Expansion in Various Application Areas Drives the Life Sciences & Laboratory Equipment Market: Meticulous Research®
With the arrival of industrial revolution, life sciences industry embarks the new phase of transformation in technologies. Growing strategic alliances, advancements in technologies, and progress in the availability of useful tools have significantly impacted various sectors of life sciences such as pharmaceutical, biotech, and healthcare. Increasing life science research activities and high drug approval rates are the major driving forces for the pharmaceutical and biotechnology industry. Also, increasing provision of specialist facilities such as hospitals and clinics and rise in number of trained healthcare specialist doctors, nurses, dentists, and other medical professionals boost the growth of healthcare industry, thereby leading to the introduction of various analytical solutions in healthcare specialties. “Meticulous Research” in its latest publication states that, the “global market for life sciences & laboratory equipment market is expected to grow at a CAGR of 7.2% from 2018 to 2023 to reach $55,932.4 million by 2023.”
This growth is primarily driven by the government initiatives to drive the global life science and analytical instruments market; increasing investments and funding for life sciences, pharmaceutical, and biotechnology research; increasing clinical capabilities; expansion in various application areas; and increasing academia-industry collaborations.
There are many diseases which remain undiagnosed because of lack of treatment available. There are about 7,000 types of rare diseases, out of which 80% are of genetic in origin and 95% of rare diseases have no drug treatment and hence 1 in 17 people in the world develop a rare disease at some age of their lives. Thus, researchers are increasing their focus on various application areas such as oncology, cardiology, and more for the development of biopharmaceuticals to address the occurrence of such diseases.
According to the WHO, globally liver cancer accounted for the largest number of deaths (788 million) followed by colorectal, stomach, and breast in 2015. Similarly, in the U.K., it was found that the people aged 85 years and over had high risk of cancers in 2014. About 356,860 new cases were observed in 2014 and 163,444 were died from cancers in the same year. This was mainly due to lack of awareness, high cost of treatment, and reduced immunity.
Similarly, according to the Joint United Nations Programme on HIV/AIDS (UNAIDS), majority of people with HIV infection lived in middle and low-income countries, out of which, 790 million in East and Southern Africa which accounted for 44% of new HIV infections globally in 2016. Thus, the R&D spending in pharmaceutical industry is increasing continuously for the development of modern medicines to tackle the increasing burden of non-communicable diseases (NCDs), like heart disease, cancer, chronic respiratory diseases, and diabetes. Also, according to the American Heart Association, the number of deaths due to cardiovascular disease was 17.3 million in 2013 and expected to rise to 23.6 million by 2030 globally. This is mainly due to increasing aging population, physical inactivity, poor nutritional habits, increasing obesity, and growing level of cholesterol. Therefore, various research projects such as the ones related to self-renewal capacity of stem cells as an emerging cure for many rare diseases are garnering attention for repairing, regenerating, replacing, and restoring damaged tissue. Also, according to the National Center for Biotechnology Information, there are many cell or protein-based therapies still at an early developmental stage such as antibodies for the treatment of chronic diseases.
According to the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), pharmaceutical spending has increased for various research areas globally with main focus on non-communicable diseases, accounting for the highest percentage of spending in 2017, followed by communicable diseases, oncology, and others. Also, with growing medical discoveries, the research-based pharmaceutical industry has developed more than 35 antiretroviral treatments for HIV/AIDS. Thus, expansion in the various application areas will increase the life sciences research; thereby driving the life sciences and laboratory equipment market during the forecast period.
The report provides meticulous analysis of life sciences & laboratory equipment market on the basis of technology (spectroscopy, chromatography, lab automation, surface science, DNA amplification & sequencing, immunoassay analyzer, flow cytometry, microarray, electrophoresis), end users, and geography.
The key players analyzed in the life sciences & laboratory equipment market are Agilent Technologies, Inc. (U.S.), Becton, Dickinson and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche AG (Switzerland), PerkinElmer, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Waters Corporation (U.S.), Bruker Corporation (U.S.), and Shimadzu Corporation (Japan)
To download a sample report on Life Sciences & Laboratory Equipment Market, please visit below link: