Analytical Instrumentation Market Report 2024

This Analytical Instrumentation market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The analytical instrumentation market size has grown strongly in recent years. It will grow from $52.67 billion in 2023 to $56.78 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth during the historic period can be attributed to the development of precision medicine, the enforcement of stringent government regulations, the rising prevalence of chronic diseases, an increasing percentage of the elderly population, and heightened concern for product quality.

The analytical instrumentation market size is expected to see strong growth in the next few years. It will grow to $77.21 billion in 2028 at a compound annual growth rate (CAGR) of 8%. The projected growth during the forecast period can be attributed to a rise in R&D activities, growing demand for analytical instrumentation products, an increasing incidence of cancer and chronic diseases, greater adoption of analytical instrumentation in precision medicine applications, and expanded use of analytical instruments. Key trends expected in this period include technological advancements, the adoption of advanced technologies, progress in next-generation sequencing, the shift towards sustainable tools, and advancements in personalized medicine.

The increasing demand within the pharmaceutical industry is expected to drive the growth of the analytical instrumentation market. The expansion of the pharmaceutical sector is fueled by continuous R&D innovations, successful regulatory approvals, an aging population, technological advancements, globalization, and improved access to healthcare. Analytical instrumentation plays a crucial role in the pharmaceutical industry by providing precise measurements, quality control, and validation of drug formulations, which are essential for ensuring safety, efficacy, and compliance with regulatory standards. For example, in February 2023, Merck & Co. Inc., a pharmaceutical company based in the US, reported a global sales increase of 22% in 2022, reaching $59.3 billion compared to 2021. Consequently, the growing demand within the pharmaceutical industry is contributing to the expansion of the analytical instrumentation market.

Leading companies in the analytical instrumentation market are increasingly focusing on incorporating intelligent technologies to enhance data analysis, improve accuracy, and automate processes. Intelligent analytical instruments improve data accuracy, automation, predictive capabilities, and decision-making processes. For instance, in April 2024, Agilent Technologies, a US-based company specializing in analytical instrumentation, introduced the Advanced Dilution System, ADS 2. This new system is designed to optimize laboratory workflows and boost sample throughput for ICP-MS and ICP-OES analysis. It features an intelligent autodilutor that integrates seamlessly with Agilent autosamplers and uses the same software as the ICP instruments, ensuring consistent data handling and reporting. This system is particularly useful for laboratories that conduct routine analysis of numerous samples from diverse matrices, where analyte concentrations can vary significantly.

In July 2024, Malvern Panalytical, a UK-based analytical instrumentation company, acquired Micromeritics Instrument Corporation for an undisclosed sum. This acquisition aims to strengthen Malvern Panalytical's offerings in particle sizing, surface area, and porosity measurement. The integration of Micromeritics' advanced solutions is expected to enhance Malvern Panalytical's ability to deliver comprehensive material analysis solutions and support R&D across various industries. Micromeritics Instrument Corporation, based in the US, manufactures analytical instruments.

Major companies operating in the analytical instrumentation market are Hitachi Ltd., F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Danaher Corporation, Avantor Inc., Agilent Technologies Inc., Illumina Inc., Sartorius AG, Mettler-Toledo International Inc., PerkinElmer Inc., Shimadzu Corporation, Waters Corporation, Bio-Rad Laboratories Inc., Bruker Corporation, Carl Zeiss AG, HORIBA Group, Eppendorf SE, Renishaw plc, Malvern Panalytical Ltd, Smiths Detection Group Ltd., Techcomp Inc., LECO Corporation, JASCO International Co. Ltd.

North America was the largest region in the analytical instrumentation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the analytical instrumentation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the analytical instrumentation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Analytical instrumentation encompasses a variety of devices and tools designed to analyze the composition, structure, and properties of substances or materials. These instruments deliver precise measurements and data related to chemical, physical, or biological samples, allowing researchers, scientists, and engineers to evaluate the quality, quantity, and characteristics of materials.

The analytical instrumentation market primarily consists of instruments, services, and software. Instruments are specialized devices and tools that perform precise measurements, analyses, and characterizations of the chemical, physical, and biological properties of substances. The technologies employed include polymerase chain reaction, spectroscopy, microscopy, chromatography, flow cytometry, sequencing, microarray, and others. These tools serve various applications, such as life sciences research and development, clinical and diagnostic analysis, food and beverage analysis, forensic analysis, environmental testing, among others.

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

The analytical instrumentation market consists of revenues earned by entities by providing services such as instrument calibration, maintenance and repair. The market value includes the value of related goods sold by the service provider or included within the service offering. The analytical instrumentation market also includes sales of atomic absorption spectrometers (AAS), nuclear magnetic resonance (NMR) spectrometers, and thermal analyzers. 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.


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