With the continuation of the pandemic in 2022, the global economic recovery from COVID-19 has been hampered by periodic port shutdowns in China, continued supply-chain disruptions, and staffing challenges across industries. Since TDA’s 2022 Outlook was published, the war in Ukraine began, its being felt worldwide. Additionally, Europe is facing an energy crisis resulting from Russia’s cutting its supply of natural gas to Europe and resulting soaring energy costs. These factors are contributing to global Inflation, which threatens to curb economic growth worldwide.
Inflation, the reduced availability of raw materials, and ongoing supply-chain chain challenges are reducing growth in the analytical instruments industry. Currency effects are also contributing to the decreased purchasing power of some customers. With all of this in mind, we have adjusted our expectation of growth for the analytical instrument industry in 2022 downward a few percentage points to a market size of $78 billion.