There is no doubt that during and post-pandemic, the life sciences instrumentation, and healthcare market in general, grew substantially. With ever-increasing technology in this sector, the need for innovative, high-quality equipment is at an all-time high. Tritech’s top priority is ensuring that your equipment is working at maximum efficiency with minimal downtime. As we near the end of the year, it’s important to take a look at what the future of the life sciences instrumentation market looks like. Today, our laboratory equipment experts dive into the current state of the life sciences instrumentation market, trends for 2023, and areas to focus on for this upcoming year.
If you’re reading this blog, you’re likely in the life sciences instrumentation market or a similar field. However, we believe it’s important to provide an overview of the market for those who may be in parallel markets looking to expand their offerings. According to Fortune Business Insights, one in three adults globally suffers from multiple chronic diseases each year. So, how do we minimize the number of individuals suffering, and how can we be proactive in preventing or minimizing disease spread in the first place? The answer: life sciences instrumentation.
Life sciences instrumentation in biotechnology, pharmaceutical, and agricultural industries is used for research and development. At Tritech, we offer a variety of both new and refurbished instruments, including centrifuges, incubators, thermal cyclers, and more. Additionally, we provide ISO17025-accredited calibrations for analytical balances, timers, RPM measurement, and temperature. At Tritech, our primary goal is to be a partner for those working in the life sciences instrumentation field, helping facilities maximize the use of their equipment while ensuring the highest quality of equipment care standards.
Now that we have a clear understanding of the life sciences instrumentation market, let’s take a closer look at the future of the industry. As we shared above, there is no doubt that this industry is on a trajectory for growth as funding for life sciences expands and research against chronic disease increases in complexity. In 2020, the global life sciences instrumentation market was valued at $60.6 billion, with the expectation of rising to nearly $80 billion by 2025 at a CAGR of 5.9% during the forecasted period. It is also important to note that the smart healthcare market is projected to grow at a CAGR of 13.4% until 2030, showing a clear investment in all aspects of healthcare technology. Due to the rising rate of chronic diseases, as well as an aging population, the United States is predicted to have the highest share of the global market for life sciences instrumentation.
Behind every period of market growth are a number of underlying factors, and it is no different for the life sciences instrumentation field. Outside of researching chronic diseases across the country, there are factors across the sub-industries of life sciences instrumentation driving change. There has been significant pressure in recent years on the pharmaceutical industry to create affordable treatments for patients. Because of this, pharmaceutical companies are investing in this instrumentation to fuel additional research for medication currently under development. While regulatory compliance has always been at the forefront of the life sciences industry, there is a significant push for more stringent regulations as the industry grows. As this continues, leaders in this sector are fostering quality in their business practices and, in turn, generating global revenue for the market.
Tritech has been a leader in the life sciences industry for over 30 years, and we don’t plan on stopping anytime soon. With a keen eye for trends within the industry, we understand that each customer has unique needs and is searching for an innovative solution. At Tritech, we’ve established solutions for each point of the instrumentation lifecycle, from new and refurbished equipment to repair and maintenance, as well as calibrations. In an industry heavily dominated by technology, we restore the human element. When you work with Tritech, you are working with a team of passionate, knowledgeable professionals that focus on your team’s individualized needs. To learn more about our offerings and how we can help, contact our team today.