Rising Incidence of Genetic Disorders: A Key Driver Transforming the Life Science Instrumentation Market 2024
Life Science Instrumentation Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What is the Current Size and Growth Rate of the Life Science Instrumentation Market?
The life science instrumentation market size has demonstrated robust growth in recent years. The market, which was valued at $62.06 billion in 2023, is predicted to grow to $66.22 billion in 2024 at a compound annual growth rate CAGR of 6.7%. This expansion during the historic period can be attributed to the growth in personalized medicine, the eruption of biotechnology, increased government funding, emerging health threats and diseases, and the rising prevalence of chronic illnesses among an aging population.
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What are the Predictions for the Future of the Life Science Instrumentation Market?
Projections for the life science instrumentation market's future depict a positive outlook. The market is expected to rise to $86.20 billion by 2028, marking a CAGR of 6.8%. The growth in the forecast period can be attributed to the surge in environmental and climate change research, the elevation in government and private funding, the implementation of compliance and standards, an increase in infectious diseases, and the broadening application in food and agriculture. The immersion of major trends in this forecast period such as advancements in genomics, AI and machine learning integration, miniaturization and portability, automation and robotics, and the adoption of digital-based solutions, are positioned to drive this robust growth.
How are Genetic Disorders Propelling the Growth of the Life Science Instrumentation Market?
One dominant driver for market growth is the increasing prevalence of genetic disorders. Genetic disorders, diseases caused by abnormalities in the DNA or chromosome of the individual, are on the rise due to advancements in diagnostic technologies, increased awareness, and changes in reproductive patterns. Life science instruments play a crucial role for patients with genetic disorders, providing diagnosis, monitoring, and the development of targeted therapies by analyzing genetic material and biomarkers. For instance, it was reported by UK-based dementia care charity, the Alzheimer Society, in May 2023 that approximately 982,000 people in the UK were living with dementia and this figure was projected to increase to 1.4 million by 2040. Therefore, the increasing prevalence of genetic disorders is set to drive further growth in the life science instrumentation market.
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Who are the Major Players in the Life Science Instrumentation Market?
Key industry players in the life science instrumentation market include Thermo Fisher Scientific Inc., Roche Diagnostics International Ltd., Danaher Corporation, Merck KGaA, Becton Dickinson and Company, GE HealthCare Technologies Inc., Agilent Technologies Inc., Hitachi High-Technologies Corporation, Nikon Corporation, bioMérieux S.A., Shimadzu Corporation, PerkinElmer Inc., Waters Corporation, Bio-Rad Laboratories Inc., Bruker Corporation, QIAGEN N.V., Horiba Ltd., Eppendorf AG, Tecan Trading AG, JEOL Ltd., Leica Microsystems, Cytek Biosciences Inc., and Sigma Laborzentrifugen GmbH
What are the Emerging Trends in the Life Science Instrumentation Market?
Emerging trends in the life science instrumentation market revolve around the development of innovative solutions, such as advanced milling technology. This technology focuses on achieving high precision and efficiency in sample preparation and analysis. For example, Thermo Fisher Scientific Inc., a US-based life science and clinical research company, launched Arctis Cryo-Plasma Focused Ion Beam Cryo-PFIB in August 2022. This advanced automated microscope is designed to significantly enhance cryo-electron tomography cryo-ET research. The system has an autoloader capable of handling up to 12 grids and an integrated fluorescence microscope iFLM for precise targeting and verification. This innovation reduces contamination risks and accelerates sample processing.
How is the Global Life Science Instrumentation Market Segmented?
The global life science instrumentation market is segmented on various fronts:
1 By Technology: Spectroscopy, Chromatography, Polymerase Chain Reaction, Immunoassays, Lyophilization, Liquid Handling, Clinical Chemistry Analyzers, Microscopy, Flow Cytometry, Other Technologies
2 By Application: Research Applications, Clinical And Diagnostic Applications, Other Applications
3 By End User: Hospitals And Diagnostic Laboratories, Pharmaceutical And Biotechnology Companies, Academic And Research Institutes, Agriculture And Food Industries, Environmental Testing Labs, Clinical Research Organizations, Other End-Users
What is the Regional Overview of the Life Science Instrumentation Market?
In terms of regional perspective, North America was the largest region in the life science instrumentation market in 2023. The report covers regions across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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