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Biotechnology Instruments Market Trends
- Report ID: GMI7527
- Published Date: Nov 2023
- Report Format: PDF
Biotechnology Instruments Market Trends
- Governments worldwide are continuously focusing on substantial investments to bolster the biotechnology and life sciences sectors, employing various strategies such as increased funding and favorable policies. For instance, the U.S. and China, leads in life sciences advancements, are actively investing to enhance their global positions in the pharmaceutical and biotech market. The U.S. has pledged USD 2.8 billion in federal spending through the National Biotechnology and Biomanufacturing Initiative.
- In addition, the escalating prevalence of chronic disorders such as cancer, sepsis, and antimicrobial resistance has heightened the demand for diagnostics. For instance, according to WHO, globally, 49 million people experience sepsis annually, resulting in 11 million attributed deaths. Alarmingly, one in five deaths globally is linked to sepsis. Increasing concern about rising chronic conditions is anticipated to drive market demand.
- Moreover, ongoing advancements, product approvals, and strategic approaches to deliver innovative solutions by the key players are anticipated to drive market progress, meeting end-user demands.
Frequently Asked Questions (FAQ) :
Biotechnology instruments industry size was USD 61.1 billion in 2022 and is expected to reach USD 96.1 billion by end of 2032 driven by the increasing demand for precision diagnostics, advances in molecular biologics and genomics along with the higher need for advanced analytical techniques.
Biotechnology analytical instruments market size is expected to record USD 38.5 billion by 2032 owing to pivotal role in enabling precise analysis and characterization of biological samples.
North America held 42% share of the global biotechnology instruments industry in 2022 due to the increasing focus on R&D initiatives coupled with increased public-private investments in the region
Some of the prominent biotechnology instrument providers are Thermo Fisher Scientific, Inc., Abbott, Waters Corp., Shimadzu Corp., Agilent Technologies, Inc., Bruker Corp., PerkinElmer, Inc., and Zeiss Group
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