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Global Analytical Instrumentation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • ID: 4897249
  • Report
  • February 2022
  • Region: Global
  • 143 Pages
  • Mordor Intelligence

FEATURED COMPANIES

  • Agilent Technologies, Inc
  • Bruker Corporation
  • PerkinElmer Inc.
  • Shimadzu Corporation
  • Waters Corp.

The global analytical instrumentation market (henceforth referred to as the market studied) was valued at USD 43.2 billion in 2021 and is projected to be worth USD 66.27 billion by 2027, registering a CAGR of 7.52% during the period of 2022-2027 (henceforth referred to as the forecast period). The increasing concern for product quality, increasing investments in R & D, and stringent government regulations are major factors driving growth in the global analytical instrumentation market. Increasing customer awareness, especially in emerging regions and the need for analytical instruments across multiple sectors, is expected to expand the forecast period's market growth. Stringent regulations on drug safety, increasing focus on the quality of food products, expansion of crude and shale gas production, and technological advancements in mass spectrometers would aid the market growth.



Key Highlights

  • The biopharmaceutical industry is also playing a significant role in the development of the market studied. With a rising emphasis on pharmaceuticals' quality production, the bioprocessing sector is also emerging as a substantial investor in the market studied. In January 2022, Fujifilm announced to add an additional 89,000 sq ft. of laboratory space at their North Carolina facility, which will feature analytical instrumentation, high throughput bioprocessing equipment, and automation technologies to support the process characterization program. This expansion will also allow Fujifilm Diosynth Biotechnologies to support further its partners in guiding clinical process development that can create more robust commercial processes.
  • Automation across the end-user industries fueled the development in the market studied. Companies developing batteries for electric vehicles, mobile phones, energy systems, and other systems rely on analytical instruments to enhance storage potential and output, creating a more efficient, cleaner, and safer energy source. Companies use electron microscopy technologies to understand structures that level down at the atomic scale, along with spectroscopy tools to discover critical changes in materials that cause defects and inefficiency.
  • Elemental analysis spectrometers are finding applications in environmental, petrochemical, food safety, metallurgical, geochemical, and clinical/toxicology research applications. These products are widely used in markets, such as China, India, and Latin America, to support compliance with increasingly stringent international environmental and consumer safety regulations. Agilent Technologies Inc., Thermo Fisher Scientific, and Shimadzu Corporation, among others, are some major vendors in the market studied, which are also increasingly investing in the market development and expansion of market scope.
  • However, the high cost of analytical instruments restrains the growth of the studied market. Furthermore, along with the cost of instruments, various other costs are associated, such as staffing, maintenance, and laboratory expenses, thereby restraining the market's growth. Moreover, the advancement in features and functionalities, technological advancements, and innovative systems are adding to the cost of analytical instruments. For instance, high-performance liquid chromatography (HPLC) ranges from USD 12,000 to USD 50,000. In addition, the 90-L column and packing station costs about SUD 200,000.
  • Further, the recent COVID-19 outbreak resulted in significant demand in the market studied. The need for accelerated research has been significantly increased during the COVID-19 outbreak, and the public expects unprecedented progress from the scientific community. In May 2020, UK-based market vendor, Malvern Panalytical, opened its APAC Application Center of Excellence in China. With this opening, the company mainly supports a rebound of business from the COVID-19 lockdown in China. According to the company, the center provides sample measurements for customers and also enables corresponding measurement solution development and professional technical consulting services, including core service functions: instrument demonstration; customer, employee, talent training; project cooperation, and method development.

