The North America scientific instruments market reached a value of US$ 11.9 Billion in 2018. Scientific instruments refer to the devices used for verifying, measuring and analyzing different unproven properties and quantities of an element. They can vary on the basis of their purpose, size, shape and complication. Some of the features and functionalities of scientific instruments include data sampling, resolution, storage, parameter adjustments, collection, analysis and retrieval. These instruments are used by research institutions to perform efficient and accurate research procedures. They also help in developing new products and manufacturing processes and innovating and refurbishing existing products. Apart from this, scientific instruments are also utilized for determining electric currents, altitudes in aircraft, atmospheric pressure, quantities of heat, etc.
The North America scientific instruments market is currently being driven by several factors. Such factors include the rising demand for these devices in the healthcare sector, such as incubators, thermal cyclers, microarray scanners and microplate dispensers. Moreover, increasing investments for scientific R&D projects, including life science research, human genome mapping, and proteomics, are also providing a thrust to the market growth. In addition to this, a rise in the number of chronic diseases has prompted researchers to develop more effective treatments. This has led to the introduction of advanced laboratory equipment, thereby influencing the market growth. Apart from this, various technological advancements, such as artificial intelligence and micro-technologies, are being incorporated with scientific instruments to expand their consumer base in the region. Looking forward, IMARC Group expects the market to reach a value of US$ 14.7 Billion by 2024, registering a CAGR of 3.5% during 2019-2024.
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