iCrowdNewswire Jan 27, 2021 3:00 AM ET
Analytical Laboratory Instrument Market:
WiseGuyReports.com adds “Global Analytical Laboratory Instrument Market Research Report 2021 Analysis and Forecast 2027” reports to its database.
Companies in the analytical laboratory instruments market are manufacturing equipment with ability to record data and provide to the cloud. The use of cloud technology will assist scientists in sharing the results sooner. For instance, TetraScience, a technology company that provide platform for data integration, developed a technology to integrate the lab equipment that collects data continuously and provide to the cloud. This will help monitor the equipment in real time and provide accurate results making the research complete faster. Incorporating such technology in the equipment will help complete the research sooner, reduce manual work and makes the research cost efficient.
The analytical laboratory instruments market consists of sales of analytical laboratory instruments and related services. These instruments are used in laboratory analysis of the chemical or physical composition or concentration of solid, liquid, gaseous, or composite material. Analytical instruments are a large class of instruments used in chemical, pharmaceutical, life-sciences, food processing labs and oil refineries for testing the samples.
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The analytical laboratory instrument market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. North America was the largest region in the analytical laboratory instrument market in 2019. Asia region is expected to be the fastest growing region in the analytical laboratory instrument market in forecast period.
The analytical laboratory instruments market covered in this report is segmented by type into element analysis, separation analysis, and molecular analysis. It is also segmented by end-user into hospitals, diagnostic laboratories, pharmaceutical, and biotechnology.
The global analytical laboratory instrument market was worth $93.86 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 7.3% and reach $124.41 billion by 2023.
The cost of life science instruments is expected to increase limiting the new purchases of analytical laboratory instruments. Development of advanced features and functionalities, technological advancements, innovative systems have added to their price. A High Performance Liquid Chromatography (HPLC) ranges from $12,000 to $50,000. The average estimated cost per batch for 90-L column, media, and labor is around USD $3,700 considering the amortized value of the equipment. Drug development companies require a significant number of laboratory instruments and the cost of investment increases substantially due to high prices. Therefore, the rising cost of instruments has a negative impact on the growth of analytical laboratory instruments.
In July 2019, Agilent technologies, an analytical laboratory instrument manufacturing company acquired BioTek instruments for $1.2 billion. This acquisition will help Agilent Technologies broaden its portfolio in cell analysis workflow and allow the company to deliver to provide its customers reliable insights across a range of cell analysis applications. BioTek instruments is a manufacturer of scientific instruments that is used in life sciences and quality assurance industries.
The rapid growth in life science industries contributed to growth of analytical laboratory instruments market. A growing patient population suffering from life-style related problems such as diabetes and heart-related problems, and other life threatening diseases such as cancer and growing investment on research and development and increasing aged population aided the growth in life science industry. According to International Diabetes Federation, the diabetic population is expected to grow to 700 million in 2045 from 463 million in 2019. Moreover, according to the 2019 Revision of World Population Prospects by United Nations, the population above 65 years will increase to 16% in 2050 from 11% in 2019 and the population aged 80 years and above are expected to increase to 426 million in 2050 from 143 million in 2019. This rapid growth in population depending on life sciences market will increase the necessity to conduct lab researches that require analytical laboratory instruments thereby increasing the demand for laboratory instruments. Therefore, growing life science industry is expected to drive the market for analytical laboratory instruments.
Major players in the analytical laboratory instruments market are Agilent Technologies, Waters Corporation, Thermo Fisher Scientific, Danaher Corporation, SP Industries, PerkinElmer, Danaher Corp, Chemglass Life Sciences Inc., Citotest Labware Manufacturing Co. Ltd., and Kimble Chase.
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