LIQUID SCINTILLATION ANALYZER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The global liquid scintillation analyzer market size is expected to reach US$ 1,961.3 million by 2030, from US$ 1,410.0 million in 2023, at a CAGR of 4.8% during the forecast period.

Analyst View: The liquid scintillation analyzer market is expected to experience steady growth in the coming years. Demand for precise analysis from the healthcare and pharmaceutical industries will continue to drive the adoption of liquid scintillation analyzers. Advancements in medical research requiring highly sensitive measurement techniques augur well for this market. Further, stringent regulatory standards necessitating accurate analysis will boost market revenues.

However, the high costs of these analyzers may negatively impact sales to some degree. The price tags tend to limit purchases, especially among small and mid-sized labs. Nevertheless, growing Research & Development expenditure and a surge in clinical trials should help offset this effect. The rising focus on food and environmental testing worldwide also creates opportunities.

The liquid scintillation analyzer market is segmented by product type, by application, by end user, and by region. By product type, the market is segmented into counter, Analyzer, consumable and accessories, software, and services. Counter is dominating the market and gaining popularity due to continued technological advancements.

Global Liquid Scintillation Analyzer Market Regional Insights:

• North America is expected to be the largest market for liquid scintillation analyzer market during the forecast period, accounting for over 34.7% of the market share in 2022. The growth of the market in North America is attributed to the well-established pharmaceutical and biopharmaceutical industry, and significant R&D expenditure.
• Europe market is expected to be the second-largest market for liquid scintillation analyzer market, accounting for over 28.3% of the market share in 2022. The growth of the market in Europe is attributed to the strong presence of major biopharmaceutical companies coupled with substantial investments in drug discovery research.
• The Asia Pacific market is expected to be the fastest-growing market for liquid scintillation analyzer market, with a CAGR of over 22.4% during the forecast period. The growth of the market in Asia Pacific is attributed to improving healthcare infrastructure, and the rapid growth of the pharmaceutical industry.

Figure 1. Global Liquid Scintillation Analyzer Market Share (%), by Region, 2023

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Global Liquid Scintillation Analyzer Market Drivers:

• Growing Investments in Pharmaceutical R&D: The growth in investments in pharmaceutical research and development (R&D) is a major factor driving the liquid scintillation analyzer market. With the increasing complexity of drug discovery and the need for targeted therapies, pharma companies are channeling more funds into R&D to develop innovative medicines and treatments. Liquid scintillation analyzers play a vital role in radioisotope-based assays for drug discovery; hence, the growth in R&D spending is fueling the demand for these analytical systems. For instance, according to data published by Pharmaceutical Research and Manufacturers of America (PhRMA), which represents the nation's leading biopharmaceutical research companies., Since 2000, PhRMA member companies have invested more than US$1.1 trillion in the search for new treatments and cures, including US$ 102.3 million in 2021 alone. The entire U.S. biopharmaceutical industry invested an estimated US$122 million in R&D in 2020.
• Rising Demand from Pharmaceutical and Biotechnology Industry: The global liquid scintillation analyzer market is expected to witness significant growth over the coming years, driven primarily by increasing demand from the pharmaceutical and biotechnology industries. Reliability, high sensitivity, and accuracy of liquid scintillation analyzer make it a preferred technology for the analysis of radioisotopes, which finds wide application in drug development, biosimilars development, and the validation of new therapies. Pharmaceutical companies are constantly engaging in research and development of new molecular entities and biologics to treat various diseases. A liquid scintillation analyzer plays a critical role right from the initial drug discovery stage to quantify the binding of ligands to target receptors to assessing the bioavailability and metabolism of molecules in pre-clinical and clinical studies. Additionally, liquid scintillation counters are highly useful in analyzing radioisotope-labelled biomarkers for diagnosing and studying disease mechanisms. With a rising focus on precision medicine approaches, demand for such analytical tools from drug makers is surging.
• Use of Liquid Scintillation Analyzers in Drug Discovery Applications: The use of liquid scintillation analyzers in drug discovery applications is a major factor driving the growth of the liquid scintillation analyzer market. Pharmaceutical and biotechnology companies are increasingly relying on liquid scintillation analyzers for various research activities in drug discovery and development.

