The global healthcare sector is one of the most crucial and fastest-growing components of today's economy, and is being propelled by the aging population, technological advances, and a growing emphasis on preventive and precision medicine. According to the OECD, member countries spent an average of 9.2% of GDP in 2022 on health spending. The market includes subcategories identified as analytical instruments, biotechnology, drug device combinations, healthcare IT, medical devices, medical services, and pharmaceuticals, as it aims to address basic issues in the healthcare delivery process, in addition to clinical care, research and development, and patient management delivery modes globally.

The analytical instruments sector has significant growth possibilities across health care applications, with a market cap in 2022 of USD 61.1 billion for biotechnology, including instruments, and a compound annual growth rate of 4.4% due to increasing amounts of funding in biotechnology.

The supporting laboratory facilities are realizing impressive growth, with the market for pathology lab equipment valued at USD 33 billion in 2022, and projected to grow to USD 75 billion by 2032, due to the growing burden of chronic disease. Diagnostic test capabilities show a noteworthy expansion, such as high-performance liquid chromatography market value of USD 4.4 billion in 2023, growing at 5.3% CAGR from 2024 to 2032, and bioprocess analyzers market value of USD 2 billion in 2023, growing at 11.5% CAGR from 2024 to 2032.

The market continues to grow due to rising global healthcare expenditures that create a whole new set of opportunities, changing demographics, older societies that are aging, and the prevalence of chronic disease that requires ever more complex therapeutic approaches. The industry is buoyed by advances in personalized medicine, telemedicine use, artificial intelligence-enabled integration, and value-based care models focused on outcomes for patients. Alignment of regulation, health systems development in developing economies, and public-private partnerships continue to advance access, improvements in quality, and technology development across every aspect of health care.