Analytical Laboratory Instrument Global Market Report 2024

The analytical laboratory instrument market size has grown strongly in recent years. It will grow from $109.85 billion in 2023 to $118.76 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. Historical growth in the analytical laboratory instruments market is driven by increases in healthcare expenditure, economic growth in emerging markets, aging population, and growing awareness about food testing importance. Stringent safety regulations in various industries also contributed to demand.

The analytical laboratory instrument market size is expected to see strong growth in the next few years. It will grow to $158.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The expected expansion in the analytical laboratory instruments market is propelled by technological advancements, improved healthcare accessibility, and the growing incidence of chronic diseases. Key trends involve investments in 3D printing, utilization of big data analytics, adoption of automation, development of 3D microscopes, implementation of M&A strategies, and the embrace of cloud technology for enhanced speed and efficiency.

The expansion of the life sciences industry has significantly contributed to the growth of the analytical laboratory instruments market. The continual rise in lifestyle-related ailments such as diabetes, heart conditions, and cancer, coupled with increased investment in research and development, has propelled the life sciences sector forward. For instance, statistics from the Centers for Disease Control and Prevention (CDC) in 2022 indicated that approximately 37.3 million people in the United States, constituting 11.3% of the population, are affected by diabetes. Similarly, the International Diabetes Federation reported approximately 537 million adults globally grappling with diabetes, with a majority residing in low- and middle-income countries. As this reliance on life sciences continues to surge, the demand for analytical laboratory instruments for conducting vital research is expected to increase, driving the need for such equipment.

The escalating demand for pharmaceutical products is anticipated to further fuel the growth of the analytical laboratory instruments market. Pharmaceutical products encompass substances developed to prevent, diagnose, or treat medical conditions. These laboratory instruments play a crucial role in ensuring the quality, safety, and effectiveness of pharmaceuticals by conducting essential tests for drug formulation, purity, and stability, thus aligning with regulatory standards. For instance, the Merck Group reported a remarkable increase in pharmaceutical product sales, reaching $59.3 billion in 2022, marking a substantial 22% surge over the previous year. Consequently, the soaring demand for pharmaceutical goods stands as a significant driver propelling the expansion of the analytical laboratory instruments market.

Companies within the analytical laboratory instruments sector are innovating equipment that can collect and relay data to cloud-based systems. The integration of cloud technology aids scientists in rapidly sharing research outcomes. For example, TetraScience, a technology firm specializing in data integration, developed a technology enabling lab equipment to continuously gather and transmit data to the cloud. This real-time monitoring capability ensures more accurate results, expediting research completion, reducing manual intervention, and enhancing cost efficiency.

Major players in the analytical laboratory instruments industry are intensifying their efforts to introduce sophisticated liquid chromatography-mass spectrometry (LC-MS) systems to bolster market revenue. Advanced LC-MS systems are complex analytical tools used for separating, identifying, and quantifying intricate mixtures of chemicals or compounds. In June 2023, Agilent Technologies Inc., a US-based laboratory equipment manufacturer, unveiled two new liquid chromatography-mass spectrometry systems. The Agilent 6495D LC/TQ, a triple-quadrupole LC/MS system, is specifically designed for precision-demanding targeted analysis applications. Simultaneously, the Agilent Revident LC/Q-TOF, a quadrupole time-of-flight LC/MS system, features enhanced instrument intelligence to optimize operational time and productivity. The 6495 LC/TQ instrument offers robustness for research while being production-ready, ensuring increased sample measurements, heightened efficiency, and minimized instrument downtime.

In June 2022, R-Biopharm AG, a Germany-based developer of test solutions for clinical diagnosis and food & feed analysis, successfully acquired AusDiagnostics Pty Ltd for an undisclosed amount. This strategic acquisition is intended to enhance R-Biopharm AG's product portfolio in analytical laboratory instruments for diagnostic purposes, positioning the company for a competitive advantage in the market. AusDiagnostics Pty Ltd., based in Australia, is recognized as a manufacturer of diagnostic laboratory equipment, and its integration into R-Biopharm AG is expected to contribute to the expansion and capabilities of the company in the field of clinical diagnosis and laboratory analysis.

