The global biotechnology instruments market is estimated to be valued at US$ 57.0 Bn or Billion in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The biotechnology instruments market comprises various instruments used across different application areas such as clinical diagnostics, research, and drug development & discovery. It provides various advantages such as accurate diagnosis, sensitivity in detection, high throughput, and easy handling. The growing demand for accuracy, speed, automation and standardization across industries like healthcare and research has boosted the adoption of biotechnology instruments globally.
Market key trends:
One of the major trends witnessed in the biotechnology instruments market is growing adoption of next-generation sequencing (NGS) techniques. NGS helps analyze DNA and whole genomes rapidly with high accuracy. It provides novel opportunities to understand complex disease mechanisms, develop personalized medicines, monitor cancer progression, and conduct population genomics research. Growing investments by key players to launch innovative NGS platforms will augment the segment growth over the forecast period.
Strength: This industry possesses strong R&D capabilities to develop advanced instruments for diagnostics, drug discovery, and therapeutics. It also has immense potential for innovation.
Weakness: High costs associated with development, regulatory clearances, and equipment make it difficult for small players to compete. Commercialization of new products also requires huge investments.
Opportunity: Growing demand for personalized medicine, point-of-care testing, and biologic drugs offer significant growth opportunities. Untapped markets in emerging nations also present scope for expansion.
Threats: Stringent regulatory norms and lengthy product approval processes poses challenges. Technology disruptions and entry of new players also increases competition.
The global Biotechnology Instruments Market is expected to witness high growth, exhibiting CAGR of 23% over the forecast period, due to increasing R&D investments in drug discovery and development. North America dominates the market currently due to concentration of key industry players and availability of latest instruments and technologies.
North America accounts for around 40% share of the global market owing to presence of major biotech companies in the US and Canada. Asia Pacific is poised to witness the fastest growth during the forecast period supported by growing biotech industries in China, Japan, and India. Governments are also promoting domestic manufacturing through initiatives like ‘Make in India’.
Key players operating in the Biotechnology Instruments Market are AngioDynamics, Cynosure, LLC.., Lumenis, Candela Medical, Novanta, Inc., Iridex, Alcon, Inc., and Zimmer Biomet, among others. The market is moderately concentrated with these players distributing a wide range of analytical equipment, liquid handling systems, bioinformatics systems, microscopes, tissue engineering instruments, and bioreactors.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it