Life Science Instrumentation Market Size, Share, Growth Analysis, By Technology(PCR, Spectroscopy, Microscopy, Chromatography), By Application(Clinical, Diagnostic, Research, Others), By Distribution Channel(Hospitals, Diagnostic Laboratories, Pharmaceutical, Biotechnology Companies), By Region - Industry Forecast 2024-2031

Life Science Instrumentation Market size was valued at USD 68.33 billion in 2019 and is poised to grow from USD 72.85 Billion in 2023 to USD 107.34 Billion by 2031, growing at a CAGR of 6.5% in the forecast period (2024-2031).

Key industry competitors in the life science instrumentation market are utilising market expansion tactics like acquisitions, mergers, and partnerships to broaden their product lines. Innovative technology and fresh product introductions have only been made by a select few companies. For example, NGS DreamPre, a fully automated method for next-generation sequencing (NGS), was introduced by Tecan Trading AG in February 2019. It produces quality-controlled, sequencing-ready NGS libraries in a matter of hours with no operator intervention or sample loss. The most popular business tactics utilised by market participants for expansion included product approval and launches, acquisition, collaborations, and agreements. For instance, due to its broad range of life science instrument products and associated accessories, Thermo Fisher Scientific, Inc. dominates the life science instrumentation market. Through insight-driven innovation and strategic M&A, Thermo Fisher has increased the scope of its product offering to better position itself in the market. For example, throughout the previous few years. In addition to the Vanquish Duo UHPLC system, Scientific Q Exactive UHMR mass spectrometer, Ion GeneStudio S5 Series next-generation sequencing systems, and ISQ EC Single Quadrupole mass spectrometer, Thermo Fisher also released the Biosystems QuantStudio 6 and 7 Pro Real-Time PCR Systems in April 2019 and the ISQ EC Single Quadrupole mass spectrometer in February 2018. 'Thermo Fisher Scientific Inc.', 'Agilent Technologies Inc.', 'Danaher Corporation', 'PerkinElmer Inc.', 'Waters Corporation', 'Bruker Corporation', 'Becton, Dickinson and Company', 'Bio-Rad Laboratories Inc.', 'Illumina Inc.', 'Qiagen N.V.', 'F. Hoffmann-La Roche Ltd.', 'GE Healthcare', 'Shimadzu Corporation', 'Oxford Instruments plc', 'Hitachi High-Technologies Corporation', 'JEOL Ltd.', 'Carl Zeiss AG', 'Nikon Corporation', 'Leica Microsystems GmbH', 'Olympus Corporation'

Increased Government’s initiatives.

Use of Artificial Intelligence to automate laboratories and development of similar high-tech instruments. For example, recently Agilent Technologies Inc. (NYSE: A) announced that it had purchased advanced artificial intelligence (AI) technology created by Virtual Control, a maker of AI and machine learning software that develops cutting-edge analysis solutions for lab testing. The software, dubbed ACIES, will be incorporated by Agilent into its top-tier gas chromatography and mass spectrometry (GS/MS) platforms in order to boost the effectiveness, efficiency, and precision of the high-throughput labs that the business works with all over the world.

North America is expected to continue dominating the life science instrumentation market during the projection period. The region has strong presence of food & beverage and pharmaceutical companies. Wherein, the product is used for testing of finished good for quality and safety testing. Thanks to the rising adoption of cutting-edge product introductions and technological developments, the region is enjoying higher market share. An important factor in the development of creative chemical methods in the area, which further propels the North American life science and chemical instruments market, has been the growing emphasis on the creation of new and enhanced drug assessment approaches to find highly complicated medications. For instance, Agilent unveiled the K6460S, a Class I medical device classified by the US Food and Drug Administration, in March 2020 as the next-generation clinical edition triple quadrupole LC/MS system. This technology is intended to enhance clinical lab workflows.