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The potentiostat market size is estimated to grow USD 43.58 million at a CAGR of 3.04% between 2023 and 2028. The market's growth is influenced by several factors, including favorable regulations governing food and environmental testing, an increasing demand for potentiostats in pharmaceutical drug testing, and rising investments in electrochemical research. Regulatory frameworks that support rigorous testing for food and environmental safety drive the need for advanced testing equipment like potentiostats. In the pharmaceutical sector, the demand for potentiostats is propelled by the necessity for precise drug testing methods. Moreover, the expanding focus on electrochemical research across various industries fuels the market's growth, as researchers seek innovative solutions and technologies. These factors collectively contribute to the market's expansion, highlighting the critical role of potentiostats in diverse applications.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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The market share growth by the bipotentiostat segment will be significant during the forecast period. Due to its expanding applications in a variety of industries and its flexible capabilities, the bipotentiostat type segment is projected to continue being the dominant type in the market during the forecast period. More sophisticated electrochemical studies have gained demand recently, particularly in industries like sensor development, energy storage, and corrosion testing.
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The bipotentiostat segment was the largest and was valued at USD 129.89 million in 2018. Bipotentiostats are perfect for such applications because they provide excellent control and measurement of many electrodes. For instance, they have a key role in creating cutting-edge fuel cells and batteries in the renewable energy industry. Their commercial relevance is further enhanced by their widespread use in advanced materials research, where many electrodes are frequently needed. Due to their ability to conduct intricate experiments, bipotentiostats are positioned for significant growth in the market, as research and industry require more advanced electrochemical testing. This, in turn, will drive the growth of the market during the forecast period.
Environmental applications involve the use of potentiostat as an electrochemical sensor and analytical instrument for environmental testing and monitoring. Environmental monitoring applications focus on detecting the presence of a wide range of inorganic and organic pollutants, heavy metals, and toxic chemicals in natural sources such as water and soil. The adoption of potentiostats is increasing for characterizing the corrosion properties of metals and metal components with respect to various electrolytic solutions in the environment and material testing laboratories. This is fueling the revenue growth of the segment. This, in turn, is expected to drive the growth of the market in focus during the forecast period.
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North America is estimated to contribute 41% 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. North America is a dominating region in the market in 2023, with the US and Canada as the leading revenue-generating countries. The increasing demand for potentiostats in environment monitoring, corrosion testing, drug development and testing, and food testing has fueled the adoption of potentiostats for performing electrochemical analysis. In addition, the US has a significant number of prominent companies, such as AMETEK, Harvard Bioscience, and Stanford, which are offering a range of customized potentiostats as per the requirements of end-users. Growing focus on drug discovery, development, and testing activities is driving the adoption of potentiostats, which offer accurate and precise pharmacokinetic and thermodynamic information to drug developers and researchers.
In addition, an increase in the number of novel drug candidates is spurring demand for quality testing and research using potentiostats. Electrochemical analysis is also becoming a powerful analytical technique among pharmaceutical companies in the region for the detection, analysis, and characterization of biologically active compounds, living cells, and metabolites. An increase in novel drug approval is driving the demand for potentiostats.
The market is seeing advancements in electrochemical devices that enhance energy monitoring and management. These devices, like glucose sensors and breathalyzers, utilize Electrochemical experiment setups and Electroanalytical approaches for efficient energy utilization. Companies like Biocon Biologics are investing in energy-efficient technologies as part of the Cancer Access Partnership. The market also benefits from innovations in ESP32 microcontroller and Passive electronic components, which improve energy efficiency in industrial settings. Raw materials like Nickel and Iron are used in these technologies, contributing to sustainable practices. The market's growth is further driven by advancements in pharmaceutical analysis related to SARS CoV 2 and its Nucleocapsid (N) protein. Companies like Admiral Instruments, Quantum Design, and Metrohm DropSens are leading the way with their MultiplEIS technology and Portable potentiostat systems, demonstrating the market's commitment to energy efficiency in electronic devices.
