Biotech Devices Market to Register CAGR of 16.4% Amid Growing Preference for Minimally Invasive Surgical Treatments

Increase funding for biotech and pharmaceutical research to drive biotech device market US$241.4 billion by 2031

The Biotechnology Instruments Market report published by Fact.MR provides in-depth market analysis and targeted views on key trends expected to influence market sales. It also explains the growth factors, latest developments, market opportunities and threats across key geographies and segments including components and end-use.

NEW YORK, April 7, 2022 /PRNewswire/ — Biotech Devices Market Expected to Overtake US$53.3 billion, at a CAGR of 16.4% over the forecast period (2022-2032). Sales of biotechnology devices are expected to grow 4.5 times between 2022 and 2032, exceeding $241.4 Ben in 2032.

The increasing incidence of chronic diseases and the preference for minimally invasive surgeries are expected to drive the demand for personalized medicines in the coming years. This should boost sales of biotech instruments.

Likewise, the application of point-of-care in vitro diagnostic (IVD) devices in clinical laboratories and hospitals is booming. This is expected to create favorable growth prospects for the market.

Additionally, advanced point-of-care (POC) testing systems will enable real-time transfer of patient data to electronic medical records for easy clinician review. These advances are expected to propel the demand for biotechnology instruments in the years to come.

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The demand for surgical treatments, such as minimally invasive surgery (MIS), due to the increasing prevalence of diseases, is expected to increase. This should fuel the demand in the market.

In addition, the integration of automation in the biotechnology sector is expected to lead to technical breakthroughs. This is expected to provide huge growth opportunities for market players. In addition, favorable public investments in the development of affordable and easy-to-use biotechnology equipment should complement market development.

Report attributes

Details

Base year value (2021A)

US$46.1 billion

Estimated annual value (2022E)

US$53.3 billion

Projected year value (2032F)

US$241.4 billion

World growth rate (2022-2032)

CAGR 16.4%

Key points to remember:

  • Based on end-use, the hospital and healthcare facility segment is expected to lead the market, registering a CAGR of 15.2% and 14.7%, respectively.
  • North America The biotechnology instruments market is expected to register the fastest growth with a CAGR of 15.6% during the period 2022-2032.
  • In terms of components, life science consumables are expected to account for 50% of the overall market share.
  • The biotechnology instruments market recorded a year-over-year growth of 12.6% in 2022.

Growth drivers:

  • Rising prevalence of cardiovascular disorders, diabetes, infectious diseases, cancer and others will aid in the growth of the market.
  • The requirement for 2D and 3D cell cultures in the field of drug research and development is increasing the sales of biotechnology instruments.

Constraints:

  • Rising concerns over genetically modified crops, viruses and bacteria and their impact on human health could hamper the market growth.
  • The implementation of biotechnological instruments in the agricultural sector is likely to trigger the spread of indigenous diseases or contaminate the original genetic heritage. This should lead to lower sales in the near future.

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Competitive Landscape:

Major players present in the global biotechnology instruments market are focusing on improving their production capabilities. These initiatives are expected to drive the growth potential of the market in the coming years.

According to Fact.MR, the detailed company analysis will offer insight into financial status, latest product launches, ongoing trends, and more. Some of the major players are adopting growth strategies such as mergers and acquisitions to expand their global presence.

For example,

  • February 2021: Waters Corporation has developed Waters ACQUITY PREMIER Solution, which is a next-generation liquid chromatography system. This device promotes the organization’s innovation, MaxPeak High-performance Surface technology.
  • January 2021: Novasep’s chromatography process equipment segment was contributed by Sartorius Stedim Biotech. This agreement helps the latter to take control of the advanced chromatography systems and the resin-based batch of the former organization.

Top Companies Featured by Fact.MR

  • AgilentTechnologies
  • Alcon inc.
  • Bio-Rad Laboratories
  • Candela Medical
  • IIlumina Inc.
  • Thermo Fisher Scientific Inc.
  • AngioDynamic
  • Abbott
  • Danaher Corporation
  • QIAGEN
  • Novanta Inc.
  • IRIDEX
  • Becton, Dickinson and company
  • BioMérieux SA
  • BioTek Instruments, Inc.
  • Cynosure, LLC
  • Endress+Hauser (Analytik Jena GmbH)
  • Zimmer MedizinSysteme
  • F. Hoffmann-La Roche Ltd.
  • Lumenis
  • Merck KGaA
  • PerkinElmer, Inc.
  • Siemens Healthineers
  • water company
  • Tecan Group SA

More Valuable Insights into the Biotechnology Instruments Market

In the latest study, Fact.MR provides focused views on the growing opportunities and challenges in the global biotechnology instruments market. The report also offers an unbiased analysis for the forecast period (2022-2032). This survey also reveals key factors influencing the growth of the Biotechnology Instruments market through segmentation as follows:

By Component:

  • Lab automation instruments
    • Proteomics
    • Genomics
    • Sequencing
    • Spatial cell analysis
    • Other Lab Automation Instruments
  • Medical lasers
    • Therapeutic
    • Ophthalmic
    • Ablation
  • Life Science Consumables

By end use:

  • Government and academic institutes
  • Pharmaceutical and biotechnology companies
  • Hospitals and health facilities
  • Other end uses

By region:

  • North America
  • Latin America
  • Europe
  • APAC
  • AEM

Key Questions Answered in the Biotechnology Instruments Market Report

  • What is the sales forecast of the global biotechnology instruments market?
  • Who are the major global biotechnology instrument markets?
  • Which region is expected to account for the maximum share of the global biotechnology instruments market?
  • What is the expected revenue share of the biotechnology instruments market in 2022?
  • What are the key factors shaping the growth of the global biotechnology instruments market?
  • What is the expected value of the global biotechnology instruments market in 2022-2032?

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DNA polymerase market: The demand for precision during the sequencing, cloning or mutagenesis process is expected to increase the demand for efficient PCR enzymes. This is expected to create prolific opportunities for the market. Also, increasing investments in research and development (R&D) activities will increase the demand in the coming years.

Polymerase Chain Reaction Market: The emergence of diseases such as COVID-19 is expected to create immense opportunities for the market. Also, the accuracy of PCR techniques in the diagnosis of pathogenic microbes is likely to fuel the development of the market.

Biotech and Pharmaceutical Services Outsourcing Market: The increase in the number of disputes in intellectual property rights and fraudulent cases is likely to compel biotechnology and pharmaceutical companies to adopt consulting services. These causes are expected to drive the growth of the market.

About Fact.MR

Fact.MR is a market research and advisory agency with deep expertise in emerging market intelligence. Covering a wide range – from automotive and industry 4.0 to healthcare, chemicals and materials, and the most specialized categories. 80% of Fortune 1000 companies trust us with critical decision making.

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