Global Liquid Scintillation Analyzer Market Opportunities

• Growing Proteomics Research: The proteomics market has witnessed exponential growth in recent years, driven by investments from pharmaceutical companies, a rising focus on personalized medicine, and advances in proteomics technologies. Liquid scintillation analyzers are gaining traction for proteomics applications involving the characterization and quantification of radiolabeled proteins. For instance, In June 2022, Protai, an Israeli startup supporting drug discovery with proteomics and artificial intelligence, announced that it had raised US$8 million in seed funding. The fund will be used to continue the development of its technology platform, advance its drug discovery programs, and form partnerships with pharmaceutical companies.
• Growth in biotechnology and life science industry: The biotechnology and life science industries have shown tremendous growth in recent years and are expected to grow further in coming years. With advancements in research and development, biotechnology has opened doors to new discoveries that are helping humanity. The study of life processes at molecular level through biotechnology is being applied across various domains of healthcare. This growth in biotechnology signifies great opportunities for related instrumentation markets as well. Liquid scintillation analyzers play a crucial role in biotechnology and life science research by allowing the detection and quantification of radioactive markers and molecules. These markers are extensively used in studies involving cell and tissue analysis, drug development, detection of toxins and contamination, dosing experiments, and more. As biotechnology grows in scope and application, the need for precision and high volume analysis of radioactive samples is also witnessing a rise. This demand is well complemented by advanced liquid scintillation analyzers, which offer high sensitivity, throughput, accuracy, and reproducibility of results.
• Emerging Markets Offer Significant Growth Potential: Developing and emerging economies such as China, India, Brazil and others are poised to present lucrative growth opportunities for liquid scintillation analyzer companies. These countries are witnessing increasing investments in healthcare, food testing, environmental analysis and other end-use domains that utilize liquid scintillation analyzers. Local governments are also providing support for advancing lab testing capabilities and compliance with quality standards. Key players in the liquid scintillation analyzers market can target these high-potential countries to expand their geographical presence and revenue growth.

Global Liquid Scintillation Analyzer Market Trends:

• Technological Enhancements in Liquid Scintillation Analyzers: Manufacturers are continuously focusing on incorporating technology enhancements to improve the efficiency, accuracy, and flexibility of liquid scintillation analyzers. Key innovations include analyzers with multi-mode counting capabilities for alpha, beta, and gamma radiation, systems with robotic sampling, advanced vial handlers, superior data analytical software, remote monitoring etc. Companies are also developing analyzers with smaller footprints and improved user safety features. The integration of automation and data analytics is a major technology trend in the market. For instance, in April 2022, Hidex Oy, Which develops and manufactures liquid scintillation counters, gamma counters, and microplate readers, launched the Hidex 600 SLe is new enhanced version of Hidex 600 SL, the most efficient liquid scintillation counter. It is a continuation of revolutionary Hidex instruments incorporating the most advanced triple-PMT detector technology
• Surging Demand from Clinical Diagnostics: The clinical diagnostics domain is emerging as a significant end-user of liquid scintillation analyzers. Radioimmunoassays incorporating liquid scintillation counting are gaining importance for measuring hormone levels and tumor markers in patient samples. Liquid scintillation analyzers also aid in the quantification of radiolabeled drugs and metabolites in biofluids for pharmacokinetics studies. Growing regulatory emphasis on bioanalytical method validation is further fueling the demand for these analyzers in clinical diagnostics.
• Adoption of Automated Liquid Handling Systems: The adoption of automated liquid handling systems in laboratories is having a profound impact on the liquid scintillation analyzer market. Automated liquid handlers are equipment used in laboratories that can pipette, transfer, dilute and dispense liquid samples accurately and precisely. They help increase efficiency by reducing human errors and speeding up repetitive tasks. Many scientific labs are now automating common manual tasks like sample preparation and reagent addition using such systems. This trend towards increased automation is driving higher demand for liquid scintillation analyzers that can integrate seamlessly with these automated liquid handling platforms.

