A recent report published by Infinium Global Research on the analytical and scientific instrumentation market provides an in-depth analysis of segments and sub-segments in the global as well as regional analytical and scientific instrumentation market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional analytical and scientific instrumentation market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global analytical and scientific instrumentation market. According to the report, the global analytical and scientific instrumentation market is projected to grow at a CAGR of over 5% over the forecast period of 2022-2028.
The revenue generated by the analytical and scientific instrumentation market was about USD 42 billion in 2022 and is expected to reach around USD 60 billion in 2028 and is expected to grow with a CAGR of over 5% over the forecast period 2022-2028. The tools used to measure position, temperature, pressure, direction, speed, etc. are known as scientific instruments. Different scientific equipment is employed for various objectives. Chemical, pharmaceutical, clinical, food-processing, and oil refinery laboratories use a wide range of analytical instruments for their analytical applications. The tools aid in material analysis and composition determination. Spectrophotometers, electrochemical instruments, refractometers, calorimeters, automatic titrators, colony counters, demagnetizers, conductivity meters, automatic density meters, fiberscopes, and many more forms of analytical equipment are among the most popular ones. Analytical and scientific instruments are used for different purposes and objectives.
The demand for analytical and scientific instruments is growing from end users such as life sciences, oil & gas, chemical and petrochemical, and others. New research is being conducted in the field of life sciences such as drug discovery, early detection of diseases, clinical studies of human anatomy, genomics, and others. As the energy demand is growing around the world oil exploration and production have also increased to a significant extent. The chemicals and petrochemicals industry is growing rapidly to supplement the industries dependent upon it. All these factors have greatly boosted the demand for scientific and analytical instrumentation to carry out their various operations. As the demand from end users is growing there has also been a significant increase in the applications of analytical and scientific tools which is also proving to be another factor for the growth of the market. Though, the high cost of analytical and scientific instruments may hamper the growth of the market. New opportunities are expected to arise as technological advancements are taking place in scientific and analytical instruments.
The covid-19 pandemic had mixed effects on the analytical and scientific instrumentation market. The effects of the pandemic on the end users of the analytical and scientific instrumentation were of varying degrees. For instance, Oil & gas and, material sciences, and chemical & petrochemical industries were one of the hardest industries in the world. The business of these industries declined sharply which caused a sharp decline in the research and development and testing activities in these industries. This caused a decline in the use of analytical instruments which affected the market in various ways. On the other hand end, users such as Life sciences emerged as the largest user of analytical and scientific instrumentation as research was conducted for understanding the covid-19 virus and developing vaccines for it.
North America, Asia-Pacific, Europe, and the Rest of the World regions make up the segments of the global market for the analytical and scientific instrumentation market. North America is anticipated to dominate the market in terms of revenue. North America has an R&D base, and research and studies are being conducted in the field of life sciences, oil, and gas, chemicals, food and beverage, and others. Thus, the requirement is high in North America. Academic institutes are also actively engaged in numerous types of research. A large amount of money is spent on these research studies. Analytical and scientific instrumentation form an important part of these research studies. Furthermore, the high concentration of market players in the region makes it easier for sourcing this instrumentation and facilitates their maintenance. Asia-Pacific is expected to be the fastest-growing region in the market as the life sciences and chemicals industry is growing at a rapid pace.
The report on the global analytical and scientific instrumentation market covers product type and end user segments. On the basis of product type, the sub-markets include chromatography, element and surface analysis systems, DNA sequencers and amplifiers, immunoassay analysers, electrophoresis systems, scientific clinical analysers, and others. On the basis of end user, the sub-markets include life sciences, chemical & petrochemical, material sciences, food testing, oil and gas, and others.
The report provides profiles of the companies in the market such as PerkinElmer Inc., Agilent Technologies, Inc., Thermo Fisher Scientific Inc., Danaher Corporation, Shimadzu Corporation, Bio-Rad Laboratories, Inc., Malvern Panalytical Ltd (Spectris Company), F. Hoffmann-La Roche AG, Kimble Chase, and Waters Corp.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the analytical and scientific instrumentation market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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