The biotechnology instruments market encompasses a wide range of instruments used for various biotechnology applications such as cell culture, genomic analysis, liquid handling, electrophoresis, PCR, immunoassays, flow cytometry, and nano biotechnology. These instruments facilitate drug discovery, development, and manufacturing. The rising demand for biologics and biosimilars is driving significant investments in process development and manufacturing of biopharmaceuticals. This is propelling commercial expansion of the bioprocessing industry and bolstering adoption of advanced biotechnology instruments.
The global Biotechnology Instruments Market is estimated to be valued at US$ 57 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The commercial expansion of the bioprocessing industry is driven by the increasing demand for biologics and biosimilars. The production of biologics requires advanced biotechnology instruments for cell culture, purification, and analysis. With significant investments in this area, the demand for various bioprocess equipment including bioreactors, chromatography systems, filtration systems and other supporting equipment is increasing rapidly. This rapid growth of the bioprocessing market represents a major trend in the biotechnology instruments industry as customers seek advanced instruments to develop and manufacture biologics at large scales. The biotechnology instruments market is thus propelled by growing demand from bioprocessing companies.
SWOT Analysis
Strength: Biotechnology instruments market have advanced technologies that can perform complex analysis and experiments. Wide adoption of biotechnology tools in R&D of pharmaceutical and biotechnology companies.
Weakness: High initial investment is required to setup biotechnology labs. Lack of skilled professionals can hamper operations.
Opportunity: Growing focus on personalized medicine and disease diagnosis is creating demand for biotechnology instruments. Rising geriatric population worldwide increases the need for new drug development.
Threats: Stringent regulations for approval of new instruments. Intense competition among existing players can erode profit margins.
Key Takeaways
The Global Biotechnology Instruments Market Size is expected to witness high growth over the forecast period of 2023 to 2030. It is estimated that the market size will increase from US$ 57 Bn in 2023, growing at a CAGR of 5.3%.
Regional analysis: North America dominates the biotechnology instruments market currently owing to presence of major players and rapid adoption of new technologies. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to increasing R&D investments, favorable government policies, and rising medical tourism.
Key players: Key players operating in the biotechnology instruments market are Kawasumi Laboratories Inc., Blood Purification Technologies Inc., AWAK Technologies Pte. Ltd, Triomed AB, Asahi Kasei Medical Co. Ltd, US Kidney Research Corporation, Merit Medical Systems, NIPRO Medical Corporation, Fresenius SE & Co. KGaA. These players are focusing on new product launches and enhancing their global presence through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it