Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Life Science Instrumentation Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
The Global Life Science Instrumentation Market size is poised to reach US$ 85 Bn by 2028, with a CAGR of 6.5% during 2021-2028
Life science instruments are used in industrial laboratory research & development, biotechnology, biomedical and scientific research, and development activities. This is also used to check consumer product safety, to track and regulate laboratory knowledge systems and manufacturing line processes. Studies with the aid of life science and scientific instrumentation are the chemical properties and structure. In biotechnology and molecular biology, these devices therefore play an important role in the scientific analysis of living organisms.
The worldwide development in life science instrumentation is driving due to favourable policies for pharmaceutical R&D in developing nations and growing food health issues. Furthermore, advances in technology in analytical equipment add to development. Nevertheless, high equipment prices and the emergence of emerging technology hinder business expansion. At the other hand, the increasingly growing industry of proteomics, the rising concern for environmental protection, and product demand are generating growth opportunities.
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Pharmaceutical and Biotechnology Companies segment held the maximum market share in 2020. It is due to the pharmaceutical industry’s insistence on fast and accelerated production of medications and rising demand for novel therapies for the treatment of rare diseases, resulting in the need for high-performance analytical instruments and systems. Thanks to a growth in the usage of life science instruments in clinical diagnostic applications, the clinical applications market is expected to grow at high CAGR in the forecast era. In 2018, 18.1 million reported cancer cases and 9.6 million deaths caused by the disease, the International Organization for Research on Cancer (IARC) estimated, according to the global burden of cancer. In fact, the threat to humanity are heart and brain disorders, such as Alzheimer’s. This rise in burden is caused by causes such as population growth and accelerated ageing, and by improvements to lifestyle ailments in developed countries from poverty-related diseases. These factors add to the need for fast and non-invasive exams and diagnoses. It would in turn lead in the projected timeframe to the development of the clinical applications market.
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Life science instruments are used in many applications in North America. In the final development of drug processing, medicinal tests, environmental analysis, and foodstuff processing, the chemical instruments proved to be an important tool. Certain factors, including the growing need for pharmaceutical exploration, increasing prevalence of chronic diseases, and increased demand with increased food safety issues, fuel the development of the North American life-science industry and the chemical instruments market. In addition, the emphasis on the production of advanced and upgraded product detection technology to diagnose increasingly complex medicines played an important role in the growth of revolutionary chemistry in the area that is further boosting the life sciences and chemical tools industry in North America. In March, for example, the K6460S, a threefold quadrupole therapeutic method of the next generation, was launched by Agilent, which is classified with the US Food and Drug Administration as a diagnostic medical product of Class I. This framework is designed to enhance clinical laboratory workflows.
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Key Players & Strategies
Participants include major global players Bio-Rad Laboratories, Medline Industries Inc, Agilent Technologies, Siemens Healthcare Diagnostics, Becton, Dickinson and Company, Abbott Laboratories, Shimadzu Corporation, Thermo Fisher Scientific, Inc., Roche Diagnostics, Inc., and others.
Players broaden their drug ranges by mergers, takeover, and alliances, which are supposed to improve the generic supply, with leading pharmaceutical firms.
Through its extensive range of life science instruments products and associated services Thermo Fisher Scientific, Inc. has a leading role on the global life science equipment industry. To order to improve its position on the market, the Thermo Fisher drug range has been strengthened by insight-based investment and aggressive M&A.
In June 2017, Bruker Corporation announced the launch of a complete workflow solution to collect and analyzed real time PCR data for CFX Maestro Software for CFX Real-Time Instruments, which is supported by IRM2 (the developer of high speed infrared imagery (IR) based microscopes using quantum cascade lasers (QCL) technology).
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