LONDON, Aug. 13, 2020 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the laboratory analytical instrument market, as COVID-19 cases rise, the need for testing is also increasing. In particular, laboratory-based molecular-assay tests are in demand. These tests require appropriate analytical instruments to accurately read and present data and derive results in a timely manner, thus putting pressure on the analytical laboratory instruments market. The pandemic has also created the challenge of limited capacity to execute tests in laboratories, resulting from a shortage of laboratory equipment, sub-optimized workflows, and lack of trained personnel needed to run tests. Moreover, financial constraints in many countries, such as restrained government funding for public health laboratories, are making it hard to build additional capacity. In some countries, huge gaps in supply and demand are leading to available laboratory-testing capacity being underutilized.
The global analytical laboratory instruments market reached a value of nearly $93.8 billion in 2019. The market is expected to grow from $93.8 billion in 2019 to $110.3 billion in 2023 at a compound annual growth rate of 4.1%. The growth is mainly due to an increased prevalence of chronic diseases and economic growth in developing countries. The analytical instrumentation market size is expected to stabilize and reach $125.8 billion in 2025 and $170.7 billion in 2030.
This growth is expected to be driven by technological advances, increase in healthcare access and rising prevalence of chronic diseases. Technological advances include 3D printing, which enables manufactures to produce innovative instruments that are light and reliable. Greater flexibility and customization are the other major advantages of 3D printing technology. 3D microscopes especially have the ability to increase productivity and improve diagnosis and research capabilities. They are capable of capturing images from different positions and generating 3D images. Unlike traditional microscopes, these 3D microscopes do not require the specimen to be cut into pieces but preserve the specimen for additional study.
Other advances include automation in analytical laboratory instruments which improves efficiency and saves time, along with the ability of analytical instruments to record data through cloud computing, which allows a large volume of storage. This platform for collecting data from instruments, storing configurations, sending configurations to instruments, and performing analyses provides for clear and efficient management of information received from analytical and scientific instrumentation research.
The Business Research Company’s report titled Analytical Laboratory Instrument Global Market Report 2020 covers major analytical laboratory instrument companies, analytical laboratory instrument market share by company, analytical laboratory instrument manufacturers, analytical laboratory instrument infrastructure market size, and analytical laboratory instrument market forecasts. The report also covers the global analytical laboratory instrument market and its segments. The analytical laboratory equipment market is segmented by type into element analysis, separation analysis, molecular analysis and by end-user into hospitals, diagnostic laboratories, pharmaceutical, biotechnology.
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Reduction in free trade, global recession, and supply chain disruption due to the impact of COVID-19 are major factors that could hinder the growth of the analytical laboratory instruments market in the future. Even after COVID-19, there may be financial constraints in the analytical laboratory instruments market, as major funding would be diverted to more important projects in efforts to sustain the economy of a country. In India, the analytical instruments industry expects that there will be meagre funding by the government in this sector after the COVID-19 phase. The industry anticipates that its customers in the pharma and biotech sector would curtail capital expenditures on new purchases during the post-COVID-19 phase.
There will also be a major wipeout in earnings as customers from all sectors will continue to manage with existing analytical instruments. Moreover, analytical instrument manufacturing is a complex and demanding multi-disciplinary capability involving deep science. India largely has multinational players in the space providing the key equipment across government and private labs. However, revenue generation could potentially remain afloat as the government is a major purchaser of such instruments and global companies have entered India on their own. Additionally, among others, the pharmaceutical industry is heavily dependent on analytical instruments, thus supporting the growth of the market.
Analytical Laboratory Instrument Global Market Report 2020 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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