Each successive year since the coronavirus pandemic, it seems we wonder if this will be the year in which conditions return to some approximation of normal following the economic turmoil COVID-19 caused. Although each year so far, the answer has been no, it appears that each year has been marked by incremental shifts toward equilibrium. In 2023, supply chains, shipping costs, and, delivery times largely returned to their prepandemic statuses, and a global recession seems to have been averted. However, high inflation, while falling, continues to contribute to weakened consumer sentiment, and fiscal policy in some economies still reflects the detrimental effects of the pandemic.
The lab and analytical instruments market has undergone a somewhat different experience—the industry, as a whole, initially maintained its positive growth trajectory during the pandemic, although individual technology segments were subject to vastly different levels of demand. In 2021, several of the segments that were adversely affected rebounded, while those that benefited from the health emergency continued to flourish. Demand has since continued to be influenced by the purchasing early in the pandemic.
For 2023, we have observed reduced or negative growth across industry segments, following a year with slowed or negative growth in almost all technology categories (although a few segments experienced double-digit growth). Demand from other/applied customers dropped the most as clinical/diagnostics needs receded substantially along with end the COVID-19 health emergency. All major regional markets also declined.
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