Scientific Instruments Market to Reach USD 75.21 Billion by 2033; Increased Pharmaceutical R&D Spending to Propel Growth

The global scientific instruments market size is anticipated to grow from USD 40.07 billion to USD 75.21 billion in 10 years. The market will experience rapid growth due to technological advancements in scientific instruments during the forecast period.

Newark, Sept. 11, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 40.07 billion in 2023 global scientific instruments market will reach USD 75.21 billion in 2033. Scientific instruments are essential tools used for a variety of scientific purposes, including measuring, indicating, and recording physical values such as temperature, pressure, direction, and speed. These instruments are critical in laboratory settings where precision and accuracy are paramount.

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Compared to simpler devices like thermometers and scales, scientific instruments are more advanced and specialized, enhancing experimental control and simplifying complex operations. Their use spans natural phenomena observation and theoretical research, playing a vital role in scientific advancements by enabling precise data collection and the observation of phenomena invisible to the naked eye. These instruments are not only vital in professional research environments but are also widely used in educational institutions. Schools and colleges incorporate scientific instruments into their curriculum to provide students with practical experience, allowing them to apply theoretical knowledge in hands-on settings. This exposure helps students develop operational skills and a deeper understanding of the instruments’ functions, preparing them for future scientific endeavours.

Report coverage & details:

Report Coverage  Details              
Forecast Period      2024–2033                   
Base Year                        2023
Market Size in 2023  $ 40.07 Billion
Market Size in 2033         $ 75.21 Billion
CAGR                            6.5%
No. of Pages in Report         150
Segments Covered  Product, Application, Regions
Drivers               Increasing use in research studies
Opportunity          Rising investment in life science research and development activities
Restraints  Maintenance and sanitization requirements

Key Insight of the Global Scientific instruments Market

North America will dominate the market during the forecast period.

North America benefits from strong collaboration between educational institutions and manufacturers, as well as substantial investments in life sciences research. The region’s focus on developing new drugs and therapeutic technologies drives the demand for scientific instruments in clinical and diagnostic settings.

In 2023, the analyzer instruments segment dominated the market with the largest market share of 58.29% and revenue of 23.35 billion.

The product segment is divided into scientific analyzers instruments, scientific clinical instruments and others. In 2023, the analyzer instruments segment dominated the market with the largest market share of 58.29% and revenue of 23.35 billion.

In 2023, the research segment dominated the market with the largest market share of 42.90% and revenue of 17.19 billion.

The application segment includes research, clinical and diagnostics. In 2023, the research segment dominated the market with the largest market share of 42.90% and revenue of 17.19 billion.

In 2023, the hospital and clinic segment dominated the market with the largest market share of 31.02% and revenue of 12.42 billion.

The end-user segment includes research and academic institutes, government institutes, hospital and clinics, and pharmaceutical and biotechnology companies. In 2023, the hospital and clinic segment dominated the market with the largest market share of 31.02% and revenue of 12.42 billion.

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Advancement in market

NASA has chosen the Houston, Texas-based space exploration business Intuitive Machines to transport payloads to the south pole region of the moon. As part of the Artemis campaign, the space agency announced that it has given Intuitive Machines a $116.9 million task order under the Commercial Lunar Payload Services program.

Market Dynamics

Driver: Growing Research Utilization.

There is an increasing demand for scientific instruments due to the rise in research projects, particularly in fields like drug development and treatment discovery. These projects require the use of pure materials, free from contamination, and demand precision that only advanced scientific instruments can provide. The use of these instruments enhances the accuracy of experiments, reduces costs, and ensures consistent lab results. As a result, research organizations are increasingly adopting scientific instruments to improve the productivity and outcomes of their projects.

Restraints: Maintenance and Sanitization Needs.

Scientific instruments, due to their critical applications, require regular maintenance and sanitization to ensure optimal performance and prevent cross-contamination. The high maintenance requirements can be a barrier to market growth, as they add to the operational costs and complexity.

Opportunities: Increased Investment in Life Science R&D.

There is significant growth in government and private sector investments in life science research and development, particularly in the pharmaceutical industry. This surge is driven by advances in drug discovery, clinical diagnostics, and emerging applications in biotechnology, such as human genome mapping and proteomics. The demand for high-quality, high-throughput scientific instruments is expected to rise, further fuelling market growth.

Challenges: Regulatory Hurdles.

Scientific instruments used in clinical, diagnostic, and research applications must comply with stringent regulatory standards before they can be marketed. These regulations ensure the instruments’ safety, efficacy, and reliability but can pose significant challenges to manufacturers, potentially slowing down product approval and market entry.

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Some of the major players operating in the global scientific instruments market are:

• Agilent Technologies, Inc.
• Thermo Fisher Scientific
• Merck KGaA
• PerkinElmer Inc.
• Bruker Corporation
• Shimadzu Corporation
• Danaher Corporation
• Waters
• Zeiss International
• F. Hoffmann-La Roche Ltd.
• Mettler Toledo
• Promega Corporation
• Agilent Technologies, Inc.
• Lonza
• Danaher
• Geno Technology, Inc.
• BioThema AB

Key Segments covered in the market:

By Product

• Scientific Analyzers Instruments
• Scientific Clinical Instruments
• Others

By Application

• Research
• Clinical
• Diagnostics

By End-user

• Research and Academic Institutes
• Government Institutes
• Hospital and Clinics
• Pharmaceutical and Biotechnology Companies

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.

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