The global life science and chemical instruments market is estimated to reach USD 47.5 billion in 2024. It is anticipated to grow at a CAGR of 5.3% during the assessment period and reach a value of USD 79.7 billion by 2034.
A prominent factor in the development of the life sciences and chemical instrument market is the increase in public funding for research centres and laboratories. This public funding is not limited to developed countries, as developing countries look towards healthcare as being a cornerstone of development.
For instance, the Indian government provides a number of funding opportunities with schemes such as the Biotechnology Ignition Grant Scheme (BIG). The flourishing of laboratories due to public funding is conducive to the growth of life science and chemical equipment.
Life science and chemical instruments are used majorly in the field of food safety. Food safety is getting more of a spotlight as packed food sales worldwide increases. Instruments such as microscopes and Atomic Absorption Spectrometers (AAS) are used to ensure the food is free from contamination. With the food testing service market expected to cross USD 50 billion by 2034, life science and chemical equipment is set to play a greater role in food safety.
While the limelight is often on newest advances and large machines, small instruments also play a key role in propping up the life science and chemical instrument market. With the establishment of new schools and colleges increasing, these miniature instruments are seeing enhanced demand.
With the rapidly aging population and increase in the number of ailments, drug development has taken on enhanced importance. Pharmaceutical companies are pouring resources into research and development for new drug discoveries. These companies are hence buying more instruments like hydrogenators and cell culture incubators. As drug discovery efforts from pharmaceutical companies increase, the market is set to benefit.
| Attributes | Description |
|---|---|
| Estimated Global Life Science and Chemical Instruments Market Size (2024E) | USD 47.5 billion |
| Projected Global Life Science and Chemical Instruments Market Value (2034F) | USD 79.7 billion |
| Value-based CAGR (2024 to 2034) | 5.3% |
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The table exhibits the estimated CAGR for the global life science and chemical instruments market over semi-annual periods ranging between 2023 and 2024. The analysis provides organizations with a better understanding of the growth over the year by divulging crucial shifts in performance and growth patterns. The first half (H1) of 2023 spans from January to June. The second half or H2 includes July to December.
Figures presented in the below table exhibit the growth rate for each half from 2023 to 2024. The market is anticipated to grow at a CAGR of 6.4% in the first half (H1) of 2023. However, the second half of the same period is estimated to witness decline in the CAGR at 5.9%.
| Particular | Value CAGR |
|---|---|
| H1 | 6.4% (2023 to 2033) |
| H2 | 5.9% (2023 to 2033) |
| H1 | 5.3% (2024 to 2034) |
| H2 | 4.8% (2024 to 2034) |
Moving on to the following period, from 2024 to 2034, the CAGR is projected to be 5.3% in the first half (H1). However, there is set to be a significant dip in the second period, as the CAGR declines to 4.8%.
Space Exploration Taking Market to New Heights
Biological and chemical instruments are flying onboard spacecraft on a more frequent basis. As these instruments study the basics of life itself, space agencies are equipping their spacecraft with them to study the chemical compositions of space bodies.
These instruments are also being taken onbaord to look for signs of life in space. For instance, NASA’s Europa Clipper was launched in October 2024 and plans to reach Jupiter’s moon Europa by 2030. The space probe is equipped with instruments to detect life on the surface of the icy moon.
Life Science and Chemical Instruments Aid Environmental Monitoring Efforts
Life science instruments are being used in monitoring the pharmaceutical environment. Thus, these instruments are not only helping in the discovery of new drugs, medicines, and therapies but also aiding in creating the right environment for it. Manufacturers are providing labs with continuous monitoring systems, data loggers, smart probes, and more to effectively monitor pharmaceutical environments better.
Lack of Skilled Professionals and High Cost to Impede Growth
While funding for research and laboratories is increasing, the problem of skilled professionals is still felt. A lack of skilled professionals results in mishandling of instruments, leading to unsatisfactory results or even worse consequences, such as leaks or fires. Companies in the Western world are combatting the problem however, by outsourcing lab work to countries in the Asia Pacific.
While new technology continues to expand the capabilities of the instruments, the cost keeps rising. For labs that do not have significant funding, the risk of becoming outdated is run. In the hassle to procure new instruments, labs also risk being over-reliant on funding.
Principal Consultant
The global life science and chemical instruments market was valued at USD 34.4 billion in 2019. It grew at a CAGR of 7% during the historical period to reach a size of USD 45.1 billion in 2023.
The historical period was a busy time for laboratories as a result of the pandemic. Medical professionals sought to develop new medicines and cures in short amounts of time. Hence, there was greater demand for life science and chemical equipment.
Spectroscopy continued to evolve further during the historical period. There was greater demand for spectroscopy instruments and manufacturers sought to fulfil it with the introduction of new products.
For instance, in June 2022, Agilent Technologies introduced new liquid chromatography-mass spectrometry (LC-MS) and gas chromatography-mass spectrometry (GC-MS) quadrupole mass spectrometers. Another giant, Shimadzu Europe, launched the RXross Fourier-transform infrared (FTIR) spectrophotometer in March 2022.
Tier 1 companies are expected to account for 45.4% of the revenue share in 2024, highest among all tiers. These companies are characterized by their diversity of offerings. Featuring state-of-the-art technology, these companies are at the forefront of the latest innovations. Some notable tier 1 companies include Agilent Technologies, Thermo Fisher Scientific Inc., and Shimadzu Corporation.
Tier 2 companies are estimated to generate 28.7% of the revenue in 2024. Tier 2 companies are mid-tier players who, while not possessing the resources of market leaders, strive to expand demand through innovative offerings. Tier 2 players often take the recourse of collaborations to heighten technological expertise and compete with tier 1 players. Some notable tier 2 players include Bio-Rad Laboratories and Roche Diagnostics Inc.
