Scientific Instrument Market by Product and Geography - Forecast and Analysis 2020-2024

“The Scientific Instrument Market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing the growth of USD 16 billion and CAGR of 5% by segment Product and Geography during the forecast period 2019 to 2024” 

Furthermore, this report extensively covers market segmentation by product (laboratory analytical instruments and consumables and measuring and monitoring devices) and geography (North America, APAC, Europe, South America, and MEA). The market report also offers information on several market vendors, including Ltd., Agilent Technologies Inc., Bio-Rad Laboratories Inc., Bruker Corp., Danaher Corp., HORIBA Ltd., Oxford Instruments Plc, PerkinElmer Inc., Shimadzu Corp., and Thermo Fisher Scientific Inc.

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Parent Market Analysis

Technavio categorizes the Scientific Instrument Market as a part of the Health Care industry within the Health Care Equipment & Supplies industry. Our Technavio research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the forecast year.

Scientific Instrument Market: Key Drivers, Trends, and Challenges

Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the scientific instrument industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge. 

Key Scientific Instrument Market Driver

One of the key factors driving growth in the market is the increase in global R&D investments. Globally, the importance of investments in R&D is increasing since a robust R&D system forms the basis for the development of new products or enhancements of existing products. Increasing technological advances and the need for better analysis for researchers have led to an increasing number of research projects and research studies, which are using various scientific instruments to extract greater information and insights which contribute a great deal to how a final product is formulated. The rise in the number of testing and research facilities, particularly in the field of biotechnology and pharmaceutical, will lead to a rise in demand for scientific instruments as these instruments are the basis for generating relevant information that supports product innovation and development. With countries increasingly emphasizing knowledge expansion and innovation, this inclination towards an increase in R&D spending will continue over the forecast period. 

Key Scientific Instrument Market Challenge

The compliance issues will be a major challenge for the market during the forecast period. Safety measures are defined by regulatory organizations which need to be followed at an organizational level in multiple industries such as pharmaceuticals, biotechnology, F&B, and chemical to ensure a safe product is manufactured and sold in the market. Business operators such as line managers or quality managers must ensure proper adherence to habits such as hand washing is taken care of, and every employee follows a strict procedure. However, as these industries are understaffed and under constant work pressures, adherence, and compliance to regulatory procedures become difficult. This inherently leads to contamination in products, which adversely impacts the lives of patients or consumers. Without proper training, researchers cannot use scientific instruments properly, and compliance issues affect their research and analysis as well. Until these compliance issues are addressed, proper product safety measures cannot be thoroughly implemented. Therefore, these compliance issues need to be addressed, and until these issues are addressed, the adoption of scientific instruments in industries such as the F&B industry will be hampered and offset market growth. 

Scientific Instrument Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain, and parent market of the scientific instrument market which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.

Who are the Major Scientific Instrument Market Vendors?

ABB Ltd. - Scientific instruments: The company offers a wide range of scientific instruments. Under the electrification segment, the company offers solutions across the full electrical value chain from the substation to the point of consumption.

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

 

• ABB Ltd.
• Agilent Technologies Inc.
• Bio-Rad Laboratories Inc.
• Bruker Corp.
• Danaher Corp.
• HORIBA Ltd.
• Oxford Instruments Plc
• PerkinElmer Inc.
• Shimadzu Corp.
• Thermo Fisher Scientific Inc.

 

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. The vendor profiles are designed to help clients improve their market position, and information on production and sustainability along with this the report provides a detailed analysis of several leading Companies.

Which are the Key Regions for Scientific Instrument Market?

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45% of the market’s growth will originate from North America during the forecast period. The US is the key market for scientific instruments in North America. Market growth in this region will be faster than the growth of the market in the APAC regions.

North America is the highest revenue contributing region to the global market as there is excellent technology and infrastructure support in the region, and it is home to some of the key companies in the market such as Agilent Technologies, Bruker, Danaher, PerkinElmer, and Thermo Fisher Scientific. Governments present in the region stress high-quality products. Thus, the demand for scientific instruments is high from various end-user industries such as F&B, which are increasingly demanding for these products to meet quality standards set by the government. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Scientific Instrument Market?

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The market share growth by the Laboratory analytical instruments and consumables segment will be significant during the forecast period. The laboratory analytical instruments and consumables segment contributes the greater product share to the market as these instruments and consumables are highly in demand from multiple end-user industries. The incremental innovations in the instrument design, coupled with the automation of these devices in the near future, will allow researchers to conduct experiments on a larger scale and in a more efficient manner. Thus, rapid advances in laboratory analytical instruments and consumables related to element analysis, separation analysis, and molecular analysis will lead to an increase in adoption rates of technologically advanced solutions among end-users to achieve higher efficiency and effectiveness. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.

Scientific Instrument Market Scope
Report Coverage	Details
Page number	120
Base year	2019
Forecast period	2020-2024
Growth momentum & CAGR	Accelerate at a CAGR of 5%
Market growth 2020-2024	$ 16 billion
Market structure	Fragmented
YoY growth (%)	3.75
Regional analysis	North America, APAC, Europe, South America, and MEA
Performing market contribution	North America at 45%
Key consumer countries	US, China, Russian Federation, Germany, and Japan
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	ABB Ltd., Agilent Technologies Inc., Bio-Rad Laboratories Inc., Bruker Corp., Danaher Corp., HORIBA Ltd., Oxford Instruments Plc, PerkinElmer Inc., Shimadzu Corp., and Thermo Fisher Scientific 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 Scientific Instrument Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the scientific instrument industry across North America, APAC, Europe, South America, and MEA
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of market vendors

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