The State of the Laboratory Instrumentation Market in 2022 & Beyond

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SDi is pleased to have recently published the latest edition of our flagship annual report, the 2023 SDi Global Assessment Report. As always, Global is the industry’s gold standard in market data for the laboratory instrumentation market. This year, the highest quality market information and forecasting is more important than ever; the market is strongly fluctuating as pandemic-driven demand for select techniques plummets, the market in China reawakens, economic challenges loom, innovative technologies change the product landscape, and industry participants adjust their strategies and company structures to adapt and compete.

The total analytical instrumentation market reached $81 billion in 2022, representing growth of about 6% over 2021 despite major challenges in the market. 2022 was a year of economic uncertainties, geopolitical tensions, and lingering supply chain problems. All these dynamics have carried over into 2023 and have even been amplified: the global economy is still on the brink of recession; conflict over the Russian incursion into Ukraine has no end in sight; and improving supply chain reliability has led to destocking, which is impacting demand for consumables. In the United States, the newly passed Fiscal Responsibility Act, which was passed just in time to avoid putting the country in default for its debts and obligations, will decrease funding for non-defense R&D in FY 2024 by an estimated $9 billion compared to FY 2023. Funding increases will then be capped to just 1% in subsequent years.

The near-term impact of these challenges and uncertainties on the analytical instrumentation market are being felt by vendors. The life science market, which has for many years dominated demand and growth, continues to see the rapid decline of pandemic-related products. While other core products are experiencing better growth, end markets are spending more conservatively in anticipation of an economic downturn. Even the mighty pharma/bio sector, which has exhibited phenomenal growth for many years and throughout the pandemic, has slowed its spending.

But the future is not entirely gloomy. We still expect the market to grow at an average rate of 5.1% over the next five years, reaching an estimated $104 billion in 2027.

With the challenges and changes in the market landscape, the wealth of information and insights provided by the SDi Global Assessment Report is trusted by the leading suppliers in the industry to help them make strategic decisions. Building on the success of last year’s bestselling edition, this new report features market sizing for 2022, forecasts through 2027, and includes detailed market data segmentations, competitive landscape analysis, and growth rates for 83 individual instrumentation and equipment technologies, organized into 10 major chapters according to the nature of the instrument design or similarities in how laboratories use the technology. The chapters include:

  • Chromatography
  • Mass Spectrometry
  • Atomic Spectroscopy
  • Molecular Spectroscopy
  • Life Science Instrumentation
  • Surface Science
  • Materials Characterization
  • Lab Automation & Informatics
  • Sample Preparation Techniques
  • Lab Equipment

SDi’s report is designed for general management and marketing executives within the field of analytical and life science instruments or with a vested interest in this field. Those involved in a particular technology or product line can obtain up-to-date statistics in their areas of interest and gain insights into related or tangential areas, through the purchase of individual market briefs for any of the 83 techniques in the report. Those concerned with more than one segment, or the whole industry, can use the report to evaluate markets, the competitive landscape, or identify opportunities and acquisition targets. The report’s usefulness is not limited to those already in the industry – anyone thinking of entering or investing in the lab instrument business, initiating a buy rating on a security, performing due diligence, or deciding to acquire or develop a business internally will also benefit from this information.

For more information or to purchase SDi Global Assessment Report 2023, click here.