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The laboratory analytical instruments and consumables market size is forecast to increase by USD 18.6 billion at a CAGR of 8.99% between 2023 and 2028. The market is experiencing significant growth due to the emergence of precision proteomics in the development of personalized medicine and therapies. This technological advancement enables the identification and measurement of proteins at the molecular level, contributing to the diagnosis and treatment of various diseases, including those with high prevalence, such as infectious diseases. Furthermore, the increasing investments in drug discovery and development fuel the demand for advanced analytical instruments and consumables in research and development settings. These tools facilitate the identification of new drug targets and the optimization of drug candidates, ultimately leading to the creation of more effective treatments for a wide range of conditions.
It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The market is integral to various industries, including the environmental, biopharmaceuticals, clinical research, diagnostics, pharmaceuticals, biotechnology, and life sciences sectors. Catering to the environmental safety industry and agricultural testing laboratories, these instruments play a crucial role in ensuring accuracy and reliability in testing procedures. They find application in diverse fields such as the chemicals, petrochemicals, mining and metals, and commercial development sectors. With semiconductors, electronics, and nanotechnology driving innovation, laboratory analytical instrumentation continues to evolve. Corporate profiles of prominent companies in this sector reflect a commitment to excellence in research and development. Macroeconomic analysis considers external factors influencing market dynamics, ensuring adaptability to changing industry landscapes. These instruments are indispensable tools for precision and efficiency in laboratories, including those in hospitals and medical centers. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The high prevalence of infectious diseases is notably driving the market growth. The increasing prevalence of infectious diseases is expected to spur market growth as it increases the need for disease awareness initiatives. Awareness campaigns to recognize the signs and symptoms of infectious diseases and how to prevent them play an important role in preventing the spread of infectious diseases. Infectious diseases are caused by organisms such as bacteria, viruses, fungi, and parasites. Global epidemics of infectious diseases are increasing due to changes in lifestyles, leading to weakened immune systems. The emergence of drug-resistant pathogens is also changing the pattern of outbreaks of infectious diseases. Tuberculosis caused by Mycobacterium tuberculosis is prevalent throughout the world. Pathogens such as viruses, bacteria, and parasites are involved in the development of infectious diseases such as tuberculosis, malaria, and hepatitis.
Moreover, the impact of these infectious diseases varies by region around the world, with sub-Saharan Africa, Asia-Pacific, Latin America and the Middle East being the most affected due to malnutrition, poor sanitation, poor water quality, and poor sanitation. Hence, the prevalence of infectious diseases and increased testing volumes will increase the demand for laboratory analyzers and consumables, driving the growth of the market focus during the forecast period.
The rising number of applications for analytical instruments is a key trend influencing market growth. With the introduction of several new technologies, products, and markets, the applications of analytical laboratory equipment and consumables are increasing more than ever. Laboratory analytical instruments are used in multiple applications including analytical chemistry, clinical analysis, environmental testing, F and B analysis, and forensic analysis. It is also used in life science research, material characterization and research, petrochemical testing, and pharmaceutical analysis, making it an integral part of the setup. Similarly, each technology that accommodates growing applications opens up possibilities for analytical lab equipment and consumables.
Therefore, the ever-increasing number of applications that use laboratory analytical instruments and consumables for specific purposes will lead to an increase in the acceptance of these solutions, which will have a positive impact on consumption and sales, leading to a rise in the market during the forecast.
The lack of trained laboratory professionals is challenging the market growth. Processes associated with pharmaceutical manufacturing require great care in sample and reagent application and device handling. Additionally, the interpretation of results is becoming increasingly important, requiring researchers to be clear about the analysis they are performing and how it relates to the overall goals of the experiment. For example, before starting the protein crystallization process, researchers must consider the molecular weight of the protein, the buffers required for the experiment, and the stability of the protein, maximizing the primary sequence. Therefore, researchers should pay attention to several factors for successful research experiments. The operator needs to be meticulous during the procedure. Identifying the right video capture and settings, which require proper knowledge and training, requires an experienced operator to perform several optimization steps. Similarly, other functions of laboratory analyzers require a thorough knowledge of how to operate the instrument effectively. Some advanced laboratory analytical instruments are inherently complex and require a thorough understanding of the mechanics of the instrument to use effectively.
