New Delhi: As per a recent report published by Fact.MR, the global Biotechnology Instruments market is poised to grow at a CAGR of 14.4% from 2022 to 2032.
During the said forecast period, the industry is likely to reach a valuation of nearly US$ 53.4 Billion in 2022, expected to close at a valuation of US$ 244 Billion.
The widespread use of point-of-care diagnostic equipment is a key driver for the industry. R&D breakthroughs have continuously improved the capabilities of point-of-care (POC) testing systems.
From 2015 to 2021, the market for Biotechnology Instruments grew at a CAGR of 14.9%, closing at a value of US$ 46.4 Billion. As of 2022, the industry is likely to reach US$ 53.4 Billion. Life Science Consumables are expected to be the highest revenue-generating component, while Hospitals and Healthcare facilities are considered to be the highest revenue-generating end-user with a CAGR of 15.2% and 14.7% respectively during 2022 – 2032.
Several governments are concentrating on manufacturing advanced health infrastructure and also on developing new drugs for chronic diseases. Hence, they are making hefty investments in the R&D sector in the healthcare facilities and providing certain grants for the pharmaceutical companies to come up with improved results.
Key Takeaways from the Market Study
♦ Global biotechnology instruments market to flourish 4.5x from 2022-2032
♦ Life science consumables to be a top-selling category, capturing more than 50% revenue and flourishing at a 15.2% CAGR
♦ By end-use, biotechnology instruments for hospitals & healthcare facilities to expand at a CAGR of 14.7%
♦ North America to emerge as the fastest-growing Biotechnology Instruments market, documenting a 15.6% CAGR
♦ APAC to be the 2nd most opportunistic market, expected to be valued at US$ 40 Billion in 2032
“Frequent occurrence of chronic diseases such as cancer and diabetes have spurred development of new drugs. To reduce the cost of producing the new drug, prominent manufacturers are adopting innovative techniques and biotechnology instruments across the globe,” comments a Fact.MR analyst.
The global market for biotechnology instruments is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.
In February 2021, Waters Corporation launched a next-generation liquid chromatography system-Waters ACQUITY PREMIER Solution. It features the company’s breakthrough MaxPeak High-performance Surface technology.
In July 2021, Lumenis introduced MOSES 2.0 Next-Generation Holmium Laser Technology. This launch was intended to increase the efficacy of urinary stones and enlarged prostate operation. This is feasible because of laser energy transfer improvement. Furthermore, increased investment initiatives aid many companies in expanding their market footprints.