creating the need for high-quality scientific instruments. Furthermore, an increase in stringent environment regulations across the globe has provided a boost to the sales of measurement equipment for emission level control and compliance, particularly in the industrial sector. Apart from this, the rapid advancement in new areas of research, such as applied microbiology and neuroscience, has resulted in the requirement of better analysis equipment, which in turn, is significantly strengthening the market growth. Moreover, the growing collaborations and partnerships among manufacturers and education and research institutions have spurred the market growth. Looking forward, the market value is projected to reach US$ 42 Billion by 2024, expanding at a CAGR of around 4% during 2019-2024.

Market Summary:

  • Based on the end use, the market has been segregated into industrial, government institutes and academics. At present, the industrial segment accounts for the majority of the total market share.
  • On the basis of the type, the market has been bifurcated into scientific clinical analyzers and analytical instruments. Currently, scientific clinical analyzers represent the most popular scientific instrument across the globe.
  • Region-wise, the market has been classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Among these, North America dominates the market, holding the largest market share.
  • The competitive landscape of the market has also been examined with some of the key players being Agilent, Bruker, Danaher, Horiba, Thermo Fisher, Waters, Roche, Perkin Elmer and Merck.

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