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Scientific Instruments Market Report 2024 - Trends and Key Developments
Scientific Instruments Market Report
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According to The Business Research Company's, The scientific instruments market size has grown strongly in recent years. It will grow from $40.98 billion in 2023 to $43.29 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increasing focus on life sciences, government funding for scientific research, environmental monitoring, increasing complexity of scientific inquiries, globalization of research .
The scientific instruments market size is expected to see strong growth in the next few years. It will grow to $55.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to precision medicine and personalized healthcare, emergence of point-of-care testing, rise of regenerative medicine, customization and modular instrument design, regulatory compliance and quality assurance. Major trends in the forecast period include demand for biotechnology, increasing sustainable and green technologies, multi-modal imaging systems, applications in material science, enhanced connectivity and data sharing, global expansion of research and development (r&d) activities.
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Market Drivers and Trends:
Emergence of nanotechnology is expected to propel the scientific instruments market going forward. Nanotechnology is a multidisciplinary field of science, engineering, and technology that focuses on manipulating matter at the nanoscale-typically, dimensions less than 100 nanometers. Scientific instruments play a pivotal role in advancing nanotechnology by enabling precise manipulation and analysis at the nanoscale. Instruments such as scanning tunneling microscopes (STMs) and atomic force microscopes (AFMs) allow researchers to visualize and manipulate individual atoms and molecules, facilitating the creation of nanomaterials and nanostructures. Spectroscopy techniques, including X-ray photoelectron spectroscopy (XPS) and nuclear magnetic resonance (NMR), provide insights into the composition and properties of nanomaterials. For instance, in November 2021, SeesScientific, a US-based developer of software and algorithms published an article according to which, it is expected by 2026, the medical nanotechnology market is projected to reach $461,252 million and the estimated CAGR for this market between 2021 and 2026 is estimated to be around 11.9%. therefore, the emergence of nanotechnology is driving the scientific instruments market.
Artificial intelligence is a key trend gaining popularity in the scientific instruments market. The use of artificial intelligence in research is anticipated to alter current practices significantly. Such advancements enable key players to gain a competitive edge in the market. For instance, in February 2022, Agilent Technologies Inc., a US-based analytical instrumentation development and manufacturing company, acquired artificial intelligence (AI) technology developed by Virtual Control. Agilent plans to utilize the AI in conjunction with its software for mass spectrometry equipment used in combination with both liquid and gas chromatography. The new capabilities automate labor-intensive processes like sampling and report production. Virtual Control is an AI and machine learning software developer.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc., Agilent Technologies Inc., Bruker Corporation, Danaher Corporation, Waters Corporation, The Merck Group, Horiba Limited, PerkinElmer Inc., F. Hoffmann-La Roche AG, Carl Zeiss AG, 3M Company, Geno Technology Inc., Shimadzu Corporation, Mettler-Toledo International Inc., Oxford Instruments plc, Eppendorf AG, JEOL Ltd., Hitachi High-Technologies Corporation, Malvern Panalytical GmbH, Bio-Rad Laboratories Inc., Becton Dickinson and Company, Illumina Inc., Bio-Techne Corporation, BioTek Instruments Inc., Biochrom Ltd., Beckman Coulter Inc., Sartorius AG, Hamilton Company, Siemens Healthineers AG, Koninklijke Philips N.V. Healthcare
Scientific Instruments Market 2024 Key Insights:
• The scientific instruments market size is expected to see strong growth in the next few years. It will grow to $55.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Surging Testing And Research Facilities Propel The Scientific Instruments Market Amid Global Challenges
• Ai Takes Center Stage In The Scientific Instruments Market, Agilent Technologies Leads With Strategic Acquisition
• North America was the largest region in the scientific instruments market in 2023
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