Life Sciences and Analytical Instruments Market Size, Share, Growth Analysis, By Technology(NGS, PCR, Spectroscopy, Microscopy), By Application(Research applications and Clinical & diagnostic applications), By Region - Industry Forecast 2024-2031

Life Sciences and Analytical Instruments Market size was valued at USD 76.56 billion in 2022 and is poised to grow from USD 81.92 billion in 2023 to USD 140.75 billion by 2031, growing at a CAGR of 7% in the forecast period (2024-2031).

Major market players or manufacturers of the life sciences and analytical instruments market give various strategies to expand their operations and increase their profits. To strengthen their position in the global life sciences and analytical instruments market, they use strategies such as acquisitions, joint ventures, collaborations, mergers and new product launches. 'Agilent Technologies Inc.', 'Thermo Fisher Scientific Inc.', 'Danaher Corporation', 'PerkinElmer Inc.', 'Bruker Corporation', 'Waters Corporation', 'Shimadzu Corporation', 'Merck KGaA', 'GE Healthcare', 'bioMérieux SA', 'Hitachi High-Technologies Corporation', 'Bio-Rad Laboratories Inc.', 'Olympus Corporation', 'Beckman Coulter Inc.', 'Eppendorf AG', 'Illumina Inc.', 'Qiagen N.V.', 'Becton, Dickinson and Company', 'Hologic Inc.', 'Sartorius AG', 'On August 1, 2022, Thermo Fisher Scientific, Inc., a global leader in scientific services, introduced the Thermo Scientific Arctis Cryo-Plasma Focused Ion Beam (Cryo-PFIB), a new network and automated microscope designed to accelerate cryo-electron tomography (Cryo-ET) research', 'On August 3, 2022, Bio-Rad Laboratories, Inc., a global leader in life science research and clinical diagnostic products, announced that it had signed an agreement to acquire all of the outstanding shares of Curiosity Diagnostics. Curiosity Diagnostics, a late-stage, pre-commercial platform firm, is working on a sample-to-answer PCR system for the molecular diagnostics market.'

Industries such as biotechnology and pharmaceuticals are investing significantly on R&D. It is used to accelerate the need for drug development and innovative commercialization of drug molecules for the treatment of rare diseases. According to the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA), the pharmaceutical industry spends more than US$ 150 Bn annually on research and development. More than 7,000 new compounds were developed, while 56 new drugs were introduced. Rapid and efficient life science tools are essential to accelerate the drug development process. Increasing R&D in drug development for conditions such as cardiovascular diseases, neurological disorders, cancer, and infectious diseases is expected to drive the global life sciences and analytical instruments market.

Chromatography used in analytical chemistry, because of its ability to offer excellent features, like accurate separation capabilities, reproducibility, and quicker separation. A major trend in the market is the use of chromatography methods in many pharmaceutical applications, such as the quantification of chemicals in drugs. Increasing use of chromatography tests in drug approval and increasing support in the form of funding from the government are considered to contribute to the growth of the market during the forecast period.

On the basis of region, global life sciences and analytical instruments market is divided into North America, Europe, Asia-Pacific, Latin America, and MEA. North America accounted as the largest market for the global market with a share of nearly 38% of the market revenue in 2022. Increasing investment in research and development in the pharmaceutical industry will provide opportunities for key players in the sector. Increased regulatory analysis on the safety, quality and security of consumer products will also increase the adoption of testing and analytical tools by the food and beverage industry.