February 24, 2024

Biotechnology Instruments Market are Driving Advancements in Point-of-Care Testing

Biotechnology instruments have enabled substantial progress in the fields of genomics, proteomics, drug discovery, and molecular diagnostics. These instruments deliver high precision and accuracy for applications ranging from DNA extraction and sequencing to immunoassays and flow cytometry. Rapid advances in laser and optics technologies are driving miniaturization and making these tools increasingly portable. Point-of-care systems utilizing biotechnology instruments allow for lab-quality testing and analysis to be performed near the patient in doctors’ offices, emergency rooms, surgery centers, and more. This decentralization of diagnostic capabilities brings improved access, convenience and speed of results for patients.

The global Biotechnology Instruments Market is estimated to be valued at US$ 57.00 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Technologies like microfluidics, nanotechnology, and 3D printed components are enabling the miniaturization of complex laboratory workflows into compact, lightweight, and easy-to-use devices. Portable biotech instruments employing techniques such as LAMP amplification, lateral flow assays, and smartphone-based detection methods are being designed for decentralized settings. This is expanding patient access to diagnostic testing and empowering clinicians with real-time insights. Furthermore, connectivity features in new point-of-care instruments allow automated data transmission and remote monitoring, an important advantage for telehealth and biobanking applications. As technical barriers continue to fall, the deployment of flexible, on-site biotechnology tools is revolutionizing healthcare delivery models worldwide.

Porter’s Analysis
Threat of new entrants: The biotechnology instruments market requires high R&D investments and technological expertise which poses barriers for new entrants.

Bargaining power of buyers: The presence of several biotechnology instrument manufacturers gives buyers reasonable bargaining power in terms of price and quality.

Bargaining power of suppliers: The biotechnology instruments market has a concentration of suppliers which gives them strong bargaining power over manufacturers.

Threat of new substitutes: There are limited substitute products for biotechnology instruments since they serve specialized purposes in the healthcare industry.

Competitive rivalry: The biotechnology instruments market faces high competition due to the presence of global and regional players offering innovative products.

Key Takeaways

The Global Biotechnology Instruments Market Size is expected to witness high growth.

Regional analysis: The North America region currently dominates the biotechnology instruments market owing to major technology advancements and high healthcare spending in the US and Canada. Asia Pacific is projected to grow at the fastest pace during the forecast period due to increasing biopharmaceutical research activities in China, India and Japan.

Key players operating in the biotechnology instruments market are CooperSurgical, Inc., MedGyn Products, Inc., Thomas Medical, Inc., Smiths Medical, Milex Products, Inc., Personal Medical Corp., Panpac Medical Corp., Gyneas, Uromed Kurt Drews KG, Integra LifeSciences Corporation, Boston Scientific Corporation, Cook Medical, Medtronic plc, C. R. Bard, Inc. (BD), Coloplast A/S. These players are focusing on new product launches and acquisitions to expand their global footprint.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it