The Liquid Scintillation Analyzer Market is estimated to be valued at US$ 1.41 Bn or Billion in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Liquid scintillation analyzers are used for detection and analysis of radioactive isotopes through liquid scintillation counting technique. They are widely used in pharmaceutical and biotechnology research for quantification of rare isotopes in samples. Key applications of these analyzers include detection of tritium, carbon-14 and iodine-125 in bioassays, assessment of drug distribution patterns through whole body counting, analysis of samples for environmental monitoring and clinical research.
Market Dynamics:
Increasing research activities in pharmaceutical and biotechnology industries is a key driver for the liquid scintillation analyzer market growth. Rising expenditure on R&D by governments and private organizations to support drug discovery and clinical trials is fueling the demand for sensitive detection equipment like liquid scintillation analyzers. Additionally, growing environmental monitoring practices to assess water and soil contamination is also promoting adoption of these analyzers. However, availability of alternative techniques for isotope detection such as gamma counters may challenge the market growth to some extent over the forecast period.
Segment Analysis
The global Liquid Scintillation Analyzer market is dominated by the personal laboratory equipment segment which currently holds around 60% of the market share. This segment is dominating as liquid scintillation analyzers are primarily used in research and educational institutes for varied applications such as pharmacokinetics studies, drug discovery and design, medical research among others where high accuracy and efficiency is required for analyzing low level radioactivity in liquid samples.
PEST Analysis
Political: Any stricter regulations imposed on the usage of radioactive materials can impact the market growth of liquid scintillation analyzers negatively.
Economic: With rising investments in pharmaceutical and biomedical research globally, the demand for scintillation analyzers is expected to grow substantially over the coming years.
Social: Increasing incidences of cancer and chronic diseases worldwide is leading to higher research activities in drug development and medical science which promotes the usage of scintillation counters.
Technological: Continuous innovations in scintillation analyzer technology such as advances in detector design, microplate compatibilities etc. are supporting the market growth.
Key Takeaways
The Global Liquid Scintillation Analyzer Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period of 2023 to 2030, due to increasing investments in pharmaceutical and biotechnology research globally. The market size is projected to reach US$ 2.05 Bn by 2030 from US$ 1.41 Bn in 2023.
The North America region currently dominates the market with over 40% share owing to strong governmental support for research & presence of major players in the region. Asia Pacific is expected to witness fastest growth due to increasing research expenditure, rising awareness about scintillation technology and growing pharmaceutical industry in the region.
Key players operating in the Liquid Scintillation Analyzer market are PerkinElmer, LabLogic Systems Ltd., Hidex Oy, Intertechnique, LabLogic Systems Limited, AMETEK Inc, Beckman Coulter Inc, Berthold Technologies GmbH & Co. KG, Bio-Rad Laboratories Inc., Hach. Major players are focusing on new product launches, geographical expansion and collaborations to gain competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
