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.
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