Life Science and Chemical Instrumentation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Life Science and Chemical Instrumentation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Life Science and Chemical Instrumentation Market is expected to witness growth at a CAGR of over 7.1% during the forecast period.

The COVID-19 pandemic had a favorable impact on market growth globally, with the rapid development of diagnostics, expedited regulatory clearances, and increased distribution in many nations to help control the virus's spread. In the diagnosis of infectious diseases, many diagnostic procedures have always been necessary. Several life science and chemical instrument play vital roles in the diagnosis of COVID-19 disease. For instance, in July 2020, Roche introduced the Cobas 8800 instrument to the National Institute of Cholera and Enteric Diseases in India, and the Cobas 6800 at the National Institute for Research in Reproductive Health in India, to aid with SARS CoV-2 diagnostic testing. Roche's Cobas 6800/8800 systems produce test findings in three and a half hours and offer flexibility, greater operational efficiency, and the fastest time-to-time results. Thus, during the COVID-19 pandemic, the market for life science and chemical instrument was positively impacted as the demand for these instruments increased during the COVID-19.

The life science and chemical instrumentation market is primarily driven by the growing R&D activities and the growing burden of diseases worldwide. In addition, the growing investment from the pharmaceutical industry in drug discovery and development will boost the demand for life science instruments for drug validation. Additionally, growing increasing public-private investments in life science research, and technological advancements in analytical instruments are driving the market for life science instruments and chemicals. As per the article published by United Kingdom Parliament, in 2021, the total expenditure on R&D was EUR 37.1 billion in the United Kingdom. Moreover, as per the Organization for Economic Co-Operation and Development (OECD), pharmaceutical spending as a percentage of gross domestic product (GDP) in 2020 was 6.9% in the Netherlands, 7.2% in Norway, 11.1% in Iceland, 12.4% in Finland and 19.3% in South Korea. Thus, growing pharmaceutical spending on research and development activity is expected to boost the market growth over the forecast period.

Additionally, high prevalence of infectious diseases and technological advancements in the field of life sciences and biotechnology supports the market growth. According to Statistics published by HIV.gov in June 2021, approximately 1.2 million people in the United States have HIV (Human Immunodeficiency Virus) with the incidence rate was 12.6 (per 100,000 population). This suggests that high incidence of HIV will lead to increased demand for these instruments, thereby boosting the market growth. Moreover, various instruments launch by the market players supports the market growth. For instance, In June 2021, Thermo Fisher Scientific launched Invitrogen Attune CytPix Flow Cytometer, an imaging-enhanced flow cytometer that combines acoustic focusing flow cytometry technology with a high-speed camera.

Thus, all above mentioned factors expected to boost the market growth over the forecast period. However, the lack of skilled professionals, the high cost of life science and chemical instrumentation is further impeding the growth of the market.

Key Market TrendsChromatography holds the major share in Life Science & Chemical Instrumentation Market

Chromatography is an analytical instrument that measures the content of various analytes in a given sample, and in many cases helps to quantify the analyte. Chromatography is mostly done to analyze compounds that can are in a liquid state, and in the case of gas chromatography (GC), the analytes can be vaporized without decomposition.

It is widely used to test the purity of substances or to separate a mixture into its basic components. The chromatography method is used in many pharmaceutical applications, such as identifying the number of chemicals in drugs. According to the study published in April 2021, titled "Chromatographic Techniques in Pharmaceutical Analysis" the goal of chromatography analysis of any drug is to validate the identity of a drug and provide quantitative data, as well as to monitor the course of disease therapy. Chromatography is used to determine the phytocomponents present in various pharmaceutical compounds that are used to treat a variety of diseases such as cough, asthma, rheumatism, fever, cephalalgia, ophthalmia, and many more. In addition, the increased use of chromatography tests in drug approvals and rising support from the government in the form of funds are considered to contribute to the market growth over the forecast period.

Additionally, companies in the market are focusing on launching advanced liquid chromatography systems and components. In June 2020, Waters Corporation launched its new high-performance liquid chromatography (HPLC) - Waters Arc HPLC System.​ The company declared that the new liquid chromatography system could be used for routing testing in various end-use areas, like in the pharmaceuticals industry, and the academic and materials markets. Moreover, in July 2022, Shimadzu launched its i-Series Plus integrated chromatography system that covers conventional to ultra-fast liquid chromatography analysis. Thus, all above mentioned driving the segment growth over the forecast period.

North America Holds the Largest Market Share

In North America, life science and chemical instrumentation technology are used in many applications in pharmaceutical and biotechnology. Chemical instrumentation has proven to be an effective technology for final production testing, pharmaceutical applications, environmental monitoring, and food testing, among others. Other factors propelling the growth of the North American life science and chemical instrumentation market, include increasing need for drug discovery, rising prevalence of chronic diseases, and augmented demand for rising food safety concerns. According to the American Cancer Society's 2022 report, there will be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in 2022. As per a July 2022 update by the Center for Disease Control and Prevention, there are around six in ten Americans living with at least one chronic disease and four in ten adults have two or more chronic diseases. Thus, increasing the chronic diseases propel the research and development activities in the industry may contribute to the growth of the market study.

Moreover, the increasing number of research and development activities is contributing to the market growth. For instance, as per a 2021 update by the University of North Dakota, the UND Center of Biomedical Research Excellence (CoBRE) in Host-Pathogen interactions (HPI) has stated that the National Institutes of Health (NIH) will continue to fund the project through Phase 2. The USD 10.7 million renewal is intended to improve understanding of host responses to viral, bacterial, and parasite infections that cause acute and chronic inflammatory diseases. Thus, growing research and development funding for various life sciences-related research is expected to boost the market growth over the forecast period.

Furthermore, product launches by the key market players propel the growth of the market. For instance, in March 2020, Agilent introduced the next-generation clinical edition triple quadrupole LC/MS system, the K6460S, which is listed as a Class I medical device by the US Food and Drug Administration. This system is designed to improve the workflows in clinical labs. Thus, all the above-mentioned factors are expected to boost the market over the forecast period.

Competitive Landscape

Market players in the life science and chemical instrumentation market are focusing on the expansion of their product portfolios by adopting inorganic growth strategies such as acquisitions, mergers, and partnerships. While only a few companies are coming forward with innovative technologies and new product launches. Some both market players are Agilent Technologies Inc., Becton, Dickinson & Company, Bio-Rad Laboratories Inc., Bruker Corporation, Danaher Corporation, F. Hoffmann-La Roche Ltd and among others.

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