BIOTECHNOLOGY INSTRUMENTS MARKET ANALYSIS

The global biotechnology instruments market was valued at US$ 50.2 Bn in 2022 and is forecast to reach a value of US$ 106.7 Bn by 2030 at a CAGR of 9.4% between 2023 and 2030. The global biotechnology instruments market is experiencing strong growth due to the rising in burden of chronic diseases and high demand for point-of-care (POC) tests/devices. Moreover, increasing demand for biotechnology instruments and growing geriatric population is expected to propel the growth of the market. However, factors such as high cost of biotechnology instruments and dearth of skilled professionals are expected to hamper the market growth.

Global Biotechnology Instruments Market: Regional Insights

Based on geography, the global biotechnology instruments market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period due to the rising prevalence of target diseases, growing geriatric population, high adoption of point-of-care diagnostic tests/devices, and increasing demand for IVD instruments in the region. For instance, in November 2021, Thermo Fisher Scientific announced the launch of the new IVD system called Applied Biosystems QuantStudio 7 Pro Dx Real-Time PCR. The system is designed to support IVD testing and the development of assay menus. This in turn is expected to propel the growth of the biotechnology instruments market in the region.

Europe and Asia Pacific are also expected to witness robust growth in the global biotechnology instruments market due to the rise in burden of target diseases, growing geriatric population, high demand for IVD instruments, increasing adoption of point-of-care diagnostic tests/devices in these regions. For instance, in May 2022, Agilent Technologies launched CE-IVD marked instruments, kits, and reagents as IVDR Class A, in compliance with the new EU IVDR regulation. This launch ensures that labs in the EU who rely on Agilent IVDR instruments in their diagnostic workflows will continue to be able to use these products without disruption.

Figure 1. Global Biotechnology Instruments Market Share (%), by Region, 2023

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Global Biotechnology Instruments Market Drivers:

Rising prevalence of target diseases to augment market growth

One of the key factors expected to augment growth of the global biotechnology instruments market over the forecast period is the rising prevalence of chronic diseases across the world. For instance, with the increasing prevalence of chronic disease (which leads to an increasing number of surgical procedure), the demand for biotechnology instruments is also increasing rapidly. According to the World Health Organization (WHO), cardiovascular diseases account for most NCD deaths, or 17.9 million people annually, followed by cancer (9.3 million), chronic respiratory disease (4.1 million), and diabetes (2.0 million including kidney disease deaths caused by diabetes).

High demand for Point-of-Care (POC) tests to drive market growth

Another factor which is driving the growth of the global biotechnology instruments market is the increasing demand for point-of-care (POC) tests around the world. For instance, in January 2023, Cipla announced the launch of Cippoint, a point-of-care testing device. This state-of-the-art device offers a wide range of testing parameters including cardiac markers, diabetes, infectious diseases, fertility, thyroid function, inflammation, metabolic markers, and coagulation markers. Cipla aims to bridge the gap in the diagnostic ecosystem in India by providing both reliable and accurate tests at affordable prices, thus enabling a faster clinical decision-making process.

Global Biotechnology Instruments Market Opportunities:

Increasing demand for biotechnology instruments around the world is expected to offer significant growth opportunities for players in the biotechnology instruments market. For instance, with the rise in global disease burden, the demand for safe and effective is also increasing rapidly. In July 2021, Bio-Rad Laboratories, Inc. collaborated with Seegene, Inc. for the clinical development and commercialization of infectious disease molecular diagnostic products/solutions. Seegene, Inc.’s unique assay design, chemistries, and high-level multiplexing can detect several infectious disease targets simultaneously, making the assays well-suited for syndromic testing.

Growing geriatric population across the globe is expected to offer significant growth opportunities for players in the global biotechnology instruments market. For instance, aging increases the risk of chronic diseases, such as heart disease, cancer, diabetes, dementias, and/or arthritis, and chronic diseases are the leading causes of disability and death among the elderly population worldwide. According to the World Health Organization (WHO), by 2030, one in six people in the world will be aged 60 years or over, and the world’s population of people aged 60 years and older will double (2.1 billion) by 2050. This in turn is driving the market growth.  

Global Biotechnology Instruments Market Trends:

High demand for life science consumables is a recent trend

Life science consumables generally refer to syringes, pipettes, funnels, beakers, testing kits, pipette tips, falcon tubes, filter paper, plates, and cuvettes. Recently, glass consumables have been gaining in popularity over plastic consumables due to several advantages. The outbreak of COVID-19 has also increased the demand for life science consumables due to increasing demand for testing kits. For instance, the demand for PCR kits increased significantly during the pandemic as RT-PCR kits emerged as one of the essential requirements in every household. This trend is expected to continue over the forecast period, driving the growth of the market.