Major companies operating in the analytical laboratory instrument market report are Thermo Fisher Scientific Inc., Danaher Corporation, Agilent Technologies Inc., Shimadzu Corporation, F. Hoffmann-La Roche AG, Bruker Corporation, Mettler-Toledo International Inc., Waters Corporation, PerkinElmer Inc., Bio-Rad Laboratories Inc., Scientific Solutions, Metrohm AG, SUEZ Water Technologies and Solutions, Ionicon Analytik Ges.m.b.H., AMETEK Spectro Scientific, Elvatech Ltd., Myron L Company, LabGeni, LABOAO, Agilent Technologies Co. Ltd., QIAGEN, Yamato Scientific co. Ltd., Ace Instruments & Services Pvt Ltd., Aczet Pvt Ltd., Anton Parr India Pvt Ltd., Toshvin Analytical Pvt. Ltd., Advance Scientific Equipment Pvt. Ltd., Peak Scientific Instruments, Thermo Fisher Scientific K.K., AMETEK Inc., Spectris PLC, Specac Limited, Markes International Ltd., Signal Group Ltd., NanoMagnetics Instruments Ltd., Sherwood Scientific Ltd., Malvern Panalytical, Cleaver Scientific Ltd., MRC, Cole-Parmer Instrument Company Ltd., Anton Paar Ltd., BWB Technologies Ltd., Systech Instruments Ltd., Appleton Woods Ltd., PAC L.P., A.KRÜSS Optronic GmbH, F-DGSi, Grant Instruments, Seaward Electronic Ltd., Endress+Hauser, Nanosurf, WITec GmbH, ZEISS Group, Sartorius AG, Eppendorf, Stable Micro Systems, Bruker OOO, ECROSKHIM Co. Ltd., Keithley Equipment, Laboratory Equipment and Instruments (LOIP), Agilent Ukraine, Rostec, Agilent Technologies, Bio-Rad Laboratories, Chemglass Life Sciences Inc., Kimble Chase, SP Industries, Bruker, Teledyne Tekmar, PerkinElmer, Spectro Scientific, AMETEK Process Instruments, Saifi International Co., National Scientific Co. Ltd., Ghiath Mohammad Kaki Est., BDH Middle East LLC, Maa Scientific International LLC, Tungsten Analytical Testing Equipment Trading LLC, RotaLab, SEM GROUP, Rhenium, CSI Analytical Innovations, Silicol-Silicol Scientific Equipment Ltd., Analytik Jena AG, Labotec, Wirsam Scientific, Labex (PTY) Ltd., Labstock (Nigeria) Limited, Estec Ltd.

Asia-Pacific was the largest region in the analytical laboratory instruments market in 2023. North America was the second-largest region in the global analytical laboratory instrument market share. The regions covered in the analytical laboratory instrument market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the analytical laboratory instrument market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The main types of analytical laboratory instruments can be categorized into element analysis, separation analysis, and molecular analysis. Element analysis involves determining the elemental and, at times, isotopic composition of materials such as soil, waste, minerals, and chemical compounds. These instruments are utilized across diverse settings, including research, clinical, diagnostic, and applications within hospitals, diagnostic laboratories, pharmaceutical, and biotechnology sectors.

The analytical laboratory instruments market research report is one of a series of new reports that provides analytical laboratory instruments market statistics, including analytical laboratory instruments industry global market size, regional shares, competitors with an analytical laboratory instruments market share, detailed analytical laboratory instruments market segments, market trends and opportunities, and any further data you may need to thrive in the analytical laboratory instruments industry. This analytical laboratory instruments market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The analytical laboratory instruments market consists of sales of element analysis, separation analysis, and molecular analysis. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.