Global Liquid Scintillation Analyzer Market Restraints:

• Availability of Alternative Technologies: The availability of alternative technologies is significantly restraining the growth of the liquid scintillation analyzer market. Liquid scintillation analyzers have traditionally been used for quantitative measurement of radioisotopes in solution samples through scintillation counting. However, alternative technologies such as gamma spectroscopy, digital autoradiography, Cherenkov counting etc. provide comparable or more accurate results for certain applications. Gamma spectroscopy utilizes the unique gamma emission spectra of radioisotopes for their detection and quantification. While liquid scintillation analyzers have limited efficiency for detecting gamma emissions accurately, gamma spectroscopy has near 100% detection efficiency. This makes gamma spectroscopy a more suitable alternative where gamma emitting isotopes need to be analyzed and accurately quantified.
• Requirement of Trained Professionals: The operation and maintenance of sophisticated liquid scintillation analyzers require skilled personnel trained in radiation handling, liquid chromatography and data analysis. Many small scale facilities in emerging countries grapple with a shortage of such trained professionals. The recruitment and training costs add to the overhead for end-users. A lack of qualified personnel coupled with safety concerns associated with radioactive samples limits adoption by new customers.

• Stringent Regulatory Policies: Stringent safety norms and regulations pertaining to the handling and disposal of radioactive materials used in liquid scintillation analyzers hamper their adoption. End-users must adhere to rigorous licensing and reporting protocols. Approval delays due to lengthy paperwork and compliance requirements reduce accessibility for some labs and facilities. Players need to ensure their instruments meet all mandated standards and support customers in regulatory compliance.

Counter balance: Manufacturers can counterbalance regulatory constraints by allocating resources towards R&D efforts. This can lead to the development of more advanced and efficient liquid scintillation analyzers that not only meet regulatory requirements but also offer enhanced features and capabilities.

Figure 2. Global Liquid Scintillation Analyzer Market Share (%), by Product Type, 2023

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Recent Developments:

Acquisition:

• In July 2022, Hidex Oy acquired Meridian Biotechnologies Ltd., a U.K.-based biotechnology company. The agreement included the transfer of ownership of the Meridian Biotechnologies scintillation cocktails to Hidex.

Key Highlight

• In March 2023, Hidex Oy celebrated its 30th anniversary in Levi, Finland, with colleagues from around the world. Over 40 participants flew from all over the world, from as far as Japan, Korea, Canada, Brazil, and many more, to attend the 3-day meeting. The objective of the meeting was to share key developments in the Hidex product lines including liquid scintillation counters, gamma counters, microplate readers, radiowater generator, consumables for LSC, and LSC sample preparation. The meeting also focused on discussing new application areas, the exchange of sales best practices, and group brainstorming sessions.

Top companies in Global Liquid Scintillation Analyzer Market:

• Thermo Fisher Scientific
• PerkinElmer
• Hidex Oy
• Berthold Technologies
• Packard
• Beckman Coulter
• Rotem Industries
• LabLogic Systems
• GEMCutter
• Agilent Technologies
• Meridian Biotechnologies, Inc
• LabLogic Systems

Definition: The liquid scintillation analyzer market refers to the industry and ecosystem of companies involved in the development, production, marketing, and usage of liquid scintillation counters, analyzers, and related accessories and software. Liquid scintillation analyzers are analytical instruments used to detect and measure low-energy radiation emitted by radioactive isotopes. They work by mixing radioactive samples with special scintillation cocktails which produce flashes of light when radiation interacts with them.