Life science & analytical instruments are used for various applications like drug discoveries, diagnosis, and research & testing. In addition to the healthcare sector, these instruments are used in several other industries. Owing to the increasing clinical research and spending on instrumentation used for the various research in chemistry the market for life science & analytical instruments is quadrupling. Moreover, the rising number of research companies, increasing number of biotechnological, biomedical, and testing laboratories are escalating the market on the global platform.
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Considering the colossal growth, the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global life science & analytical instruments market is poised to touch a valuation of approximately USD 56.7 BN at the end of the year 2023 registering around 6.5% CAGR throughout the forecast period (2017 – 2023).
Life science and analytical instruments are also used in the identification of safety of food sample as well as in the analysis of DNA for the discovery of new drugs. As a result, the burgeoning pharmaceutical industry is fostering the growth of the market. Indeed, developments in the medical science and technology are the main driving forces behind the prominence that life science & analytical instruments are garnering today. Therefore, the partnership of life science & analytical instruments and technologies will continue to support the market growth further.
The market witnesses the enormous demand from some of the burgeoning industries such as agriculture, healthcare, food & beverages, and DNA sequencing which, in turn, drives the market growth. Moreover, the growing number of research labs alongside the substantial investment from the public and private sector are fostering the market growth to an extent.
Key players leading the global life science and analytical instrumentation market include Dickinson and Company (U.S.), Becton, Thermo Fisher Scientific, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S), Bruker Corporation (U.S.), PerkinElmer, Inc. (U.S.), Waters Corporation (U.S.), Shimadzu Corporation (Japan), Charles River Laboratories International, Inc. (U.S.), Paragon Bioservices, Inc (US), Avance Biosciences (US), Avista Pharma Solutions(US), Merck KGaA (Germany) and Dynalabs (US) among others.
Life Science & Analytical Instruments Market – Regional Analysis
The North American region accounting for the vast development in drug discovery research, increase in the number of research studies, and development of industrial sector, dominates the global life science & analytical instruments market with a significant share. Additional factors such as the presence of notable players alongside the increased focus in the field of research for the life science products act as a key growth propeller impacting the market growth in the region positively.
The vast technological advances in the region certainly give North America an edge over other regions. The US backed by the largest investments made in the life science & analytical instruments will continue to lead the regional market.
The European region stands the second position in the global life science & analytical instruments market. Heading with the augmenting demand for the life science products mainly from the burgeoning pharmaceutical sector in the region the European life science & analytical instruments market is expected to create a larger revenue pocket.
The Asia Pacific region, heading with the high uptake of advanced technology, is rapidly emerging as a profitable market for science & analytical instruments. The market provides immense growth opportunities, accounting for increasing clinical research and growing government support. Beside this increasing number of testing laboratories and agricultural industries are substantiating the growth of the regional market.
Life Science & Analytical Instruments Market – Segments
The MRFR analysis is segmented into four key dynamics for enhanced understanding.
By Type of Instruments: Centrifuges, Electrophoresis, Chromatography, Flow Cytometry, Cell Counting instruments, Microscopy, PCR, Western Blotting, and Spectroscopy among others.
By End-user: Pharmaceutical & Biotechnology Companies, Agriculture & Food Industry, and Research & Clinical Testing Laboratories among others.
By Application: Research Applications and Diagnostic Applications among other applications.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
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