by The biotechnology instruments market is experiencing significant growth due to the growing demand for biopharmaceutical products. Biotechnology instruments are used in various biotechnology and pharmaceutical applications such as DNA sequencing, cell sorting, gene synthesis, microarray scanning, chromatography, electrophoresis and others. These instruments help in DNA/RNA isolation and purification, genomic, proteomic and cellular analysis which aids in disease diagnosis, treatment and drug discovery. The global biotechnology instruments market was estimated to be valued at US$ 57 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the biotechnology instruments market is the growing popularity of automated systems. Earlier, most techniques involved in biotechnological processes were manual, which required skilled labor and were time-consuming. However, with the advent of automation, various processes have been integrated and streamlined. Automated systems improve throughput, reduce errors, ensure consistency and help analyze big data more efficiently. They also assist in high-throughput screening which is an important tool in drug discovery. Another important trend is the increasing demand for refurbished analytical instruments. Biotechnology companies and research organizations are procuring pre-owned biotechnology instruments as they are comparatively more affordable than new systems. Refurbished instruments undergo extensive quality check, calibration and receive the same warranty as new devices. This helps reduce capital expenditure and enhances access to sophisticated technologies.
Porter’s Analysis
Threat of new entrants: The high costs of R&D and production equipment required to enter the biotechnology instruments market pose barriers to new entrants. However, the growing market size provides opportunities for new innovative products.
Bargaining power of buyers: Individual consumers have low bargaining power due to the specialized and technical nature of biotechnology instruments. However, large pharma companies and research organizations have significant bargaining power to negotiate on price and delivery terms.
Bargaining power of suppliers: A few large multinational companies dominate the supply of key components and materials for biotechnology instruments. This gives them substantial bargaining power over manufacturers.
Threat of new substitutes: Alternate technologies have limited potential for substituting core biotechnology tools in the near future. however, digital healthcare solutions pose a medium threat in certain application areas.
Competitive rivalry: The market is consolidated with large global players. Intense competition on pricing and new product development keeps rivalry high in the market.
Key Takeaways
The Global Biotechnology Instruments Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The specialized nature of biotechnology instruments maintains barriers to entry and results in faster growth opportunities arising from new product innovations.
Regional analysis: North America currently dominates the market due to focus on R&D by pharma and biotech companies in the region. Asia Pacific is expected to witness fastest growth with increasing government support for biotechnology research and expansion of contract manufacturing capabilities.
Key players operating in the Biotechnology Instruments Market are Kawasumi Laboratories Inc., Blood Purification Technologies Inc., AWAK Technologies Pte. Ltd, Triomed AB, Asahi Kasei Medical Co. Ltd, US Kidney Research Corporation, Merit Medical Systems, NIPRO Medical Corporation, Fresenius SE & Co. KGaA. The market is consolidated with these players focusing on product differentiation and global expansion to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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