Scientific Instrument Market

Global Scientific Instrument Market:

The global scientific instrument market size reached US$ 44.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 67.5 Billion by 2032, exhibiting a growth rate (CAGR) of 4.7% during 2024-2032. The expanding scientific R&D sector and rising collaboration between the governments and manufacturers to provide the best instruments in government and university laboratories, and various other research institutions are some of the key factors driving the market growth.

Scientific Instrument Market Analysis:

• Major Market Drivers: The increasing concerns for product quality, rising investments in R&D activities, and stringent government regulations on drug safety are some of the major factors driving the scientific instrument market growth. 
• Key Market Trends: The increasing integration of automated solutions to enhance efficiency and accuracy in data analysis, along with the growing demand for portable and handheld instruments for on-the-go field research and point-of-care diagnostics, is augmenting the scientific instrument market demand.
• Competitive Landscape: Some of the leading players operating in the global market are Agilent Technologies Inc., Bruker Corporation, Danaher Corporation, Horiba Ltd., Thermo Fisher Scientific Inc., Waters Corporation, F. Hoffmann-La Roche AG, PerkinElmer Inc., and Merck KGaA, among many others.
• Geographical Trends: According to the report, North America currently dominates the global market. The growth of the region can be attributed to factors such as the increasing number of biotechnology research-related activities and the rising prevalence of chronic diseases in North America.
• Challenges and Opportunities: The scientific instrument market faces challenges such as rapid technological advancements requiring continuous innovation and investment to stay competitive. However, these challenges also present opportunities for companies to develop cutting-edge solutions, expand into emerging markets, and collaborate with research institutions to address evolving scientific needs, driving growth and market leadership.
   

Scientific Instrument Market Trends:

Increase in Number of Research and Development Projects

The rising number of research projects & studies is primarily driving the growth of the scientific instruments market. For instance, India's R&D sector is witnessing significant growth, with a notable increase in Gross Expenditure on Research and Development (GERD) from ₹6,01,968 million in 2010-11 to ₹12,73,810 million in 2020-21. In line with this, the United States is the leading country worldwide in terms of spending on research and development (R&D), with expenditures exceeding US$ 760 Billion purchasing power parity (PPP). Additionally, the increasing number of government funded research laboratories across the world is also augmenting the scientific instrument market share. According to the network of national laboratories, there are 69 research institutes/laboratories functioning under the Ministry of Science and Technology in India. Moreover, the rising collaboration between the governments and manufacturers to provide the best instruments in government and university laboratories, and various other research institutions is anticipated to contribute to the market growth across the globe.

Expanding Pharmaceutical and Biotechnology Sectors

Scientific instruments can be used to assist in bringing up novel products that can be used in the therapeutics of various chronic diseases. Moreover, factors such as the rising demand for point-of-care testing, the growing geriatric population, and the high prevalence of target diseases across the globe are expected to augment the need for scientific instruments. For instance, as per the International Diabetes Federation, approximately 537 million adults (20-79 years) were living with diabetes in 2021. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Hence, the rise in diabetes cases is expected to increase chronic disease complications, thereby driving the demand for scientific instruments to drive in-depth R&D and produce improved therapeutics. Besides this, to combat the rising demand for various biotechnology instruments, several prominent players are taking initiatives, which are positively impacting the scientific instrument market outlook. For instance, in June 2022, Agilent Technologies Inc. publicized that CE-IVD marked instruments, kits, and reagents were released as IVDR Class A in compliance with the new EU IVDR regulation. With the introduction of IVDR-compliant Class A products, labs in the European Union can continue to utilize Agilent IVDR instruments, kits, and reagents in their diagnostic processes without interruption.

Increasing Product Application in the Aerospace Industry

Scientific instruments play a crucial role in aerospace engineering and exploration. Technologies like spectrometers and cameras help analyze the composition of celestial bodies, aiding in planetary exploration and understanding the universe's origins. The rapidly increasing research activities in the aerospace sector are further catalyzing the market for scientific instruments. For instance, the remarkable launch of Chandrayan 3, which took place in August 2023, involved the utilization of various scientific instruments, such as ILSA Seismometer, RAMBHA-LP Langmuir Probe, LRA Retroreflector, CHASTE Thermal Probe, etc. In addition to this, various key market players are increasingly investing in developing technologically advanced instruments to facilitate in depth in the aerospace industry. For instance, in February 2024, Central Scientific Instruments Organization (CSIO) in association with Hindustan Aeronautical Limited (HAL) announced their plan to establish a cutting-edge Centre of Excellence (CoE) for Avionics in Chandigarh for advanced research and development in avionics technology to boost aerospace industry. Such initiatives are anticipated to propel the scientific instrument market size in the coming years.

