As per the latest report by IMARC Group, titled “Scientific Instrument Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, market reached a value of US$ 37.7 Billion in 2020. The global scientific instrument market to exhibit moderate growth during the next five years. Scientific instruments refer to laboratory equipment utilized for measuring, analyzing, and verifying the properties of an element or material. They generally include ammeter, hydrometer, photometer, barometer, phonograph, chromometer and galvanometer that aid in examining the chemical and physical viabilities of materials which are further utilized for research purposes. These instruments widely used in a diverse range of industries, including life sciences, pharmaceuticals, biotechnology, and material sciences.As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Global Scientific Instrument Market Trends:
One of the primary factors that are impelling the growth of the scientific instrument market is the increasing number of research and testing facilities, particularly in the pharmaceutical and biotechnology fields. This is further supported by investments in the healthcare sector by governments of numerous countries, owing to the aging population and the growing demand for generics and biosimilars. In line with this, pharmaceutical companies are striving to improve their drug development process as well as enhance the product quality, which is creating the need for high-quality scientific instruments. Furthermore, an increase in stringent environment regulations across the globe has provided a boost to the sales of measurement equipment for emission level control and compliance, particularly in the industrial sector. Apart from this, the rapid advancement in new areas of research, such as applied microbiology and neuroscience, has resulted in the requirement of better analysis equipment, which in turn, is significantly strengthening the market growth. Moreover, the growing collaborations and partnerships among manufacturers and education and research institutions have spurred the market growth.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
Agilent
Bruker
Danaher
Horiba
Thermo Fisher
Waters
Roche
Pelkin Elmer
Merck
Scientific Instrument Market Segmentation:
Our report has categorized the market based on region, function, output, integration and end use industry.
Market Breakup by Type:
Scientific clinical analyzers
Scientific analytical instruments
Market Breakup by End-use sectors:
Industrial
Government institutes
Academics
Breakup by Region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)