Market Size of Biotechnology Instruments Industry
Study Period | 2019-2029 |
Market Size (2024) | USD 85.29 Billion |
Market Size (2029) | USD 106.57 Billion |
CAGR (2024 - 2029) | 4.55 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
Biotechnology Instruments Market Analysis
The Biotechnology Instruments Market size is estimated at USD 85.29 billion in 2024, and is expected to reach USD 106.57 billion by 2029, growing at a CAGR of 4.55% during the forecast period (2024-2029).
The COVID-19 pandemic had a positive impact on the biotechnology instruments market throughout the pandemic phase. The outbreak of COVID-19 boosted research work on several infectious diseases along with COVID-19. In addition, numerous major players accelerated research and development activities, focusing more on new launches and product approval procedures, which consequently impacted the market's growth. Among all, the demand for PCR kits drastically increased during the pandemic. For instance, in May 2022, Cipla launched its real-time COVID-19 RT-PCR test kit in India. The ‘RT-Direct’ multiplex COVID-19 RT PCR test kit was released in partnership with Genes2Me Pvt Ltd. In addition, several key and small players also underwent public and private collaboration to increase their research activities and combat the growing demand for new products. For instance, in May 2020, the Promega team undertook a public-private initiative with government agencies to scale up the COVID-19 testing capacity by utilizing Promega Maxwell Instruments in India. Hence, such an increase in research-related activities bolstered the demand for biotechnology instruments. In the post-pandemic period, the market studied is expected to register growth in the coming years due to the rapid technological advancements in biotechnology devices coupled with an increase in research activities.
Factors such as the rising demand for point-of-care testing, the growing geriatric population, and the high prevalence of target diseases across the globe are expected to propel the market's growth. For instance, as per the International Diabetes Federation, approximately 537 million adults (20-79 years) were living with diabetes in 2021. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Hence, the rise in diabetes cases is expected to increase chronic disease complications, thereby driving the market growth over the forecast period.
Moreover, to combat the rising demand for various biotechnology instruments, several prominent players are taking initiatives in this market space. For instance, in June 2022, Agilent Technologies Inc. publicized that CE-IVD marked instruments, kits, and reagents were released as IVDR Class A in compliance with the new EU IVDR regulation. With the introduction of IVDR-compliant Class A products, labs in the European Union can continue to utilize Agilent IVDR instruments, kits, and reagents in their diagnostic processes without interruption. Therefore, such factors are expected to increase the demand for IVD instruments as they are one of the essential requirements for developing such solutions. Similarly, in January 2023, Mumbai-based pharma firm Cipla launched 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. The device is CE IVD approved, indicating the device is approved by the European In-Vitro Diagnostic Device Directive, thus ensuring reliable testing solutions.
Therefore, owing to the increase in chronic diseases and the rise in product launches, the studied market is anticipated to witness growth over the analysis period. However, stringent regulatory policies for product approvals are likely to impede the market's growth over the coming years.
Biotechnology Instruments Industry Segmentation
As per the scope of the report, biotechnology instruments are used to isolate and identify biological molecules. The advancement in miniaturization and the development of lightweight materials for constructing biotechnology instruments are providing new dimensions in designing these instruments. The biotechnology instruments market is segmented by product, end-user, and geography. By product, the market is segmented into lab automation instruments, life science consumables, and IVD instruments. By end user, the market is segmented into government and academic institutes, pharmaceutical and biotechnology companies, and hospitals and healthcare facilities. The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally.
The report offers the value (in USD) for the above segments.
By Product | |
Lab Automation Instruments | |
Life Science Consumables | |
IVD Instruments |
By End-User | |
Government and Academic Institutes | |
Pharmaceutical and Biotechnology Companies | |
Hospitals and Healthcare Facilities |
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Biotechnology Instruments Market Size Summary
The biotechnology instruments market is poised for substantial growth over the forecast period, driven by the increasing demand for advanced diagnostic and research tools. The market's expansion is largely attributed to the surge in research activities spurred by the COVID-19 pandemic, which highlighted the critical role of biotechnology instruments in combating infectious diseases. This period saw a significant rise in the demand for PCR kits and other diagnostic tools, as major players accelerated their research and development efforts. The post-pandemic landscape continues to benefit from rapid technological advancements in biotechnology devices, alongside a growing emphasis on point-of-care testing and the management of chronic diseases. The rising geriatric population and the high prevalence of conditions such as diabetes and cancer further fuel the demand for these instruments, as they are essential for early diagnosis and effective disease management.
The market is characterized by a fragmented landscape with numerous global and regional players, including prominent companies like Illumina, Inc., Thermo Fisher Scientific, and Agilent Technologies, Inc. These companies are actively engaging in strategic initiatives such as product launches, mergers, and acquisitions to strengthen their market positions. The introduction of innovative products, such as Agilent's IVDR-compliant instruments and Cipla's point-of-care testing device, underscores the ongoing efforts to meet the rising demand for reliable diagnostic solutions. North America is expected to maintain a significant market share, driven by the region's robust biotechnology research activities and the increasing prevalence of chronic diseases. The presence of key market players and their strategic activities in this region are anticipated to further accelerate market growth, making it a pivotal area for the biotechnology instruments market.
Biotechnology Instruments Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Demand for Point-of-care Tests
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1.2.2 Growing Geriatric Population and Rising Prevalence of Target Diseases
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1.3 Market Restraints
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1.3.1 Stringent Regulatory Policies for Product Approvals
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD)
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2.1 By Product
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2.1.1 Lab Automation Instruments
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2.1.2 Life Science Consumables
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2.1.3 IVD Instruments
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2.2 By End-User
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2.2.1 Government and Academic Institutes
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2.2.2 Pharmaceutical and Biotechnology Companies
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2.2.3 Hospitals and Healthcare Facilities
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Biotechnology Instruments Market Size FAQs
How big is the Biotechnology Instruments Market?
The Biotechnology Instruments Market size is expected to reach USD 85.29 billion in 2024 and grow at a CAGR of 4.55% to reach USD 106.57 billion by 2029.
What is the current Biotechnology Instruments Market size?
In 2024, the Biotechnology Instruments Market size is expected to reach USD 85.29 billion.