Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
According to the Global Pharmaceutical Lab Equipment Market Report, by Equipment (Spectroscopy Instrument, Chromatography Devices, Lab Automation Devices, Immunoassay Analyzers, Flow Cytometry Devices, Microarray Devices, Electrophoresis Equipment, and Others), by Product Type (Pretreatment Type, Reaction Type, and Analysis and Test Type), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), published by Coherent Market Insights, the global pharmaceutical lab equipment market was valued at US$ 9,000.3 million in 2017, and is projected to exhibit a CAGR of 4.3% over the forecast period (2018 – 2026).
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Increasing investment in R&D in the pharmaceutical sector is expected to propel growth of the global pharmaceutical lab equipment market over the forecast period. For instance, in 2015, Pharmaceutical Research and Manufacturers of America’s (PhRMA) member companies invested around US$ 58.8 billion in R&D, which was the majority of all biopharmaceutical R&D spending in the U.S. Moreover, increasing adoption of freeze drying is also expected to aid in growth of the market. For instance, according to the International Journal of Research in Pharmacy and Science, 2013, around 50% of the current biopharmaceuticals are lyophilized, representing the most common formulation strategy.
Increasing launch of steam autoclave products is expected to propel growth of the global pharmaceutical lab equipment market. For instance, in 2016, Astella Scientific launched its touch screen-based controller for its autoclave ranges. It is combined with analogue and digital input/output modules.
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Among equipment type, the spectroscopy instrument segment is expected to account for the largest market share in the global pharmaceutical lab equipment market in 2018. Spectroscopy instruments enable industrial companies, universities, government, contract, and pharmaceutical laboratories to analyze a diverse range of sample types in order to meet growing research or evolving compliance requirements. For instance, in July 2018, PerkinElmer, Inc. launched its FL 6500 Pulse Xenon and FL 8500 Continuous Wave Fluorescence spectrometers.
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in April 2018, Bruker launched INVENIO Fourier Transform Infrared (FT-IR) research spectrometer.
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Key Takeaways
- Increasing investment in R&D in the pharmaceutical sector is expected to propel growth of the global pharmaceutical lab equipment market over the forecast period
- The pharmaceutical lab equipment market is expected to exhibit a CAGR of 4.3% over the forecast period
- Major players operating in the global pharmaceutical lab equipment market include GE Healthcare, Agilent Technologies, Waters, Danaher, Thermo Fisher Scientific, Bruker, Eppendorf, Millipore, Shimadzu, Perkin Elmer, Brand GmbH, Pace Analytical, and Telstar.
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