Scientific Instrument Market Expanding at a CAGR of 5.5% during 2022-2027

As per the latest report by IMARC Group, titled "Scientific Instrument Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on scientific instrument market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global scientific instrument market reached a value of US$ 39.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 54.6 Billion by 2027, exhibiting at a CAGR of 5.5% during 2022-2027.

A scientific instrument is any piece of equipment designed for indicating, measuring, recording, and analyzing physical quantities. Instruments like these are critical for achieving optimum efficiency in the research process, remodeling existing products, and developing novel products. By using these devices, scientists can investigate natural phenomena and conduct theoretical research. Moreover, the integration of scientific instruments with computers enhances the adjustments in parameter conditions and streamlines data collection, analysis, and resolution.

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Market Trends:

The market is primarily driven by a significant rise in research and development (R&D) activities across the globe. This can be attributed to the rising demand for innovative products in numerous end-use industries, notably biotechnology and pharmaceuticals. In addition to this, the advent of advanced technology, such as artificial intelligence (AI), internet of things (IoT) and machine learning (ML), is providing an impetus to the market. Some of the other factors contributing to the market growth include the increasing number of testing and research facilities, government and manufacturer collaborations, rapid utilization of analytical instruments and continual product innovations in the food and beverage and automotive industries.

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Competitive Landscape with Key players:

The report has also analyzed the competitive landscape of the market with some of the key players being.

• Agilent
• Bruker
• Danaher
• Horiba
• Thermo Fisher
• Waters
• Roche
• Pelkin Elmer
• Merck

Scientific Instrument Market Segmentation:

Our report has categorized the market based on region, end-use and type.

Breakup by End-Use:
• Industrial
• Government institutes
• Academics

Breakup by Type:
• Scientific clinical analyzers
• Scientific analytical instruments

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.