Biotechnology Instruments Market Growth Accelerated by Adoption of Technologies
Biotechnology instruments find wide applications in genomics, proteomics, cell analysis, drug development & discovery, bioanalytical instrumentation, and analytical systems. Routine operations like cell culture, isolation, counting, analysis, transfection, separation, manipulation, and observation are eased with these instruments.
The global Biotechnology Instruments Market is estimated to be valued at US$ 57.00 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technologies such as machine learning, artificial intelligence, and predictive analytics has enabled real-time monitoring, high-throughput screening, and improved diagnostics. These advanced analytics tools help researchers analyze massive amounts of data and gain actionable insights into disease diagnosis and drug development. Companies are increasingly focusing on developing innovative biotechnology instruments integrated with these new age technologies. For instance, Thermo Fisher Scientific launched several technology-driven instruments such as Q Exactive, which uses advanced Orbitrap-based mass spectrometry techniques for proteomics and metabolomics research. Emerging technologies are thus expected to transform the biotechnology instruments market over the forecast period.
Segment Analysis
The global biotechnology instruments market is dominated by the nanotechnology sub-segment. Nanotechnology in biotechnology instruments involves the development and use of devices and materials such as nanoparticles, nanopores, nanotubes and nanolithography for applications in biotechnology. This sub-segment dominated owing to its widespread applications in areas such as development of biosensors, drug delivery, and biomedical imaging which are witnessing significant increase in demand.
Key Takeaways
The global biotechnology instruments market is expected to witness high growth over the forecast period of 2023 to 2030. Market size is projected to reach US$ 57.00 Bn by 2024.
Regional analysis: North America currently dominates the global market due to presence of major biotechnology research centers and significant funding in biotechnology research in the region. Asia Pacific is expected to witness fastest growth over the forecast period with China and India emerging as major biotechnology hubs.
Key players: Key players operating in the biotechnology instruments market are CooperSurgical, Inc., MedGyn Products, Inc., Thomas Medical, Inc., Smiths Medical, Milex Products, Inc., Personal Medical Corp., Panpac Medical Corp., Gyneas, Uromed Kurt Drews KG, Integra LifeSciences Corporation, Boston Scientific Corporation, Cook Medical, Medtronic plc, C. R. Bard, Inc. (BD), Coloplast A/S.
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