Biotechnology instruments include centrifuges, electrophoresis equipment and systems, flow cytometers, hematology analyzers, liquid handling systems, mass spectrometers, microarrays, sterilizers and incubators, and thermocyclers. Centrifuges are used to separate solid components like cells, proteins, organelles from liquid components like serum, plasma in biological samples through sedimentation. Electrophoresis equipment are utilized to separate molecules like proteins, nucleic acids based on their size or charge. Flow cytometers analyze physical and chemical characteristics of cells or particles as they flow through the device in a fluid stream.
The global Biotechnology Instruments Market is estimated to be valued at US$ 57.00 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing adoption of artificial intelligence in biotechnology is expected to propel the growth of the market over the forecast period. AI integration enables automation of routine tasks, accelerates drug discovery process, and provides insights by analyzing large and complex biomedical data sets. For instance, in 2019, Deep Genomics, a Canadian AI startup raised US$ 35 million in series A funding to develop AI-based technologies for genetic disease discovery and therapeutic design applications. Moreover, rising R&D investments by biotech and pharmaceutical companies is another major factor boosting the demand for biotechnology instruments. As per the data published by Pharmaceutical Research and Manufacturers of America, the R&D expenditure of U.S. biopharmaceutical companies was US$ 83 billion in 2021, representing a significant year-on-year increase of 11.5%.
Segment Analysis
The biotechnology instruments market can be segmented into fermentation monitoring devices, tissue culture monitoring devices, cell counters, flow cytometers & hematology analyzers, protein analyzers & other devices. The tissue culture monitoring devices segment is dominating the market currently due to high demand for controlled culture conditions during manufacturing of biopharmaceuticals. Tissue culture monitoring devices help in monitoring parameters like temperature, humidity, oxygen & carbon dioxide levels during cell culture process.
PEST Analysis
Political: Governments across the globe are increasingly focusing on healthcare reforms and funding biotechnology research which is positively impacting the market. Economic: Rising disposable incomes in developing countries is increasing healthcare investments and driving demand for better biotechnology products. Social: Growing geriatric population and increasing incidence of chronic diseases like cancer is fueling the demand for drugs developed through biotechnology. Technological: Advancements in cell culture and fermentation technologies are enabling development of complex biologic drugs for the treatment of various diseases.
Key Takeaways
The Global Biotechnology Instruments Market Size is expected to witness high growth over the forecast period.
Regional Analysis: North America currently dominates the market due to presence of major players and strong biotechnology industry in the region. The tissue culture monitoring devices segment holds the major market share due to growing demand for these devices from biopharmaceutical manufacturers for monitoring cell culture conditions.
Key players operating in the biotechnology instruments market are CooperSurgical, Inc., MedGyn Products, Inc., Thomas Medical, Inc., Smiths Medical, Milex Products, Inc., Personal Medical Corp., Panpac Medical Corp., Gyneas, Uromed Kurt Drews KG, Integra LifeSciences Corporation, Boston Scientific Corporation, Cook Medical, Medtronic plc, C. R. Bard, Inc. (BD), Coloplast A/S.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it