With the continuation of the COVID-19 pandemic and ongoing attempts to reestablish normal operations, 2021 was a year of ups and downs. The global economy began to improve, with vaccinations against COVID-19, declines in death rates, and resumption of activity in many slowed or stalled areas pointing toward steady economic recovery. However, new SARS-CoV-2 variants, continued supply disruptions, and elevated inflation have tempered these gains. The lab and analytical instruments industry has been somewhat insulated from these changes—many of its technologies underlie processes or operations in our society and economy that persist except in the case of lockdown.
In 2021, the lab and process analytical instruments industry grew 19.6% to $81.2 billion. Broken down, the market for lab instruments expanded 20.9% to reach $74.9 billion; the process analytical instruments (PAI), and the lab enclosures and furniture markets experienced gains of 7.3% and 4.8% in 2021, for $4.4 and $2.0 billion in revenues, respectively. Growth of all technology segments accelerated in 2021, including life science instruments and lab automation, despite high growth comparisons from 2020 of 27.5% and 13.1%, respectively.
Growth of all technology segments, geographic markets, and end markets posted double-digit gains, with the pharma/biopharma/CRO application sector standing out with 27.4% growth, in response to the pandemic-related increase in need for drugs and vaccines. By region, demand from Asia rose fastest, followed closely by North American demand.