Advancements in genome sequencing is another trend

Advancements in genomic capability have led to noteworthy improvements in reliability and speed of whole genome sequencing. Thus, whole genome sequencing is anticipated to make significant real-time contribution toward public health response and scientific understanding of the COVID-19 outbreak (pandemic). The first whole genome sequencing of SARS-CoV-2 was shared online in January 2020. Since then, researchers have shared more than 32,000 viral genomes from across the globe. This in turn helped in tracing the origin of COVID-19 outbreak in different countries and has also helped pinpoint community transmissions.

Global Biotechnology Instruments Market Restraints:

High cost of biotechnology instruments to hinder market growth

One of the key factors expected to hamper growth of the global biotechnology instruments market is the high cost of biotechnology instruments. For instance, the operating and maintenance costs of biotechnology instruments is high as compared to other instruments, which in turn hamper the adoption of biotechnology instruments. The cost of biotechnology instruments ranges from around US$ 20,000 to US$ 50,000. Thus, high cost of biotechnology instruments is one of the challenges for the growth of global biotechnology instruments market. 

Dearth of skilled professionals to hamper the market growth

Another factor which is hampering the growth of the global biotechnology instruments market is the dearth of skilled professionals. Shortage of skilled professionals in the field of biotechnology is a major hurdle for market growth, as a number of players in the market require experienced and trained staff at their facilities. There are smaller number of experts and professionals working in this field and very few academic institutions/universities offer courses and trainings for healthcare information technology in developing economies. Hence, lack of skilled professionals is expected to act as a restraining factor for market growth.

Figure 2. Global Biotechnology Instruments Market Share (%), by End User, 2023

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Global Biotechnology Instruments Market Segmentation:

The global biotechnology instruments market report is segmented into Product, End-Use, and Region.

Based on Product, the market is segmented into Lab Automation Instruments (Proteomics, Genomics, Sequencing, Spatial Cell Analysis, and Others), Life Science Consumables, IVD Instruments, and Medical Lasers (Therapeutics, Ophthalmics, and Ablation). Out of which, Lab Automation Instruments Segment is expected to dominate the biotechnology instruments market over the forecast period and this is attributed to the high demand for lab automation instruments (such as proteomics, genomics, sequencing, spatial cell analysis, and others) worldwide.

Life Science Consumables Segment is also expected to witness significant growth in the near future and this is owing to the increasing demand for life science consumables.

Based on End-Use, the market is segmented into Government & Academic Institutes, Pharmaceutical & Biotechnology Companies, Hospitals & Healthcare Facilities, and Others. Out of which, Government & Academic Institutes Segment is expected to dominate the market over the forecast period and this is attributed to the increasing research and development activities in the government & academic institutes.

Pharmaceutical & Biotechnology Companies Segment is also expected to witness significant growth in the near future and this is owing to increasing demand for biotechnology instruments.

Global Biotechnology Instruments Market: Key Developments

In March 2022, Thermo Fisher Scientific launched a CE-IVD marked next-generation sequencing instrument for use in clinical laboratories. The system allows the users to perform both testing and clinical research and diagnosis on a single instrument.

In February 2022, Integra Biosciences launched the D-ONE single-channel pipetting module that offers hands-free transfers from individual tubes or wells using the ASSIST PLUS pipetting robot. The system can automate several lab operations, thus bolster lab productivity and reproducibility while also minimizing errors and strain.

In February 2021, Beckman Coulter introduced DXH560 AL, a table top hematology analyzer. It is intended to minimize time and resource restriction faced by mid-and small-sized laboratories. The analyzer can be used with difficult-to-draw patients (elderly, oncology, and infants) because it required 17 μL specimens, which is less than a blood drop.

Global Biotechnology Instruments Market: Key Companies Insights

The global biotechnology instruments market is highly competitive. This is attributed to the rising prevalence of chronic disease and geriatric population, as a result, market players are focusing on developing and launching novel instruments in the market.

Some of the key players in the global biotechnology instruments market are AngioDynamics, Cynosure, LLC.., Lumenis, Candela Medical, Novanta, Inc., Iridex, Alcon, Inc., and Zimmer Biomet, among others.

*Definition: Biotechnology instruments are equipment and processes used in biotechnology and the related field of medical engineering. The advancement in miniaturization and developing lightweight materials for constructing biotechnology instruments are providing new dimensions in designing these instruments.