The global scientific instrument market is expected to grow by USD 16 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 5%.
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Technavio has announced its latest market research report titled Global Scientific Instrument Market 2020-2024 (Graphic: Business Wire)
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Read the 120-page report with TOC on “Scientific Instrument Market Analysis Report by Product (Laboratory analytical instruments and consumables; and Measuring and monitoring devices), Geography (North America, APAC, Europe, South America, and MEA), and the Segment Forecasts, 2020-2024”.
The market is driven by the increase in global R&D investments. In addition, the rise in the number of product promotional activities is anticipated to boost the growth of the scientific instrument market.
The growing demand for the development of new products and the enhancement of existing products has increased the investments in R&D activities worldwide. Besides, the rising number of testing facilities, especially in biotechnology and pharmaceutical fields has increased the use of scientific instruments. Moreover, many government organizations across the world are encouraging pharmaceutical companies to increase their R&D efforts and invest in genomic research. This has further increased the demand for scientific instruments, which is contributing to the growth of the market.
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Major Five Scientific Instrument Companies:
ABB Ltd. operates its business through segments such as Electrification, Industrial Automation, Motion, Robotics & Discrete Automation, and Corporate and Other. The company offers a wide range of scientific instruments for various end-user requirements.
Agilent Technologies Inc.
Agilent Technologies Inc. operates its business through segments such as Life Sciences and Applied Markets, Diagnostics and Genomics, and Agilent CrossLab. The company offers a wide range of scientific instruments for a variety of end-user applications.
Bio-Rad Laboratories Inc.
Bio-Rad Laboratories Inc. operates its business through segments such as Life Science and Clinical Diagnostics. The company offers a wide range of scientific instruments for various end-user applications.
Bruker Corp. operates its business through segments such as Bruker BioSpin, Bruker CALID, Bruker Scientific Instruments NANO, and Bruker Energy & Supercon Technologies. The company offers a wide range of scientific instruments for various end-user requirements.
Danaher Corp. operates its business through segments such as Life Sciences, Diagnostics, and Environmental & Applied Solutions. The company offers a wide range of scientific instruments for a variety of end-user applications.
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Scientific Instrument Market Product Outlook (Revenue, USD Billion, 2020-2024)
- Laboratory analytical instruments and consumables
- Measuring and monitoring devices
Scientific Instrument Market Geography Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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