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).

Life sciences and analytical instruments are used in a variety of industries, including laboratories, hospitals, clinics, and biotech and pharmaceutical firms. It is employed to assess and establish finished goods and raw materials. In contrast, much work is done in hospitals to accurately detect disease through the analysis of medical samples. A wide range of life science and analytical instruments are used in pharmaceutical, chemical, oil refinery, clinical and food processing laboratories for analytical purposes. These tools are help in physical structure determination and analysis. The growing aging population with an increasing sedentary lifestyle has resulted in an increase in the number of people suffering from lifestyle and chronic diseases such as obesity, diabetes, and cardiovascular disease. The modern world is highly competitive and busy, which results in acute stress in the population. No physical exercise, unhealthy diets, lack of sleep, and increased workload resulting in acute stress, migraine & sometimes depression are the today’s lifestyle of many peoples. To deal with the rising incidence of lifestyle diseases and other chronic conditions, healthcare institutions are developing tools, devices, and processes used for early detection of such conditions, and provide treatment options, for enhance the patient's recovery.

Increasing expenditure on research and development by pharmaceutical and biotechnological companies, growing public and private funding for life science research and rising incidence of target disease and genetic disorders are key factors that driving the growth of global life science and analytical instrument market. Use of various methods such as chromatography, spectroscopy, next-generation sequencing, polymerase chain reaction, flow cytometry, immunoassays, and clinical chemistry analyzers has increased significantly. This has led to a rise in demand for analytic instruments in the global market, which is boosting global life sciences and analytical instruments market.

According to data published by government in June 2021, approximately 1.2 million people in the United States have HIV (human immunodeficiency virus) and the incidence rate was 12.6 (per 100,000 populations). This indicates that the high incidence of HIV will increase the demand for analytical tools, thereby boosting the global life sciences and analytical instrument market. Lack of skilled professionals, high cost of life sciences and analytical equipment hamper the growth of the market.

US Life Sciences and Analytical Instruments Market is poised to grow at a sustainable CAGR for the next forecast year.