2019: Review on a cautious year
Data taken from Top-Down Analytics (TDA) Research report: 2020 Outlook: Analytical Instruments Industry
A new report published in December 2019 by TDA reviews the year and looks at forecasts for the analytical instruments industry. The report provides insight into market performance and expectations.
In short, 2019 has been ‘subdued’, with the lab instruments industry expanding 4.1% during the year to reach $61.0bn fuelled by life science and automation technologies. Process analytical instruments (PAI) has had a relatively strong year but was impacted by some slowing in Latin America and ROW. Currency translation moderated PAI growth downward, resulting in growth of 2.6% or $4.1bn for 2019. Lab furniture saw an increase of 4.6% to $1.9bn (more details will be provided in the New Year with the release of the upcoming report 2020 Laboratory Enclosures and Furniture).
In a global unstable market, 2019 saw all technology segments in the analytical instrument industry decelerating to mid-digit growth, with North America remaining the most dominant market. Every segment and territory saw growth dip from 2018 through 2019 as illustrated by the industry growth by end-market, where applied markets were the strongest in 2019, but down 4% from 2018.
For 2020, the macros seem to be pointing upward, yet the market is being approached with cautiousness by purchasing managers, citing uncertainties in the political climate, election cycles, Brexit and trade war. Nevertheless, industrial production and funding for R&D are expected to increase for 2020, which should move the growth needle higher compared to 2019.
The 2020 Outlook report from TDA provides a detailed overview of 2019 performance and 2020 projections for all key instrument market segments. Here is our top line summary of 2019 performance by segment:
Chromatography and Mass Spectrometry
- Up to $16.4bnLife Science Instrumentation and Automation
- Up to $20.1bn
Microscopy, Spectroscopy and Materials Analysis
- Up to $18.0bn
Lab Equipment
- Up to $6.4bn
Process Analytical Instrumentation
- Up to $4.2bn
Furniture and enclosures (see in-depth review in January)
- Up to $1.6bn
Making the most of market insight
This kind of market insight is invaluable. Not only is the historical data incredibly useful in determining what share of the market you might have vs your competitors for benchmarking, but the projections help validate your future plans. Putting dollar values against market growth in your segment and thus monetising the growth you are aiming for, will help you to secure resources and investment to look towards 2020. In early January we will also report in more detail on the market for lab furniture and enclosures, and also look at forecasts for 2020.
We work closely with clients in many of the segments outlined in the report. We help companies to communicate better with their complex audiences to grow awareness, change perceptions, generate demand and ultimately, grow market share, in China, North America and Europe.
To buy the full report, available for $595, click here.
To find out more about communicating with laboratory markets, contact us.
