According to a recently released Fact.MR analysis, the global market for biotechnology instruments is expected to generate revenues of US$ 46.1 billion in 2021 and rise at a CAGR of 16.4% from 2022 to 2032. The market is anticipated to reach US$ 241.4 billion by the end of 2032.
The sector is being advanced by technological advancements, the effectiveness of laser therapy, the rising prevalence of target diseases, the aging population, and the rising need for Point-Of-Care (POC) diagnostics and equipment. Because of this, the market for biotechnology instruments is anticipated to expand at a CAGR of 16.4% during the next ten years.
Key Takeaways from the Market Study
The market for global biotechnology instruments is anticipated to rise to US$ 53.3 billion by 2022, with life science consumables estimated to grow at a CAGR of 15.2 percent.
The U.S. is expected to experience the fastest growth in biotechnology instrument sales between 2022 and 2032, with a projected growth rate of over 15.6 percent. the top end-use, hospitals, and healthcare facilities are predicted to grow at a CAGR of 14.7 percent. the global biotechnology instrument market is predicted to reach US$ 53.3 billion in 2022, with revenues up 15.6 percent year over year.
Competitive Landscape
In this market, a variety of local and international businesses are active. To sell their goods through numerous industries, these businesses compete based on the innovation of their products, their quality, their brand reputation, and their market presence. To stay competitive, businesses use a range of tactics.
• Lumenis unveiled MOSES 2.0 Next-Generation Holmium Laser Technology in July 2021. The goal of this launch was to improve the effectiveness of operations for enlarged prostates and urinary stones. Due to improvements in laser energy transfer, this is possible. Additionally, greater investment initiatives help many businesses widen their market penetration.
• In February 2021, Waters Corporation unveiled the MaxPeak High-performance Surface technology-based Waters ACQUITY PREMIER Solution, a liquid chromatography system.
• Sartorius Stedim Biotech acquired the chromatography process equipment division of Novasep in January 2021. Improved chromatography systems and resin-based batches for multiple-use applications, including oligonucleotides, small molecules, insulin, and peptides, are part of its chromatography product line.
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