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 driving factors influencing the global analytical instrumentation market are the increasing prevalence of chronic disease coupled with the increasing geriatric population across the globe. 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.
In addition, the stringent environmental standards along with increased demand for analytical instrumentation in the wastewater and water management industry are expected to fuel the growth of the analytical instrumentation market throughout the 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.
By Product Type
Based on product type, the chromatography segment in the analytical instrumentation market holds the major market share due to the various applications in life science, pharmaceuticals, and others
The chromatography segment in analytical instrumentation market held the major market share in 2020 and is expected to show their dominance over the forecast period. The growth in the segment is mainly attributed to the various application in the fields of life science, pharmaceuticals, and others. Chromatography is categorized into liquid, gas, and ion. Liquid chromatography is utilized in discovering complex proteomic investigations. Ion chromatography methods are particularly used in scientific research, environmental testing, and quality control in drugs, food and beverages, and other industrial processes. Gas chromatography is used for food safety testing, quantitative screening of environmental samples, and complex molecular analysis.
Based on the end-user, the life science segment in the analytical instrumentation market garners the largest market share during the forecast period owing to the increasing demand from pharmaceutical and biotechnology companies
The life science segment in the analytical instrumentation market captures the largest market share in 2021 in the global analytical instrumentation 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 use of analytical instrumentation techniques in drug and biotechnology organizations during different downstream phases of biopharmaceutical and drug discovery, drug research and development, pharmacokinetics, toxicology, and clinical examinations is probably going to extend the development of the analytical instrumentation market throughout the period.
Based on regions, North America holds the largest market share in the analytical instrumentation market during the forecast period owing to the increasing geriatric population coupled with the rising prevalence of chronic disease
North America captures the largest market share in 2021 and is expected to maintain its dominance in analytical instrumentation market during the forecast period. The growth in the region is mainly attributed to the increasing geriatric population coupled with the increasing prevalence of chronic disease. For instance, according to The National Diabetes Statistics Report, 2020, US, it is estimated that 34.2 million people of all ages had diabetes. Around 10.5% of the US population suffering from diabetes. Moreover, the North American region especially Canada held a prominent share in the oil & gas sector in 2019, which in turn, the surge in the demand for analytical instruments for quality measures and others. For instance, according to British Petroleum, in 2019, the total amount of oil exports from Canada was estimated at 4,683 thousand barrels per day. Moreover, Canada held around 9.8% of global oil reserves. Therefore, these facts contributed to the growth of the analytical instrumentation market in the region.
Asia-Pacific region is anticipated to be the fastest-growing region in 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, the sales of electric cars account for 70% by 2030.
The report also provides an in-depth analysis of analytical instrumentation market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Analytical Instrumentation Market Analysis
The COVID-19 pandemic has negatively impacted various industries such as oil & gas, manufacturing, and others. The analytical instrumentation industry is facing challenges in its manufacturing and supply chain, like, delivering products to the end-user on time and an uneven decline in the demand for products and services. The disruption in the demand for analytical instrumentation is mainly due to the strict lockdown imposed by the government. The lockdown shut down the operations of the industry by which impacted the production and supply chain of products & services. However, with the increased cases of COVID-19, there is a surge in the demand for analytical instrumentation in laboratories. A more detailed analysis specific to this industry will be provided in the report.
The report also provides an in-depth analysis of key trends in the analytical instrumentation market
The report also provides an in-depth analysis of recent news developments and investments
The key players operating in the analytical instrumentation market are:
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
COVID - 19 Opportunity Mapping
Regional Market Analysis