Scientist instruments have becoming more and more advanced with each passing year. Development companies have been gaining approvals from regulatory bodies and making their products available in the market for physicians to offer better care than before. This strategy does not only add value to lives of patients but also raise market share for market players. Moreover, acquisition is one of the major strategies adopted by market players for combining expertise and assets to develop innovative products, serve more customers, and expand into new regions. The demand for innovative scientific instruments and solutions will increase in the coming years. According to the report published by Allied Market Research, the global scientific instruments market is estimated to $49.77 billion by 2030. Following are some of the activities taking place across the world.
Instrument development companies undertook the task of development of new scientific instruments such as clinical analyzers for helping physicians in diagnosing patients in a better manner. Some of those new products received approval from regulatory authorities. TytoCare, an Israeli instrument development company, received CE market approval for its Tyto Lung Sounds Analyzer. This instrument is expected to assist physicians in providing better diagnosis for patients suffering from respiratory conditions. This is a software system that can analyze lung sounds and identify whether there is wheezing. This will help in lung auscultation analysis. The approval will enable TytoCare in rolling out the instrument in Europe.
Dedi Gilad, the CEO and Co-Founder at TytoCare, highlighted that the approval would bring highly integrated, easy to use, and powerful software system to the market for benefiting healthcare professionals and patients. Such devices will help in transforming the healthcare sector by giving improved outcomes in detecting respiratory diseases. Moreover, the approval will help the development company in raising its market stake in the international market.
Along with approvals for new products, acquisition is one of the major strategies adopted by market players to raise their stakes. Purity Scientific LLC, a parent company of GenTech Scientific, acquired Conquer Scientific for development of best-in-class refurbished scientific instruments. The companies aim to combine resources, service network, and inventory to serve the healthcare community. The joint entities will act as an asset and offer large range of instruments and solutions for customers. They focus on combining technical capabilities, improving response time, and validating value propositions. Though the companies will operate as separate entities, the acquisition will help both companies in making huge strides in the market.
Impact of COVID-19 Pandemic on the Scientific Instruments Market:
The advent of COVID-19 virus led to increase in mortality rates and hence was declared to be a pandemic. It had led to a drastic change in the market scenario. Healthcare workers, equipment, and facilities have been moved to cope with the rising number of patients with COVID-19. Furthermore, the pandemic caused major impediments in pharmaceutical and medical supply chain globally. The scientific instruments were the need of the hour to help combat with the growing demand for the therapeutic alternatives for COVID-19 virus. In addition, increase in investment over research purposes during the period led to high growth of revenue for scientific instruments during the forecast period.