Global Scientific Instrument Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global scientific instrument market report, along with forecasts at the global and regional levels from 2024-2032. Our report has categorized the market based on end-use and type.

Breakup by End-Use:

• Industrial 
• Government Institutes
• Academics
   

Industrial users dominate the market, accounting for the largest share

Based on the end-use sectors, the report has segregated the market as industrial, government institutes and academics. According to the scientific instrument market research report, industrial users dominate the market, accounting for the largest share.

Industrial users in the scientific instruments market encompass a diverse range of sectors, including pharmaceuticals, biotechnology, environmental monitoring, and manufacturing. They rely on scientific instruments for quality control, process optimization, research and development, and compliance with regulatory standards. These users demand robust and precise instruments tailored to their specific applications, driving innovation and customization in the industry. The industrial segment constitutes a significant portion of the market, with steady demand for instruments like spectrometers, chromatographs, and particle analyzers.

Breakup by Type:

• Scientific Clinical Analyzers
• Scientific Analytical Instruments
   

Scientific clinical analyzers are the most popular type, holding the majority of the market share

On the basis of type, the market has been segmented into scientific clinical analyzers and scientific analytical instruments. According to the report, scientific clinical analyzers are the most popular type, holding the majority of the market share.

Scientific clinical analyzers are sophisticated laboratory instruments designed to analyze biological samples, such as blood, urine, and tissue, for diagnostic purposes. These analyzers automate the process of testing samples for various parameters like glucose levels, cholesterol levels, and blood cell counts, providing accurate and timely results crucial for medical diagnosis and treatment planning. The scientific instrument market forecast by IMARC indicates that the increasing prevalence of various infectious diseases is prompting manufacturers to introduce advanced scientific instruments for clinical operations. For instance, in March 2022, Thermo Fisher Scientific launched a CE-IVD-marked next-generation sequencing instrument for use in clinical laboratories.

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
   

North America currently dominates the global market

On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. According to the report, North America currently dominates the global market.

The growth of the region can be attributed to numerous factors, such as the increasing number of biotechnology research-related activities and the rising prevalence of chronic diseases in North America. For instance, as per the Canadian Cancer Statistics 2022 Special Report, around 233,900 people were diagnosed with cancer in 2022. Also, one in 24 people in Canada was diagnosed with cancer within the previous 25 years. Thus, an increase in chronic diseases like cancer in the North American region is expected to utilize scientific instruments in biotech and pharmaceutical research.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Agilent Technologies Inc.
• Bruker Corporation
• Danaher Corporation
• Horiba Ltd.
• Thermo Fisher Scientific Inc.
• Waters Corporation
• F. Hoffmann-La Roche AG
• PerkinElmer Inc.
• Merck KGaA
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Global Scientific Instrument Market Latest News:

• April 2024: Shimadzu Scientific Instruments (SSI), the American arm of Japan-based Shimadzu, opened a new research and development (R&D) center in the U.S. The center is spread across three locations – a laboratory at SSI’s headquarters in Columbia, Maryland, an East Coast lab near Boston, Massachusetts, and a West Coast lab near San Francisco, California.
• March 2024: NASA chose the first science instruments designed for astronauts to deploy on the surface of the Moon during Artemis III. Once installed near the lunar South Pole, the three instruments will collect valuable scientific data about the lunar environment, the lunar interior, and how to sustain a long-duration human presence on the Moon.
• February 2024: Central Scientific Instruments Organization (CSIO) in association with Hindustan Aeronautical Limited (HAL) announced their plan to establish a cutting-edge Centre of Excellence (CoE) for Avionics in Chandigarh for advancing research and development in avionics technology to boost the aerospace industry.

Global Scientific Instrument Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the scientific instrument market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global scientific instrument market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the scientific instrument industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.