The global Biotechnology Instruments Market is estimated to be valued at US$ 57.0 Bn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Biotechnology instruments are used for applications in drug development, food & agriculture, and environmental research. These instruments help in producing biopharmaceuticals and testing them during various stages of drug development processes. Major biotechnology instruments include electrophoresis instruments, chromatography instruments, DNA synthesizers, DNA sequencers, PCR instruments, cell counters, immunoassay analyzers, DNA arrays, flow cytometers, microarrays, and mass spectrometers. Biotechnology instruments help scientists and researchers derive crucial information from complex biological samples while saving time and cost during research and development activities.
Market key trends:
The biotechnology instruments market is witnessing rising adoption of microarray technology. Microarrays allow scientists to analyze gene expression patterns or genotype variations across thousands of biological samples simultaneously on a single microarray slide. This helps derive meaningful insights from a large number of biological samples in a highly efficient manner. Growing demand for personalized medicine is also fueling the demand for DNA microarrays. Advancements in microarray technologies, such as next generation sequencing, are further expanding their applications in diagnostics, drug discovery, and genomics research.
Threat of new entrants: High capital requirement for R&D and stringent regulations pose significant entry barriers for new entrants in the biotechnology instruments market.
Bargaining power of buyers: Buyers have high bargaining power in the biotechnology instruments market due to the presence of many established vendors and product differentiation.
Bargaining power of suppliers: Few leading companies dominate the supply of core components for biotechnology instruments, giving them significant bargaining power over vendors.
Threat of new substitutes: Moderate threat as few alternative techniques provide comparable outcomes but lack capabilities of emerging biotechnology instruments.
Competitive rivalry: High as the market comprises numerous global and regional players competing on product pricing and innovation.
The global biotechnology instruments market is expected to witness high growth, exhibiting CAGR of 23.% over the forecast period, due to increasing R&D spending and growing demand for biologics.
The market size for 2023 is US$ 57.0 Bn. North America dominated the market in 2023 and is expected to maintain its leading position over the forecast period. This can be attributed to the presence of major players and rising government funding for biotechnology research in the region.
Key players operating in the biotechnology instruments market incorporate AngioDynamics, Cynosure, LLC.., Lumenis, Candela Medical, Novanta, Inc., Iridex, Alcon, Inc., and Zimmer Biomet, among others. Key players are focusing on new product launches and partnerships with research institutes to strengthen their presence in this highly competitive market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it