Analytical Instrumentation Market Set to Register a CAGR of 6.71% and Reach US$ 94.10 Billion by 2031 – Growth Plus Reports


Newark, New Castle, USA, April 12, 2023 (GLOBE NEWSWIRE) — According to a recent Growth Plus Reports assessment, the analytical instrumentation market is estimated to reach US$ 94.10 billion by 2031, with a revenue CAGR of 6.71%. The report examines the vital growth strategies, factors and prospects, competitive scenarios, shifting industry trends, market dynamics, data and forecasts, and ideal investment regions.

Key Takeaways:

  • Increased drug development will drive market revenue growth.


  • North America will register the fastest revenue growth in the global analytical instrumentation market.
  • Increased cancer research will fuel the growth of the market. 

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                     Analytical Instrumentation Market Scope

Report Attribute Details
Market size value in 2022 US$ 52.45 billion
Revenue forecast in 2031 US$ 94.10 billion
Growth Rate CAGR of 6.71% from 2023 to 2031
Base year for estimation 2022
Forecast Period 2023-2031
Historical Year 2021
Segments covered Product Type, Application, and Region.
Regional scope North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Market Drivers
The pharmaceutical and biotechnology sectors’ rising need for precision and accuracy in drug development and research is the major factor driving the revenue growth of the global analytical instrumentation market. Furthermore, the growing need for analytical instrumentation for testing and analysis, as well as the development of new technologies contribute to the market’s revenue growth rate. 

Market Segmentation
Growth Plus Reports has analyzed the global analytical instrumentation market from four perspectives: Product Type, Application, and Region.

Product Type Segmentation: Based on the product type, the global analytical instrumentation market is segmented into molecular analysis spectroscopy, elemental analysis spectroscopy, chromatography, mass spectroscopy, and others. The chromatography segment dominates the market with the largest revenue share because of the numerous applications of chromatography in the industries of pharmaceuticals, life science, and others.

Application Segmentation: Based on the application, the global analytical instrumentation market is segmented into clinical & diagnostic analysis, life sciences research & development, forensic analysis, environmental testing, and others. The life sciences research & development segment dominates the market because of the surge in R&D efforts by various life sciences businesses to develop and produce innovative biologics such as monoclonal antibodies, vaccines, and therapeutic proteins is mostly due to the increasing frequency of chronic and infectious illnesses.
Regional Growth Dynamics
Based on the region, the global analytical instrumentation market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to dominate the global analytical instrumentation market with the largest revenue share. The dominance of North America can be attributed to significant R&D efforts for producing vaccines and therapies for various diseases, as well as increased public-private investment in the field of cancer research, and the region’s high affordability and adoption of innovative and sophisticated instrumentation.

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Competitive Landscape
The prominent players in the global analytical instrumentation market are:

  • PerkinElmer Inc.
  • Thermo Fisher Scientific Inc.
  • Shimadzu Corporation
  • Waters Corp.
  • Bio-Rad Laboratories Inc.
  • Danaher Corporation
  • F. Hoffmann-La Roche Ag
  •  Sartorius Ag
  •  Avantor Inc.
  • Bruker Corporation
  • Zeiss Group
  • Illumina Inc.

The analytical instrumentation market is extremely competitive, with many players involved. Market leaders increasingly use mergers, collaborations, and acquisitions to increase their market share and launch new drugs and products.

Recent developments:

  • Illumina Inc. announced the launch of its first product based on its innovative Illumina Complete Long Read technology in March 2023. The Illumina Complete Long Read Prep, Human test is a high-performance long-read human whole-genome sequencing (WGS) test that works with the Illumina NovaSeq X Plus, NovaSeq X, and NovaSeq 6000 sequencing systems.
  • Waters announced the Biologics QA/QC expansion with Wyatt Acquisition in March 2023.

Table of Content

    1. Market Ecosystem
    2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
    3. Currency Used in the Report
    1. Research Approach
    2. Data Collection Methodology
    3. Data Sources
      1. Secondary Sources 
      2. Primary Sources
    4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
    5. Market Forecasting Model
    6. Limitations and Assumptions
    1. Current Market Trends (COVID-19 Perspective)
    2. Key Players & Competitive Positioning (2022)
    3. Regulatory Landscape
    1. Drivers
    2. Restraints/Challenges
    3. Opportunities
    1. Molecular Analysis Spectroscopy
    2. Elemental Analysis Spectroscopy
    3. Chromatography
    4. Mass Spectroscopy
    5. Others
    1. Clinical & Diagnostic Analysis
    2. Life Sciences Research & Development
    3. Forensic Analysis
    4. Environmental Testing
    5. Others


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