Biotechnology Instrumentation Market to Witness Exponential Growth by 2024

The field of biotechnology is presently one of the most researched and dynamically evolving areas of applied science. The field, dealing with the production of a variety of highly useful products from biological agents or their derivatives, has become a key complementary force, enabling proper operations and output across a number of industries. The applications of biotechnology and the vast range of products manufactured using its principles continue to rise at an enormous pace and the field is expected to witness expansion at a significant pace in the next few years as well.

This report on the global Biotechnology Instrumentation Market presents a detailed overview of the market that comprises services related to the basic and essential instrumentation utilizing a variety of equipment commonly used to measure, calculate, prepare, and utilize biological solutions/samples. Some of the most commonly used equipment in the field of biotechnology are thermal cyclers, bioreactors, centrifuges, incubators, stability chambers, conductivity meters, thermometers, and spectrophotometers.

The report presents a detailed analysis of the key factors expected to have a significant impact on the overall development of the market in the next few years, including, growth drivers, restraints, trends, opportunities, regulatory framework, and level of competition in the market. A detailed examination of the competitive landscape is also included in the report, undertaken with the help of a detailed Porter’s five forces analysis.

Global Biotechnology Instrumentation Market: Trends and Opportunities

The global biotechnology instrumentation market witnessed significant traction in the past few years owing primarily to the vast rise in demand for biotechnology products for the production of personalized medicine. This emerging area of medicine, which aims to serve consumers through medicines produced by keeping in mind each individual’s biological makeup and eliminate the negative effects that could result from mass-produced medicines, is expected to be one of the key consumers of biotechnology products in the next few years.

With the vast rise in the prevalence of a variety of chronic diseases across the globe, the demand for personalized medicines is expected to rise at a significant pace in the next few years. This will also act as a significant growth factor for the global market for biotechnology instrumentation as a rapid surge is expected in the demand for human resources capable of serving the heightened demand for biotechnology products.

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The vast rise in the usage of 2D and 3D cell cultures in the field of discovery and manufacture of new drug compounds has also emerged as a key factor boosting the growth of the global biotechnology instrumentation market. A significant rise in research activities surrounding gene expression, especially since the inception of the Human Genome Project, has boosted the global demand for microarrays for studying the expression of genotype or gene clusters, propelling the global biotechnology instrumentation market.

Global Biotechnology Instrumentation Market: Geographical Dynamics

North America and Europe are key markets for biotechnology instrumentation owing to the presence of a large number of some of the world’s largest biotechnology and pharmaceutical companies. The regions are also home to some of the leading universities continuously undertaking research in the field of gene expression, thus leading to vast growth opportunities for the biotechnology instrumentation market. In the next few years as well, these regions are expected to remain at the forefront of the global biotechnology instrumentation market, leading to vast development and growth opportunities for companies wanting to venture into this highly lucrative market.

Developing economies across regions such as Latin America and Asia Pacific are also expected to lead to vast growth opportunities for the market owing to the significant rise in research and development activities in the biotech sector. Research and development arms of several multinational pharmaceutical companies in these regions are also expected to drive the market.

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This release was published on openPR.