Biotechnology Instruments Market, By Product ((Lab Automation Instruments (Proteomics, Genomics, Sequencing, Spatial Cell Analysis, and Others), Life Science Consumables, IVD Instruments, and Medical Lasers (Therapeutics, Ophthalmics, and Ablation)) and By End-Use (Government & Academic Institutes, Pharmaceutical & Biotechnology Companies, Hospitals & Healthcare Facilities, and Others), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : Jun 2023

Code : CMI5931

Pages :150

Formats :

Excel and PDF

Industry : Biotechnology

Biotechnology Instruments MarketSize and Trends

The global biotechnology instruments market was valued at US$ 50.2 Bn in 2022 and is forecast to reach a value of US$ 106.7 Bn by 2030 at a CAGR of 9.4% between 2023 and 2030. The global biotechnology instruments market is experiencing strong growth due to the rising in burden of chronic diseases and high demand for point-of-care (POC) tests/devices. Moreover, increasing demand for biotechnology instruments and growing geriatric population is expected to propel the growth of the market. However, factors such as high cost of biotechnology instruments and dearth of skilled professionals are expected to hamper the market growth.

Global Biotechnology Instruments Market Trends:

High demand for life science consumables is a recent trend

Life science consumables generally refer to syringes, pipettes, funnels, beakers, testing kits, pipette tips, falcon tubes, filter paper, plates, and cuvettes. Recently, glass consumables have been gaining in popularity over plastic consumables due to several advantages. The outbreak of COVID-19 has also increased the demand for life science consumables due to increasing demand for testing kits. For instance, the demand for PCR kits increased significantly during the pandemic as RT-PCR kits emerged as one of the essential requirements in every household. This trend is expected to continue over the forecast period, driving the growth of the market.

Advancements in genome sequencing is another trend

Advancements in genomic capability have led to noteworthy improvements in reliability and speed of whole genome sequencing. Thus, whole genome sequencing is anticipated to make significant real-time contribution toward public health response and scientific understanding of the COVID-19 outbreak (pandemic). The first whole genome sequencing of SARS-CoV-2 was shared online in January 2020. Since then, researchers have shared more than 32,000 viral genomes from across the globe. This in turn helped in tracing the origin of COVID-19 outbreak in different countries and has also helped pinpoint community transmissions.