Tier 3 companies are estimated to generate 25.9% of the revenue in 2024, lowest among all tiers. Tier 3 players are usually small-scale businesses and startups that look for funding from both private and public sources. Their area of focus is also narrow, serving specific regions.
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The below section provides companies with an overview of the market. It comprises a detailed analysis of the emerging trends and opportunities on a country-by-country basis. This country-specific examination of the dynamics is estimated to help businesses understand the market's complex nature.
India is estimated to dominate the country-wise growth in the industry during the forecast period with a predicted CAGR of 6%. China, Spain, and South Korea are projected to follow behind India as key countries in the industry with anticipated CAGRs of 5.3%, 3.1%, and 4.2% respectively.
| Countries | CAGR 2024 to 2034 |
|---|---|
| India | 6% |
| China | 5.3% |
| South Korea | 4.2% |
| United States | 1.7% |
| Spain | 3.1% |
India is poised to emerge as a lucrative country in the life science and chemical instruments market over the assessment period with a CAGR of 6%.
Labs in India are benefitting from the injection of substantial investment to make them technologically advanced. Cutting-edge technologies like AI, machine learning, online & at-line testing, and more are becoming more common in Indian research centres.
Another recourse lab professionals in India are taking is cloud-based storage systems. The massive amounts of data being generated in Indian labs is being stored in cloud systems and Laboratory Information Management Systems (LIMS) are being integrated with cloud platforms.
With schemes like PLI and Make in India domestic production of instruments in India is increasing. However, India still relies mainly on import of lab instruments. According to the Indian Analytical Instruments Association (IAIA), more than 80% of the laboratory equipment in India is imported. Hence, there is wide scope for foreign players in the country.
The life science and chemical instruments market in the United States is estimated to grow at a CAGR of 1.7% from 2024 to 2034.
The focus of the government in the United States on improving life science and chemical facilities is helping companies secure funding at a larger scale. For instance, HP Inc. secured USD 50 million in August 2024 from the US CHIPS Act fund. The funds are for developing a microfluidics facility geared towards cell research and pharmaceutical development.
The China life science and chemical instruments market is anticipated to grow at a CAGR of 5.3% during the forecast period.
The market is benefitting in China from the rapidly developing chemical industry in the country. China is recognized as one of the premier forces in the chemical industry. Chinese chemical companies are expanding notably, including their research facilities.
For instance, Wanhua Chemical Group has transformed its Wanhua Yantai Industrial Park with the help of FieldComm Group’s FOUNDATION Fieldbus, HART and WirelessHART technologies. These expanded research facilities call for more advanced equipment, helping chemical instrument demand to climb in the country.
The section offers companies with insightful data and analysis of the two leading segments. Segmentation of these categories is predicted to help organizations understand the dynamics of the industry and invest in beneficial zones.
Spectroscopy is predicted to be the technology most in demand among the instruments. Pharmaceutical and biotechnology companies are expected to be the leading end users of life science and chemical instruments.
| Segment | Spectroscopy (Technology) |
|---|---|
| Value Share (2024) | 21.5% |
Spectroscopy is set to hold 21.5% of the market share in 2024. Spectroscopy is used in a vast number of fields, from chemistry to astronomy. The use of spectroscopy in labs is only widening as scientists discover new fields of application and new areas of study within the spectrum.
From microbiology to onboard spacecraft, spectroscopy instruments are used in diverse settings. Manufacturers aim to develop instruments that are able to withstand specific conditions, from sterile environments in labs to extreme temperatures outside of them.
Manufacturers are aware of the new developments in spectroscopy and are aiming to make suitable instruments. For instance, laser spectroscopy is gaining prominence. Another emerging area is X-ray fluorescence (XRF) spectroscopy. These spectroscopy techniques widen the scope of areas where life science and chemical instruments can be used, from national security to healthcare. Hence, spectroscopy has emerged as the foremost technology in the market.
| Segment | Pharmaceutical and Biotechnology Companies (End User) |
|---|---|
| Value Share (2024) | 33.2% |
Pharmaceutical and biotechnology companies are estimated to account for 33.2% of the market share in 2024. Governments worldwide are prioritizing the healthcare sector. Pharmaceutical and biotechnology companies play a major part in it and hence, these companies are progressing rapidly.
Their development empowers them to invest more money in research and lab work. Thus, pharmaceutical and biotechnology companies are well-positioned to buy expensive life science and chemical instruments. The companies are also conscious of the need to keep the product line moving. Hence, more money is invested in research and development, including lab instruments.
The life science and chemical instruments market is a fairly fragmented one. Though giants like Agilent Technologies hold sway over a significant portion of the demand, smaller companies also have scope to thrive.
As with other fields where technology plays a key part, mergers and acquisitions are commonplace in the market. Companies aim to utilize the combined technological abilities to come up with innovative new products. Partnerships are also being sought with public enterprises. Startups and small-scale companies are looking for both private and public funding.
Industry Updates
The market encompasses various technologies, including spectroscopy, chromatography, flow cytometry, NGS, PCR, and Microscopy.
The end user of life science and chemical instruments include hospitals & diagnostic centers, pharmaceutical & biotechnology companies, Contract Research Organization (CRO), and academia & research institutes.
The industry is spread across North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.
The market is estimated to reach USD 47.5 billion in 2024.
The market is predicted to reach a size of USD 79.7 billion by 2034.
Agilent Technologies, Bio-Rad Laboratories, and Abbott Laboratories are some of the key manufacturers.
The market is predicted to witness a CAGR of 5.3% during the forecast period.
India is projected to dominate with a CAGR of 6% during the assessment period.
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