Market Challenges And Opportunities

Global Biotechnology Instruments Market Drivers:

Rising prevalence of target diseases to augment market growth

One of the key factors expected to augment growth of the global biotechnology instruments market over the forecast period is the rising prevalence of chronic diseases across the world. For instance, with the increasing prevalence of chronic disease (which leads to an increasing number of surgical procedure), the demand for biotechnology instruments is also increasing rapidly. According to the World Health Organization (WHO), cardiovascular diseases account for most NCD deaths, or 17.9 million people annually, followed by cancer (9.3 million), chronic respiratory disease (4.1 million), and diabetes (2.0 million including kidney disease deaths caused by diabetes).

High demand for Point-of-Care (POC) tests to drive market growth

Another factor which is driving the growth of the global biotechnology instruments market is the increasing demand for point-of-care (POC) tests around the world. For instance, in January 2023, Cipla announced the launch of Cippoint, a point-of-care testing device. This state-of-the-art device offers a wide range of testing parameters including cardiac markers, diabetes, infectious diseases, fertility, thyroid function, inflammation, metabolic markers, and coagulation markers. Cipla aims to bridge the gap in the diagnostic ecosystem in India by providing both reliable and accurate tests at affordable prices, thus enabling a faster clinical decision-making process.

Global Biotechnology Instruments Market Opportunities:

Increasing demand for biotechnology instruments around the world is expected to offer significant growth opportunities for players in the biotechnology instruments market. For instance, with the rise in global disease burden, the demand for safe and effective is also increasing rapidly. In July 2021, Bio-Rad Laboratories, Inc. collaborated with Seegene, Inc. for the clinical development and commercialization of infectious disease molecular diagnostic products/solutions. Seegene, Inc.’s unique assay design, chemistries, and high-level multiplexing can detect several infectious disease targets simultaneously, making the assays well-suited for syndromic testing.

Growing geriatric population across the globe is expected to offer significant growth opportunities for players in the global biotechnology instruments market. For instance, aging increases the risk of chronic diseases, such as heart disease, cancer, diabetes, dementias, and/or arthritis, and chronic diseases are the leading causes of disability and death among the elderly population worldwide. According to the World Health Organization (WHO), by 2030, one in six people in the world will be aged 60 years or over, and the world’s population of people aged 60 years and older will double (2.1 billion) by 2050. This in turn is driving the market growth.

Global Biotechnology Instruments Market Restraints:

High cost of biotechnology instruments to hinder market growth

One of the key factors expected to hamper growth of the global biotechnology instruments market is the high cost of biotechnology instruments. For instance, the operating and maintenance costs of biotechnology instruments is high as compared to other instruments, which in turn hamper the adoption of biotechnology instruments. The cost of biotechnology instruments ranges from around US$ 20,000 to US$ 50,000. Thus, high cost of biotechnology instruments is one of the challenges for the growth of global biotechnology instruments market.

Dearth of skilled professionals to hamper the market growth

Another factor which is hampering the growth of the global biotechnology instruments market is the dearth of skilled professionals. Shortage of skilled professionals in the field of biotechnology is a major hurdle for market growth, as a number of players in the market require experienced and trained staff at their facilities. There are smaller number of experts and professionals working in this field and very few academic institutions/universities offer courses and trainings for healthcare information technology in developing economies. Hence, lack of skilled professionals is expected to act as a restraining factor for market growth.