The major factors shaping economic conditions for 2023 are similar to those in the year prior with recovery—from the COVID-19 pandemic and Russia’s invasion of Ukraine—on the distant horizon. Persistent inflation continues to reduce growth in the analytical instruments industry as customers have less cash available to spend. Currency effects also further reduce the purchasing power of many customers against the stronger US dollar.
With the return of labs to pre- pandemic operations, the products and technologies that experienced record surges in demand in response to the pandemic, such as genetic analysis tools and cold-storage equipment, will suffer the largest drops in demand. In light of these conditions, we have adjusted our expectation of growth for the analytical instrument industry in 2023 downward to a market size of $68.5 billion.
Download TDA’s 2023 Outlook Mid-Year Update report to continue reading.