Press release
Global Scientific Instruments Market Size To Grow At A CAGR Of 4.5% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Scientific Instruments Market Size, Share, Price Trends, Industry Report, Key Players, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 4.5%
Scientific instruments are witnessing a heightened demand from the pharmaceutical industry owing to the rapid development of drugs and medicines. The increasing prevalence of chronic conditions, such as cancer and diabetes mellitus, is propelling the demand for scientific analytical instruments and analysers.
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The rising healthcare expenditure across the emerging economies is further leading to a heightened growth of the scientific instruments market. The robust development of healthcare units and institutes aimed towards expanding the facilities to bolster the health and well-being of populations is expected to escalate the application of scientific instruments in the forecast period.
There is an anticipated increase in demand for scientific instruments across various fields which is expected to accelerate the market numbers for scientific instruments in the coming years. These fields include geological studies, weather forecasting, fluid mechanics, marine navigation, autopsy, biopsy, and agriculture, among others.
Moreover, scientific instruments are gaining traction in the military and defence sector. This is attributable to the increasing demand for aircraft altitude measuring instruments. The growing military expenditure across the developing sovereign nations, along with the increasing mergers and collaborations by various governments and defence innovators are likely to bolster the scientific instruments market. Furthermore, the rising geopolitical tensions are likely to lead to a greater demand for scientific instruments.
Scientific Instruments Industry Definition and Major Segments
Scientific instruments are the equipment or components majorly used in laboratories, healthcare units, and institutes. These instruments are developed to measure various scientific parameters such as temperature, weight, position, speed, and direction, among others. These scientific instruments are employed in numerous practical and theoretical scientific research.
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Based on type, the market can be segmented into:
Scientific Clinical Analysers
Scientific Analytical Instruments
Others
On the basis of end use, the market has been divided into:
Industrial
Government Institutes
Academics
Based on region, the market can be categorised into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Scientific Instruments Market Trends
The key trends in the global scientific instruments market include the growing research and development activities in the healthcare, pharmaceutical, and biotechnological industries. The increasing emphasis by various governments on scientific research is further leading to a heightened incorporation of scientific instruments in various fields. The growing mergers and collaborations between research institutes and manufacturers are expected to further fuel product innovations.
Technological upgrades in the existing scientific instruments are being witnessed which are being supported by the penetration of artificial intelligence and modern scientific elements. The increasing investments in various fields such as quantum mechanics, cybernetics, microbiology, and neurosciences, among others, are the crucial trends offering lucrative opportunities to the global scientific instruments market.
In geographical terms, North America accounts for a significant share in the market. The healthcare infrastructure in the region is advanced, which is generating the demand for scientific instruments. Increased investments in space research projects across the United States are further driving the market growth.
Key Market Players
The major players in the scientific instruments market report are Thermo Fisher Scientific, Agilent Technologies, Inc., Bruker Corporation, PerkinElmer Inc., Danaher Corporation, Horiba, Waters, F. Hoffmann-La Roche Ltd, and Zeiss International, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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