Growing investments in electrochemical research are notably driving the market growth. Electrochemical research is witnessing rapid growth owing to the availability of significant funding offered by various governmental and non-governmental organizations. The demand for electrochemical research has increased, specifically for studying neurotransmitter behavior, polymerization reaction, biosensor-based research, mineral analysis, and electrochemistry, owing to the considerable potential of electrochemical research for accurate and precise analysis. This has surged investments in electrochemical research globally.
For instance, according to the Engineering and Physical Sciences Research Council of the Government of the UK, as of August 17, 2020, a grant of about USD 9.71 million was provided to a total of 25 projects to promote electrochemical science research. Growth in funding for electrochemical research is offering lucrative opportunities to companies in the market. Such factors will drive the growth of the market during the forecast period.
Growing focus on the development of customizable instruments and software is an emerging trend shaping the market growth. The use of potentiostats is increasing in applications such as biochemical and electrochemical analysis. Hence, the demand for application-specific customization and design of these instruments and software has increased. Application-specific customization of instruments is primarily focused on specific requirements in terms of electronic circuit designs, scalability, sensitivity, precision, compliance voltage, and size. For instance, the demand for the development of swift, highly reliable, simple, and ultrasensitive potentiostats across bio-sensing applications has increased after the introduction of bioelectronics, electrochemistry, and nanotechnology.
Moreover, companies are using programming languages such as C/C++, PowerShell, Python, and VBA, which can be easily custom-coded and interact with the existing computer architecture of laboratories. Besides developing customizable software, companies are also offering customization development services, where ready-made/custom-made software is delivered to customers as per their specific requirements. Such factors are expected to drive the growth of the market during the forecast period.
The high initial cost of instruments is a significant challenge hindering market growth. The high purchase cost associated with potentiostats is a major factor hindering the growth of the market. This can increase the cost burden on end-users. For instance, the cost of a potentiostat ranges between USD 1,000 and USD 25,000, depending on several factors such as functionalities, features, quality, number of integrated amplifiers, and sensitivity. The adoption of potentiostats is low across resource-poor settings due to their low cost. Furthermore, additional costs are needed for integration, installation, and maintenance. Thus, owing to such high costs, many end-user laboratories with limited budgets prefer low-cost alternatives. These laboratories are unable to justify the return on investments.
However, the availability of open-source, do-it-yourself potentiostats has further hampered market growth. These potentiostats, such as CheapStat, cost only USD 80 and are purchased by laboratories and academic institutes with limited budgets. Do-it-yourself potentiostats can be constructed by any end-user proficient in understanding and handling circuits. As a result, the high cost of commercial potentiostats is expected to hamper the growth of the market during the forecast period.
The market 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 growth strategies.
Global 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.
The research report also includes detailed analyses of the competitive landscape of the market and information about 9 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 research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
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The Market is advancing with innovative applications like Breathalyzer devices and Electrochemical experiment setups for precise control of Current in Electrochemical systems. These technologies are vital for Environmental analysis and Corrosion studies, promoting Sustainability and Green energy initiatives. Improved Response times and enhanced Connectivity features cater to the industry's Shift towards sustainability. Data interpretation aided by Automation and Artificial intelligence drives advancements in Emerging industries and Biomedical research. The market offers solutions like Biosensors and Single-channel potentiostats for diverse applications, including Energy storage research and Water quality analysis for Pollutant detection and Monitoring of environmental samples. Emphasis on User experience and Customer support enhances market growth and adoption.
Market Scope |
|
Report Coverage |
Details |
Page number |
150 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.04% |
Market Growth 2024-2028 |
USD 43.58 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
2.72 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 41% |
Key countries |
US, Japan, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AMETEK Inc., BioLogic Sciences Instruments SA, Gamry Instruments, Harvard Bioscience Inc., Ivium Technologies BV, Metrohm AG, PalmSens BV, Stanford Research Systems, and Tektronix Inc. |
Market dynamics |
Parent market analysis, Market Forecasting, 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 the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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