Key Market Trends


The Life Sciences Segment is Expected to Hold a Significant Market Share

  • Life sciences account for the largest share in the analytical instrument industry, representing a quarter of the entire industry. Life sciences comprise more than 13 individual technology segments, encompassing a wide range of applications using analytical tools such as spectrometry, atomic spectroscopy, and molecular spectroscopy, among others. This provides significant opportunities for the growth of both general instrument applications and niche research systems. Demand for Next Generation Sequencing (NGS) continues to flourish, impacting the sequencing segment and driving strong demand in the nucleic acid sample preparation segment. This growth was evident in both the public and private sectors, as genomics technology went beyond basic research to reach the biomedical domain.
  • Such tremendous growth is expected to create a significant demand for analytical instrumentation solutions, as it helps pharmaceutical companies comply with stringent regulations on drug safety.
  • Geographically, China has the highest demand for life science instruments, majorly propelled by the country’s precision medicine initiative. It is followed by the United States, which is the largest life science market. Owing to the impact of COVID-19 on the economy, the demand for analytical tools is rapidly shifting to the clinical and pharmaceutical segments. With the ongoing US-China trade dispute, the Chinese researchers suggest that over 40% of items on the US export control list are scientific instruments required by China’s laboratory researchers. This has further restricted the depth and level of China’s scientific research, industrial manufacturing, and military development. China’s annual lab equipment import costs almost USD 100 billion. With recent government investment in life science research, the players are showing ambition to move away from dependence on imported technology.
  • The market is witnessing several strategic developments such as new product developments, mergers, and collaboration that suggest the increase in the adoption of analytical tools in the segment. For instance, in November 2021, Thermo Fisher Scientific launched its new mass spectrometry (MS) instruments, workflows, and software. The Thermo Scientific Orbitrap Exploris MX mass detector allows biopharmaceutical laboratories to implement the multi-attribute method (MAM) and perform intact analysis of monoclonal antibodies, conducting oligonucleotide mass determination, and carry out peptide mapping. Further, in December 2021, Mindteck Limited signed another project that encompasses the optimization of application module software as an external module of instrument control and workflow module software.
  • Also, a significant rise in demand for pharmaceutical biosimilars, phytopharmaceuticals, and regenerative medicine, is expected to aid in the adoption of analytical instrumentation solutions in the industry. With the growing emphasis on the quality production of pharmaceuticals, the bioprocessing sector is also emerging as a substantial investor in the market. Owing to such demand, in May 2021, the Department of Science and Technology set up three centers in IIT Kanpur, IIT Delhi, and BHU Varanasi to house major analytical instruments to provide common services of high-end analytical testing with an aim to avoid duplication and reduce dependency on foreign resources.


The Asia Pacific Region is Expected to Witness a High Market Growth

  • The demand for analytical instrumentation has been growing significantly in the Asia Pacific region. Specifically, these products have been utilized in the region to address climate change, an aging population, food production, and newer energy sources. Analytical instrumentation vendors have also responded to the market demand via distribution by local companies as well as direct sales. Also, owing to the trade tensions between the US and China, multiple companies have shifted some of their production and supply chains to countries in the region outside of China to circumvent disruption in business operations.
  • One of the sectors that have received significant growth for analytical instruments from the Chinese government is life sciences. Within the 13th Five-Year Plan period (2016-2020), the life sciences industry in China registered medium-to-high speed growth. China's government announced that in its next five-year plan, it would further include a commitment to invest around USD 9 billion over the course of the next 20 years in the precision medicine industry. Moreover, so far, there has been no specific antiviral treatment that has been proven to be effective for COVID-19. Combinations of antivirals, different drugs, and traditional Chinese medicine are being used in China. However, current treatment options are mainly based on previous experience showing clinical benefits in treating influenza and other viral infections.
  • The region is home to a number of extremely diverse countries ranging from advanced technological hubs to emerging economies. Countries like Singapore, South Korea, Taiwan, and Australia are already major players on the world stage in industries like pharmaceuticals, biotechnology, semiconductors, and mining. The growth has lifted in these countries as a result of strong foreign investment and an ideal location to integrate into global supply chains. Many expect countries in the region to be competitive with China, Japan, and other global players in the near future.
  • Moreover, the region is witnessing product innovation offering better functionalities. For instance, in Jun 2020, Japan-based Shimadzu launched its LCMS-8060NX triple quadrupole mass spectrometer that offers greater operating efficiency to pharmaceutical companies wanting to shorten their drug discovery periods or reduce costs, clinical firms handling complex biological samples, and entities in food science involved in the investigation of residual pesticides, among others. The LCMS-8060NX enhances method development and routine analysis.
  • Further, countries such as India have been one of the emerging markets in the analytical instrumentation industry owing to higher investment in testing and R&D activities. The growing awareness among the country's expanding end-user industries is also driving investment in the market studied. Therefore, the analytical instruments market in the country has been witnessing exponential growth since the turn of the century. However, in the past 2-3 years, the pace of growth has slowed down to high single digits, and ever-thinning margins impact the industry. Procurement pressures, both from government organizations and the private sector, are taking a toll on the companies' bottom lines, though top lines are still growing.


