Global Life Science Instrumentation Market is expected to grow at a CAGR of 5.7% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Life Science Instrumentation Market by Technology (Chromatography, Spectroscopy, Flow Cytometry, Polymerase Chain Reaction, Clinical Chemistry Analyzers, Next-Generation Sequencing, Immunoassays, Liquid Handling, Lyophilization, Cell Counting, Electrophoresis, Centrifuges, Microscopy and Others), Applications (Research, Clinical, Diagnostic and Others), End-Users, Region and Global Forecast 2020-2027.
The global life science instrumentation market is expected to grow from USD 56.79 billion in 2019 to USD 88.48 billion by 2027, at a CAGR of 5.7% during the forecast period 2020-2027. North America holds the majority of the market share. The growth can be attributed to a massive amount of life science research work performed and increasing adoption of novel technologies. However, Asia-Pacific is another region which is expected to grow at a significant rate. Some factors like the growing pharmaceutical industry and the emergence of manufacturers are the vital factors in the market growth.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the life science instrumentation market are Becton, Shimadzu Corporation, Bio-Rad Laboratories, Siemens Healthcare Diagnostics, Roche Diagnostics, Agilent Technologies, Thermo Fisher Scientific Inc., Dickinson and Company, Abbott Laboratories and others. Many companies are seeking to expand the product portfolio by strategic mergers and acquisitions. A leading market player, Thermo Fisher, is one such example which has launched three innovative products in the last three years. Recently, in April 2019, Thermo Fisher launched Biosystems QuantStudio 6 and 7 Pro Real-Time PCR System.
The technology segment includes chromatography, spectroscopy, flow cytometry, polymerase chain reaction, clinical chemistry analyzers, next-generation sequencing, immunoassays, liquid handling, lyophilization, cell counting, electrophoresis, centrifuges, microscopy and others. Out of these, certain technologies are further segmented into different types. The chromatography segment is further segmented into includes gas, liquid, thin layer and super critical fluid chromatography. The spectroscopy segment includes mass, molecular and atomic spectroscopy. The flow cytometry segment further includes cell sorters and cell analyzers. PCR segment includes qPCR and dPCR. Clinical chemistry analyzers further include scanning probe microscopes, optical microscopes, electron microscopes and others. The liquid handling segment includes electronic, automated and manual liquid handling systems. The cell counting segment includes hemocytometers & manual cell counters and automated cell counters. The electrophoresis segment further constitutes capillary and gel electrophoresis system. The centrifuges segment includes mini, multipurpose, ultra and micro centrifuges. Among these, spectroscopy constitutes the majority of the share. The increasing R&D activities by the government, raising awareness for food quality and increasing regulations for ensuring drugs safety are the major factors responsible for market growth. The application segment includes research, clinical, diagnostic and others. The research application is the dominant segment. The growth of th research segment can be attributed to increasing research in the genomic field and the rising need for analytical analyses. The end-users segment includes pharmaceuticals & biotechnology, agriculture & food industry and hospitals & diagnostic laboratories. Among these, the pharmaceuticals and biotechnology has majority of the market share. The rising awareness for drug quality has increased the usage of life sciences instrumentation in the drug production procedure.
Life science instruments have been increasingly used in microbiology and biotech companies. These play a significant role in developing new drugs for chronic diseases and also for validation of the quality of food. The increasing investment in the field of life sciences ought to increase the demand for the product during the forecasted years. Moreover, many countries are increasingly spending on R&D in the pharmaceutical industry, which will drive the market growth further.
About the report:
The global life science instrumentation market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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