Fairfield Market Research estimates the global biotechnology instruments market revenue to have recorded around US$50 Bn in revenue in 2022. The findings anticipate a double-digit CAGR for the market during the years of forecast.
Market Analysis in Brief
The global biotechnology instruments market is witnessing a dramatic surge, primarily propelled by the increasing demand for personalised medicine. With the rise in demand for personalised medicine, the need for biotechnology instruments for genetic testing, molecular diagnostics, and drug development will intensify. However, technological breakthroughs such as next-generation sequencing and mass spectrometry in genomics and proteomics have unlocked a demand for advanced biotechnology instruments. Recognizing the potential of biotechnology instruments, government, private investors, and funding agencies have increased their investment in R&D activities. This support will further facilitate the development of advanced technologies and the commercialization of innovative instruments.
Moreover, biotechnology instruments will also become more significant with the global surge in populations and the subsequent rise in the need for enhanced crop productivity and food quality. These key drivers are collectively enabling the global biotechnology instruments industry to reach sound maturity.
Key Report Findings
Increased Focus on Drug Discovery and Development
Biotechnology plays a vital role in drug discovery and development, and thus biotechnology instruments become an essential part of this process. Moreover, in recent years, pharmaceutical firms and research organizations have intensified efforts to develop new therapeutics. This in turn has increased the demand for instruments such as automated liquid handling systems, DNA synthesisers, and high-content screening systems. Therefore, the growing focus on drug delivery and development is anticipated to facilitate the expansion of the overall biotechnology instruments market.
Rising Incidence of Chronic Disease Prevalence
The growing prevalence of chronic diseases such as cardiovascular diseases, cancer, diabetes, and respiratory diseases, is expected to unlock revenue opportunities for the global biotechnology instruments market. Such a landscape is pushing biopharmaceutical firms to develop vaccines, medicines, and diagnostic tests. Furthermore, the rising efforts to mitigate the side effects of medicines are fueling the adoption of biotechnology instruments. The increased use of 2D and 3D cell cultures in the drug discovery and manufacturing of compounds is further driving the biotechnology instruments industry expansion.
Potential Health Hazards of Genetically Modified Crops
While the global biotechnology instruments market is likely to expand at an unabated rate, there are some factors hampering the market growth. The growing public concerns regarding genetically modified crops and potential adverse consequences on human health is a major growth restraint. Furthermore, while vaccinations are being developed using biotechnology instruments, deadly viruses can also be generated.
Moreover, such creation can pose a detrimental influence on global human health and become the cause of a massive economic disaster. Besides this, in the agriculture sector, the use of biotechnology instruments can cause crop diseases and contaminate the native gene pool of crop species.
Overview of Key Segments
Medical Laser to Gain Significant Traction
The global biotechnology instruments market, based on product, is broadly categorised into lab automation instruments, proteomics, life science consumables, IVD instruments, and medical lasers. Over the forecast period, the medical laser is anticipated to be a major revenue generator. The rising applications of medical laser technology, particularly in surgical procedures, are facilitating segment expansion.
Moreover, in recent years, medical lenses have undergone the latest advancements, resulting in increased miniaturization and self-modulation. This has promoted the adoption of medical lasers across various domains including dentistry, ophthalmology, neurosurgery, and dermatology.
Adoption Higher in Hospital and Healthcare Facilities, and Academic and Government Institutions
The primary end-users of the global biotechnology instruments market include government and academic institutes, pharmaceutical and biotechnology firms, and hospitals & healthcare facilities. Among these, hospitals and healthcare facilities are expected to emerge as the key use-users. An alarming rise in chronic diseases, an expanding geriatric population, and increased hospital admissions are among the prominent factors driving the segment's growth. Besides this, academic and government institutions are also rapidly adopting biotechnology instruments. The major use cases include conducting various studies and research on vaccines, drugs, diseases, and life science consumables.
Growth Opportunities Across Regions
North America Leverages Easy Accessibility of Government Funding for Research
North America is forecasted to capture the prominent market share of the global biotechnology instruments market. The high demand for biotechnology instruments due to their cost effectiveness, is primarily augmenting the market growth. Furthermore, the rising incorporation of manual automation across pharmaceutical industries is fueling the demand for biotechnology instruments that offer automation capabilities. Additionally, the easy accessibility of government funding for research is anticipated to market growth. The synergy of these factors is enabling North America to take the market lead.
Key Industry Participants
Some of the leading market players in the global biotechnology instruments market are engaging in strategic acquisitions and partnerships, and fostering product launches to acquire a competitive market edge.
Top market players include Abbott, Becton, Dickinson, and Company, AngioDynamics, Agilent Technologies, Alcon, Inc., BioMerieux SA, Bio-Rad Laboratories, Cynosure, LLC, Candela Medical, Danaher Corporation, BioTek Instruments, Inc., F. Hoffmann-La Roche Ltd., Endress+Hauser, IIlumina Inc., IRIDEX, and Lumenis.
Recent Notable Developments
Regional Classification of the Global Biotechnology Instruments Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Biotechnology Instruments Market
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