Potentiostat Market Analysis North America, Europe, APAC, Middle East and Africa, South America - US, Japan, China, UK, Germany - Size and Forecast 2024-2028

Potentiostat Market 2024-2028 

The potentiostat market size is estimated to grow at a CAGR of 3.04% between 2023 and 2028. The market size is forecast to increase by USD 43.58 million. The growth of the market depends on several factors, including favorable regulations for food and environmental testing, growing demand for potentiostats in pharmaceutical drug testing, and growing investments in electrochemical research. The global potentiostat market covers electronic instruments that are used for controlling the voltage difference between working and reference electrodes contained in electrochemical cells. These instruments are used for performing electrochemical experiments. The potentiostat injects current into the cell using an auxiliary or counter electrode, which helps in controlling the difference in voltage.

This potentiostat market report extensively covers market segmentation by type (bipotentiostat and polypotentiostat), application (environmental, pharmaceutical, food testing, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.

What will be the Size of the Potentiostat Market During the Forecast Period?

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Potentiostat Market Overview

Driver

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 behaviour, 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 vendors in the global potentiostat market. Such factors will drive the growth of the global potentiostat market during the forecast period.

Trends

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, vendors 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 global potentiostat market during the forecast period. 

Restrain

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 global potentiostat 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 global potentiostat market during the forecast period. 

Potentiostat Market Segmentation By Type Segment

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 global potentiostat 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 global potentiostat market, as research and industry require more advanced electrochemical testing. This, in turn, will drive the growth of the global potentiostat market during the forecast period. 

Potentiostat Market Segmentation By Application Segment

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. 

Regional Overview

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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 global potentiostat 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 vendors, 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 COVID-19 pandemic in 2020 led to extensive supply chain challenges, the postponement of research initiatives, and a decrease in immediate demand for potentiostats in North America. However, the initiation of mass COVID-19 vaccination programs in 2021 encouraged the revival of the regional potentiostat market. A sustained focus on scientific research, mounting environmental concerns, which have given rise to the need for water quality analysis, and the growth of renewable energy technologies like fuel cells and batteries, all of which depend on potentiostats for precise electrochemical measurements, will be the main factors that will drive the growth of the potentiostat market in North America during the forecast period. 

Potentiostat Market Customer Landscape

The Potentiostat 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 Potentiostat Market Customer Landscape

Who are the Major Potentiostat Market Companies?

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.

• AMETEK Inc. - This segment focuses on potentiostat such as bipotentiostats, single and multi channel potentiostats through its subsidiary Ametek SI.
• BioLogic Sciences Instruments SA - This segment focuses on potentiostat such as essential potentiostats and premium potentiostats.
• Gamry Instruments - This segment focuses on potentiostat such as Reference 620, Reference 3000 and Interface 1010E.

The research report also includes detailed analyses of the competitive landscape of the market and information about 9 market companies, including:

• Harvard Bioscience Inc.
• Ivium Technologies BV
• Metrohm AG
• PalmSens BV
• Stanford Research Systems
• Tektronix Inc.

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.

Segment Overview

The potentiostat market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2022.

• Type Outlook
  • Bipotentiostat
  • Polypotentiostat

• Application Outlook
  • Environmental
  • Pharmaceutical
  • Food testing
  • Others

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile 
    • Brazil
    • Argentina 
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Potentiostat 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 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 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.

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What are the Key Data Covered in this Potentiostat Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the market  size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, APAC, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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