Like any other field, the field of clinical laboratory science is suffering from a severe shortage of manpower. Future programs to prepare laboratory staff are estimated to account for only about one-third of the training required. The number of individuals completing an accredited training program each year is significantly lower. Staffing shortages raise concerns about workload and turnover of laboratory staff. In addition, lab workers are underpaid and forced to choose additional shifts or part-time work. The turnover of human resources has become a serious problem. Due to the difficulty in finding trained specialists, laboratories incur significant costs to procure trained personnel. These are some of the reasons that contribute to the decline in laboratory professionals, which is expected to continue during the forecast period. will offset market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company provides different types of laboratory analytical instruments. It also offers building management solutions.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the element analysis segment will be significant during the forecast period. Elemental analysis can be both quantitative and qualitative in nature. Identification of trace minerals is important for products to meet regulatory standards and be certified as high-quality products. These instruments and consumables are primarily used in the chemical, environmental, metals, and pharmaceutical industries. For example, in the environmental field, elemental analyzers with associated required consumables are applied to determine the elemental composition of minerals that are important for understanding the Earth's geological processes. It is also often used in industry to determine the quality of minerals and metals.
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The element analysis segment was valued at USD 15.10 billion in 2018. The handheld analyzers have become the analyzer of choice for trace elemental analysis of soil samples. This analysis is essential for farmers to ensure better yields and for environmentalists to ensure a safe atmosphere for people. These analyzers assist end users in characterizing, remediating, and monitoring contaminated soil sites. At just 30-60 seconds per sample, one can get fast and accurate data in hours instead of weeks, reducing costs. These analyzers support faster analysis than traditional methods and provide results with superior accuracy. As the use of analyzers for elemental analysis increases, so does the demand, supporting its growth. The use of elemental analysis is increasing worldwide as it is used in numerous scientific investigations and studies. This is likely to drive the growth of this segment and the market during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Demand for laboratory analytical instruments and consumables is high in North America. This is due to heavy US investment in healthcare research and testing. Strong distribution networks in countries such as the United States and Canada and the growing interest of pharmaceutical companies in drug research and development are driving the growth of the market. The presence of industry leaders in laboratory automation in countries such as the United States is also boosting market growth during the forecast period. The number of research projects in the US is increasing. This is due to the recognition of the high potential of regenerative medicine. Organizations such as the National Institutes of Health (NIH) and the Biomedical Advanced Research and Development Authority (BARDA) are also increasing funding. These organizations fund clinical trials and develop new drugs for various diseases to boost the growth of the market in the region.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
US - Analytical Instrument Market: US - Analytical Instrument Market by Product and End-user - Forecast and Analysis
Biopharmaceutical Analytical Testing Services Market: Biopharmaceutical Analytical Testing Services Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, China, Japan, UK, Germany - Size and Forecast
Laboratory Consumables Primary Packaging Market: Laboratory Consumables Primary Packaging Market by Product and Geography - Forecast and Analysis
The market serves a wide array of industries including the environmental industry, biopharmaceuticals industry, clinical research industry, diagnostics industry, pharmaceuticals industry, biotechnology industry, life sciences industry, chemicals industry, and petrochemicals industry. Historical pricing trends and projected pricing trends guide decision-making in this market influenced by social, political, and Regulations, as well as government spending. Winning imperatives emphasize focus and strategies tailored to specific industry verticals. Innovators in this field prioritize cutting-edge technologies and develop robust product and business strategies to meet the evolving needs of customers. Information dissemination through the internet, printed documents, research papers, industrial magazines, and association findings ensures market participants remain informed and competitive. In navigating the market, Innovator leverage Cutting Edge technologies to develop strategic Product strategy and business strategy that adapt to social factors, political factors, and regulatory factors, ensuring compliance while staying ahead of industry trends.
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Market Scope |
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Report Coverage |
Details |
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Page number |
174 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.99% |
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Market growth 2024-2028 |
USD 18.6 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
8.09 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 34% |
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Key countries |
US, China, Germany, UK, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Agilent Technologies Inc., AMETEK Inc., AMS Technologies AG, Bio Rad Laboratories Inc., Bruker Corp., Chemglass Inc., Cole Parmer, Danaher Corp., Endress Hauser Group Services AG, Eurofins Scientific SE, Foss, Harvard Bioscience Inc., Helena Laboratories Corp., Hitachi Ltd., PerkinElmer Inc., Process Insights Inc., Shimadzu Corp., Thermo Fisher Scientific Inc., and Waters Corp. |
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Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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