Laboratory Analytical Instruments and Consumables Market size is set to grow by USD 18.6 billion from 2024-2028, Emergence of precision proteomics to develop personalized medicine and therapies boost the market, Technavio

NEW YORK, June 17, 2024 /PRNewswire/ — The global laboratory analytical instruments and consumables market size is estimated to grow by USD 18.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 8.99% during the forecast period. Emergence of precision proteomics to develop personalized medicine and therapies is driving market growth, with a trend towards technological advances. However, lack of trained laboratory professionals poses a challenge. Key market players include ABB Ltd., Agilent Technologies Inc., AMETEK Inc., AMS Technologies AG, Bio Rad Laboratories Inc., Bruker Corp., Chemglass Inc., Cole Parmer, Danaher Corp., Endress Hauser Group Services AG, Eurofins Scientific SE, Foss, Harvard Bioscience Inc., Helena Laboratories Corp., Hitachi Ltd., PerkinElmer Inc., Process Insights Inc., Shimadzu Corp., Thermo Fisher Scientific Inc., and Waters Corp..

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Market Driver

The laboratory analytical instruments and consumables market has seen significant changes due to advancements in technology and nanotechnology. Molecular spectroscopy, in particular, has expanded its applications in medical, biological, and sensing fields, leading vendors to enhance their offerings. Raman spectroscopy, for instance, has undergone major changes, enabling non-invasive diagnosis of bone diseases and monitoring of glucose levels.

Mass spectrometry instruments have also advanced, offering benefits like increased sample throughput, detection sensitivity, and mass accuracy. Super-resolution imaging has helped overcome challenges in fluorescence imaging, revealing previously unknown cellular parts. These technological advancements are driving the acceptance and adoption of molecular spectroscopy solutions, fueling market growth during the forecast period. 

The Laboratory Analytical Instruments and Consumables market is witnessing significant growth due to the increasing demand for accurate and efficient testing solutions. Factors such as the rise in research and development activities, growing healthcare sector, and stringent regulations are driving the market. Instruments like spectrophotometers, chromatography systems, and microplate readers are trending.

Consumables such as test tubes, pipettes, and filters are also in high demand. Bioprocessing equipment and point-of-care diagnostics are emerging areas. Customization and automation are key trends. The market is competitive with major players investing in R&D and expanding their product portfolios. 

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Market Challenges

The laboratory analytical instruments and consumables market faces a significant challenge due to a shortage of skilled professionals. Researchers require expertise to handle complex equipment and interpret results accurately. For instance, NanoSight NTA demands meticulous procedure optimization. Personnel shortages lead to increased workload, turnover, and high procurement costs.Low salaries and inadequate training programs contribute to attrition. To thrive, laboratories must invest in comprehensive training programs and competitive compensation packages.The Laboratory Analytical Instruments and Consumables market faces several challenges. These include the need for continuous innovation to keep up with technological advancements, ensuring regulatory compliance, and maintaining high-quality standards.Procuring cost-effective and durable instruments and consumables is also a significant challenge. Additionally, the market is highly competitive, requiring companies to differentiate themselves through superior customer service and after-sales support. Lastly, the global nature of the market brings logistical challenges, such as managing international supply chains and dealing with cultural differences. Addressing these challenges requires a strategic approach and a deep understanding of the market dynamics.

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Segment Overview

Application 1.1 Element analysis1.2 Separation analysis1.3 Molecular analysisProduct 2.1 Laboratory analytical instruments2.2 ConsumablesGeography 3.1 North America3.2 Europe3.3 Asia3.4 Rest of World (ROW)

1.1 Element analysis- The Laboratory Analytical Instruments and Consumables market encompasses tools used for elemental analysis in various sectors, including chemical, environmental, metal, and pharmaceutical. These instruments, such as handheld analyzers and portable X-ray fluorescence (XRF) analyzers, provide fast and accurate data for identifying trace elements, ensuring regulatory compliance, and improving product quality.

Elemental analysis is increasingly adopted in food and beverage industries for quality assurance and safety checks. Advanced technologies like SharpBeam and NIR spectroscopy offer enhanced precision and reduced costs. The market’s growth is driven by increased regulatory requirements, public awareness, and scientific research applications.

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Research Analysis

The Laboratory Analytical Instruments and Consumables Market encompasses a wide range of industries, including the Environmental, Biopharmaceuticals, Clinical Research, Diagnostics, Pharmaceuticals, Biotechnology, Life Sciences, and Environmental Safety sectors. This market caters to the demands of various industries for advanced analytical tools and consumables, enabling accurate and efficient testing and analysis of chemicals, minerals, and biological samples.

The market is driven by macroeconomic factors such as commercial development and external factors like regulatory compliance and technological advancements in areas like Semiconductors, Electronics, Nanotechnology, and Hospitals. Agricultural testing laboratories, the Chemicals industry, Petrochemicals industry, and the Mining and Metals sector are significant consumers of laboratory analytical instrumentation and consumables. The market’s growth is fueled by the increasing need for environmental safety and the continuous advancements in laboratory technology.

Market Research Overview

The Laboratory Analytical Instruments and Consumables market encompasses a wide range of products used in scientific research and diagnostic applications. These instruments and consumables include but are not limited to chromatography systems, spectrophotometers, microscopes, centrifuges, test kits, and reagents. The market is driven by the increasing demand for accurate and efficient laboratory testing in various industries such as healthcare, pharmaceuticals, food and beverage, and environmental monitoring.

The use of advanced technologies like automation and digitalization in laboratory instruments is also fueling market growth. Additionally, the growing trend towards point-of-care testing and the need for rapid and cost-effective analysis are key factors driving the market. The market is expected to grow significantly in the coming years due to these factors and the continuous development of new and innovative laboratory instruments and consumables.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationElement AnalysisSeparation AnalysisMolecular AnalysisProductLaboratory Analytical InstrumentsConsumablesGeographyNorth AmericaEuropeAsiaRest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio