As per the new report furnished by Market Research Future (MRFR), the global life science and analytical instruments market, in 2016, was worth the value of USD 36.5 billion and will be attaining the valuation of USD 56.7 billion by the end of 2023. Furthermore, the market will be soaring high at a CAGR of 6.5 % during the forecast period (2017-2023).
Market Drivers and Challenges
The past couple of years have been quite eventful for instrument companies, characterized by major mergers and acquisitions, new product launches, partnerships, as well as other business developments. With growing government spending on pharmaceutical research and development (R&D) activities in emerging economies, technological advancements, elevated drug discovery and clinical diagnostics field, increasing life science research and development expenditure, and emergence of various applications, the market will most definitely garner massive revenue during the review period.
Moreover, expanding aging populations, in addition to the increasing prevalence of chronic diseases, and changing demographics and also several industry participants reporting record sales have also been responsible for the strong growth of the market. Developing nations like India, China, and Brazil are showing highly lucrative market expansion. In contrast, the availability of alternative technologies and high cost of instruments could hinder the growth of the market to some extent.
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However, the ever-growing list of drivers such as the increasing number of biotechnology firms globally, advances in life science research and technology innovations involving human genome mapping, and emergence of proteomics have resulted in the industry growth. These factors have led to high-end research projects which need quality instruments with high throughput capacity, thus elevating the market position of life Science and analytical instrumentation.
The market for life science and analytical instruments is segmented on the basis of type, end-user and application.
The type-wise segmentation has been done on the basis of Centrifuges (Laboratory centrifuges, Analytical ultracentrifuges, Gas centrifuges and Other), Chromatography (Thin-layer Chromatography (TLC), Liquid Chromatography, Gas Chromatography, HPTLC and Other), Electrophoresis (Conventional Electrophoresis [One Dimensional and two dimensional) and Capillary Electrophoresis), Flow Cytometry, Microscopy (Scanning electron microscope, Transmission electron microscope and Other), Cell Counting instruments (Hemocytometers and Other), PCR, Spectroscopy (Mass Spectroscopy, UV spectroscopy, Atomic spectroscopy and Other), Western Blotting, Other (Sterilization instruments, Incubators, Colorimeters, Freezers, Laboratories balances, other).
The end-users in the global market include Pharmaceutical and Biotechnology Companies, Agriculture and Food Industry, Research and Clinical Testing Laboratories and Other.
Application-wise, the market caters to research applications, diagnostic applications and others.
Region-wise, the global life science and analytical instruments market is distributed into Asia Pacific, Europe, North America, and the Rest-of-the-World.
The North America region witnesses a vast development in drug discovery research, along with an increasing number of research studies, and expansion of industrial sector, leading to its leading position in the global life science & analytical instruments market. In addition, other factors such as the presence of well-known players alongside the growing focus in the field of research for the life science products propel the market growth in the region. furthermore, the rapid pace of advancements in technologies in the region provide the region an edge over other regions. The United States (US) backed by massive investments in the life science & analytical instruments will lead the regional market in the coming years.
The Europe region has acquired the second position in the global life science & analytical instruments market, as a result of the accelerated demand for the life science products. This demand comes predominately from the expanding pharmaceutical sector in the region, catapulting the growth of the life science & analytical instruments market in the region.
The Asia Pacific region witness major growth in the market with the high uptake of advanced technology. Moreover, the market provides several growth opportunities with the increasing clinical research along with growing government support. Apart from this, the increasing number of testing laboratories and developing agricultural industries are supporting the growth of the regional market as well.
The key vendors competing in the global life science and analytical instrumentation market are Avance Biosciences (US), Becton, Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Dickinson and Company (U.S.), Danaher Corporation (U.S), F. Hoffmann-La Roche Ltd. (Switzerland), PerkinElmer, Inc. (U.S.), Waters Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Charles River Laboratories International, Inc. (U.S.), Bruker Corporation (U.S.), Paragon Bioservices, Inc (US), Dynalabs (US) Shimadzu Corporation (Japan), Avista Pharma Solutions(US), Merck KGaA (Germany) among others.
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