Top-Down Analytics (TDA) has released its 2023 outlook for the analytical instruments industry, looking back over 2022 and providing forecasts and predictions for 2023.
2022 was, for many, the year of the new normal, with governments, industries, and individuals learning to navigate and manage the still persisting COVID-19. Overall, TDA notes uneven growth across all industry segments, following double-digit growth in all technology categories in 2021.
For 2023, global economic conditions should be considered, as well as the state of the industry in 2022. As a result, TDA predicts a positive outlook but slower, more varied gains across the market overall.
We are delighted to share information from the 2023 Instrument Industry Outlook Report published by TDA, which provides insights on the economic factors that are driving industry growth and impacting instrument sales.
In 2022, the overall lab industry, including PAI, grew 3.8% to $84.7 billion. TDA breaks down the market by technologies, end markets and geographies:
Many macro-economic factors such as high inflation, tightening monetary policy, declining pandemic-related fiscal support, the war in Ukraine, and ongoing supply chain problems will have an impact on the instrumentation market in 2023. Nevertheless, several industrial forecasts show a positive outlook for the year, predicting steady growth. TDA calculates:
As shown in Figure 2 below, TDA estimates that the mass spectrometry (MS) and equipment categories will lead industry growth, with demand for each rising by mid-single digits. Additionally, TDA predicts:
Informed decisions based on market insight can go a long way in ensuring your business growth and help you to focus on the best opportunities for analytical instrumentation in 2023.
Thanks to Glenn Cudiamat for allowing us access to the TDA report: 2023 Outlook Analytical Instruments Industry, which can be purchased here.
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About TDA: TDA is a leading provider of competitive intelligence (primary and secondary research) and benchmark data for scientific products, chemicals/reagents, consumables, automation and analytical instrumentation used in laboratory and process industries. TDA focuses on providing decision-making information to the leaders of scientific technology companies. Its dedication to the field allows it to offer clients a level of detail and insight that comes from constantly monitoring industry developments and from our ongoing market research projects and publishing activities.