Biotechnology Instruments Industry Overview
The global biotechnology instruments market size is expected to reach USD 106.75 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.66% from 2021 to 2028. The market is collectively driven by technological advancements, advantages offered by laser therapy, growing prevalence of target diseases, rising geriatric population, and increasing demand for Point-Of-Care (POC) tests and devices.
Biotechnology Instruments Market Segmentation
Grand View Research has segmented the global biotechnology instruments market on the basis of product, end-use, and region:
Based on the Product Insights, the market is segmented into Lab Automation Instruments, Life Science Consumables, IVD Instruments and Medical Lasers
- The life science consumables segment dominated the market in 2020 with a revenue share of over 55.0% and is expected to grow at the fastest rate over the forecast period. The launch of new PCR test kits is expected to be a major driver for the segment.
- Medical lasers have emerged as a lucrative market space, primarily due to their expanding applications. Medical lasers have been used predominantly in various surgical procedures.
- The availability of advanced and flexible technologies employed to develop the latest generation of medical lasers has shifted the use of these lasers from primary applications, such as cutting or removing to critical treatment approaches for repairing damaged areas in the body.
- Automation is expected to gain wider acceptance in the field of biotechnology, contributing to the growth of the lab automation segment. Technological advancements in automated liquid handling and innovations in bioinformaticsand liquid biopsy are expected to significantly contribute to the growth of precision medicine.
- The advent of microarrays and lab-on-chip technology is expected to revolutionize laboratory workflow processing. A rapid increase in the number of assays being performed for various research purposes, such as target screening in oncology research, has increased the demand for low-volume, high-throughput liquid handling tools and techniques. Automated Liquid Handlers (ALH) have gradually become a significant part of workflows in most of the large- and medium-scale life sciences research laboratories.
Based on the End-use Insights, the market is segmented into Government Academic Institutes, Pharmaceutical Biotechnology Companies, Hospitals Healthcare Facilities and Others
- Hospitals and healthcare facilities accounted for the largest revenue share of over 45.0% in 2020. COVID-19 has fueled the demand for IVD point-of-care devices in hospitals. Recent advancements in IVD instruments have made them convenient to use and highly efficient, which has raised their adoption across healthcare settings.
- The tabletop hematology analyzer provides results within a minute or less. It can be used with difficult-to-draw patients (elderly, oncology, and infants) because it required 17 μL specimens, which is less than a blood drop.
- Owing to the high consumer expectations pertaining to diagnosis accuracy, speed, and procedural affordability of instruments used in clinical laboratories, several companies are continuously advancing their portfolio to meet the needs of healthcare professionals.
Biotechnology Instruments Regional Outlook
- North America
- Asia Pacific
- Latin America
Key Companies Profile Market Share Insights
The market for biotechnology instruments is marked by the presence of several well-established and emerging players. Well-established players have undertaken strategies such as product launches, mergers, and acquisitions to increase their market share.
Some prominent players in the global biotechnology instruments market include:
- Agilent Technologies
- Alcon, Inc.
- Becton, Dickinson, and Company
- BioMerieux SA
- Bio-Rad Laboratories
- BioTek Instruments, Inc.
- Candela Medical
- Cynosure, LLC
- Danaher Corporation
- Endress+Hauser (Analytik Jena GmbH)
- Hoffmann-La Roche Ltd.
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