LIFE SCIENCE INSTRUMENTATION MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Life Science Instrumentation Market Size and Trends

The Global Life Science Instrumentation Market is estimated to be valued at USD 55.10 Bn in 2024 and is expected to reach USD 84.11 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.

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With rising investments in research and development of novel drugs, there is an increasing demand for technologically advanced life science instrumentation. Growing initiatives by governments worldwide to promote precision medicine is another factor boosting the adoption of modern life science instrumentation. Pharmaceutical and biotechnology industries are increasingly investing in advanced technologies like machine learning and artificial intelligence to accelerate drug discovery processes. This is creating favorable environment for players in this market with demand for high performance and innovative life science instrumentation expected to rise substantially in the coming years.

Growth in Pharmaceutical R&D Spending and Discovery Research

One of the major drivers fueling the growth of the global life science instrumentation market is the increase in spending on pharmaceutical R&D by biopharmaceutical companies around the world. A number of leading pharmaceutical companies are heavily investing in developing innovative drugs for various therapeutic areas such as oncology, cardiology and immunology. Life science instrumentation tools play a crucial role in enabling discovery research activities by providing accurate analysis, virtual screening and high-throughput testing capabilities. With rising investments dedicated for discovery, these tools have become indispensable for target validation, cell line development, assay optimization and screening large compound libraries to identify potential drug candidates. As per some estimates, the global pharmaceutical R&D expenditure increased from around US$160 billion in 2015 to over US$190 billion in 2020. In the coming years, spending levels are expected to rise further with large players expanding their pipelines and production capacity. Oncology alone accounts for over 25% of the total money invested in R&D activities. Many big pharmaceutical corporations have set aside multi-billion-dollar budgets for research specifically focusing on cancer treatment in a bid to come up with innovative targeted therapies and personalized medicines. This exponential increase in financial allocation for developing breakthrough new drugs will definitely propel the demand for cutting-edge life science instrumentation required by both industry and academic research organizations. For Instance, as indicated in an article from the U.K. Parliament in October 2022, the U.K.'s total expenditure on R&D for the year amounted to EUR 37.1 billion. Additionally, according to OECD data, Bulgaria had the highest pharmaceutical spending as a percentage of GDP in 2021, allocating approximately 32.4% to pharmaceuticals. This increased investment in pharmaceutical R&D is anticipated to drive market expansion in the coming years.

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Growing Adoption of Technological Advancements

Another important factor contributing to the positive outlook of the life science instrumentation market is the rising adoption of new technologies across various application areas. Continuous innovation is taking place in the development of instruments that are more efficient, higher-throughput, miniaturized and capable of multi-modal analysis. Emerging technologies such as automation, machine learning, artificial intelligence, robotics, next-generation sequencing and lab-on-a-chip are tremendously enhancing the capabilities of existing instruments. Transition to automated platforms is helping streamline complex workflow in spaces like proteomics, genomics and cell biology research. Use of robotics is minimizing manual errors and improving reproducibility. Lab automation is drastically reducing processing time and sample volumes required. Life science researchers and companies are rapidly embracing these technological breakthroughs to refine older techniques, develop novel methods and elevate the pace of scientific discovery. Affordable prices of some advanced instruments are also encouraging their wider acceptance. For instance, DNA sequencing machines have become more widespread with advances lowering costs 100 to 1,000-fold compared to previous versions