Competitive Landscape


The analytical instruments market is fragmented and is home to numerous primary and smaller vendors depending on the location. The major vendors in the market garner more in-depth product portfolios are catering to different customer requirements, whereas smaller vendors operate in niche segments providing customizations and customer-specific orders. Key players include Agilent Technologies, Inc, Malvern Panalytical Ltd (Spectris Company), PerkinElmer Inc., Thermo Fisher Scientific, Shimadzu Corporation, etc.


  • November 2021- Thermo Fisher Scientific announced the launch of its new mass spectrometry (MS) instruments, workflows, and software, which the company showcased at the 69th American Society for Mass Spectrometry (ASMS) Conference on Mass Spectrometry and Allied Topics.
  • October 2021 - Bruker Corporation announced the launch of its large sample Dimension IconIRnanoscale infrared spectroscopy and chemical imaging systems. The platform combines Dimension Icon AFM and nanoIR photothermal AFM-IR technology to establish new standards in chemical and material property mapping with sub-10nm chemical imaging resolution.

Additional Benefits:


  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Agilent Technologies, Inc
  • Bruker Corporation
  • PerkinElmer Inc.
  • Shimadzu Corporation
  • Waters Corp.

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Development of Precision Medicine
5.2 Market Restraint
5.2.1 High Initial Cost
6 ASSESSMENT OF COVID-19 IMPACT ON THE INDUSTRY
7 MARKET SEGMENTATION
7.1 Product Type
7.1.1 Chromatography
7.1.2 Molecular Analysis Spectroscopy
7.1.3 Elemental Analysis Spectroscopy
7.1.4 Mass Spectroscopy
7.1.5 Analytical Microscopes
7.1.6 Other Product Types
7.2 End-User
7.2.1 Life Sciences
7.2.2 Chemical and Petrochemical
7.2.3 Material Sciences
7.2.4 Food Testing
7.2.5 Oil and Gas
7.2.6 Water and Wastewater
7.2.7 Other End-Users
7.3 Geography
7.3.1 North America
7.3.2 Europe
7.3.3 Asia Pacific
7.3.4 Rest of the World
8 COMPETITIVE LANDSCAPE
8.1 Vendor Ranking Analysis
8.1.1 Chromatography
8.1.2 Mass Spectroscopy Market
8.1.3 Molecular Analysis Spectrometers
8.1.4 Elemental Analysis Spectrometers
8.2 Company Profiles
8.2.1 Agilent Technologies, Inc
8.2.2 Bruker Corporation
8.2.3 PerkinElmer Inc.
8.2.4 Thermo Fisher Scientific Inc.
8.2.5 Shimadzu Corporation
8.2.6 Malvern Panalytical Ltd (Spectris company)
8.2.7 Mettler Toledo International Inc.
8.2.8 Waters Corp.
8.2.9 Bio-Rad Laboratories, Inc.
9 INVESTMENT ANALYSIS10 FUTURE OF THE MARKET
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Agilent Technologies, Inc
  • Bruker Corporation
  • PerkinElmer Inc.
  • Thermo Fisher Scientific Inc.
  • Shimadzu Corporation
  • Malvern Panalytical Ltd (Spectris company)
  • Mettler Toledo International Inc.
  • Waters Corp.
  • Bio-Rad Laboratories, Inc.
Note: Product cover images may vary from those shown

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