Scientific Instruments Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

Scientific instruments are instruments designed in such a way that they can help achieve scientific purposes for the research of novel products. These instruments are essential for new product development and remodeling of existing products. Although they are a component of laboratory equipment, scientific instruments are thought to be more advanced and specialized than other measuring instruments. Scientific instruments are used to indicate, measure, and record physical quantities in science research labs and R&D facilities.

Sizing and Forecast
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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Segmentation & Regional Insights
The scientific instruments market covered in this report is segmented –
1) By Type: Clinical Analyzers, Analytical Instruments, Other Types
2) By Application: Research, Clinical and Diagnostics, Other Applications
3) By End User: Hospitals and Diagnostic Laboratories, Pharmaceutical and Biotechnology Companies, Other End-users

North America was the largest region in the scientific instruments market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the scientific instruments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing testing and research facilities drives the scientific instruments market. There has been a rapid increase in testing and research facilities due to the spreading virus and increasing efforts to combat its aftereffects. These testing and research facilities require scientific instruments for effective testing and the development of solutions. For instance, according to an article published in January 2023, by the National Center for Science and Engineering Statistics, a US-based statistical agency, the U.S. R&D spend increased by $51 Billion in 2020 to reach $717 Billion and the R&D spending is estimated to increase and reach $792 Billion in 2021. Therefore, an increase in testing and research facilities is driving the scientific instruments market.

Key Industry Players
Major companies operating in the scientific instruments market report are 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

The scientific instruments market report table of contents includes:
1. Executive Summary

2. Scientific Instruments Market Characteristics

3. Scientific Instruments Market Trends And Strategies

4. Scientific Instruments Market - Macro Economic Scenario

5. Global Scientific Instruments Market Size and Growth
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31. Global Scientific Instruments Market Competitive Benchmarking

32. Global Scientific Instruments Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Scientific Instruments Market

34. Scientific Instruments Market Future Outlook and Potential Analysis

35. Appendix

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