The Global Analytical Instrumentation Market was valued at USD 40.5 Bn in 2020 and is expected to reach USD 69.4 Bn by 2027, with a growing CAGR of 8.0% during the forecast period.
The increasing prevalence of chronic diseases coupled with the growing geriatric population across the globe is expected to drive the growth of the analytical instrumentation market during the forecast period. The number of chronic disease patients such as cancer, diabetes, heart attack, and others growing significantly which creates a surge in the demand for analytical instrumentation. For instance, according to the report of the American Heart Association, 2021, from the data of 2005-14, it is estimated that the annual cases of a heart attack in the US were 605,000 new attacks and 200,000 recurrent attacks for the age of 65.6 years for males and 72.0 years for females.
The stringent environmental standards along with increased demand for analytical instrumentation in the wastewater and water management industry is expected to fuel the growth of the analytical instrumentation market throughout the forecast period. Moreover, the increasing application of analytical instrumentation in various industries such as food & beverage, oil & gas, chemical, and others accelerated the growth of the analytical instrumentation market.
Based on end-users, the life science segment captured the largest market share in 2020 in the global analytical instrumentation market and maintains its dominance during the forecast period. The life science industry requires a broad range of production processes starting from simple chemical synthesis to complex drug production. The usage of analytical instrumentation techniques in pharmaceutical and biotechnology companies during various downstream stages of biopharmaceutical and pharmaceutical drug discovery, drug research & development, pharmacokinetics, toxicology, and clinical studies is likely to expand the growth of the analytical instrumentation market throughout the forecast period.
The increasing costs of instruments in the future, lack of awareness associated with health among people, and inaccessibility of other possible alternatives are expected to hamper the analytical instrumentation market growth. However, life science and analytical tools are widely used to analyse the DNA to discover new pharmaceutical drugs and determine the quality of food. The companies are highly spending in this field to boost the analytical instrumentation market. The advancements in the new products is expected to increase the opportunity to diagnose the samples accurately that help in specification to target the treatment for a specific patient, which in turn, accelerate the growth of the analytical instrumentation market in the future.
Global Analytical Instrumentation Market by Region Outlook (Revenue, USD Billion, 2021-2027)
In terms of geography, the Asia-Pacific region is expected to be the fastest-growing region in the analytical instrumentation market during the forecast period owing to the rapid development in industrialization and the significant growth in the automobile sectors. Countries such as China, Japan, and others supported the growth of the analytical instrumentation market due to the rapid technological advancements in the field of the automobile sector such as the emergence of electric vehicles in the countries. For instance, according to BYD Co. Ltd., the world's leading provider of electric buses, estimated that the sales of electric cars account for 70% by 2030 in China.
The Global Analytical Instrumentation Industry Segmentation:
Global Analytical Instrumentation Market by Product Type Outlook (Revenue, USD Billion, 2021-2027)
Global Analytical Instrumentation Market by End User Outlook (Revenue, USD Billion, 2021-2027)
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