Acumen Research and Consulting estimate that the global Life Science Instrumentation market is expected to reach the market value of around US$ 87 Bn by 2028 and is anticipated to grow at a CAGR of around 6.5% in terms of revenue amid the forecast period 2021 - 2028.
Life sciences instrumentation includes different types of instruments and keys to state-of-the-art testing and creative applications. In the fields of life science and engineering, many types of traditional methods have been used. Over the last ten years both in the public and in private sectors, the development of life sciences and chemistry has advanced immensely.
The report provides analysis of global Life Science Instrumentation market for the period 2017-2028, wherein 2021 to 2028 is the forecast period and 2020 is considered as the base year.
Technological progress, increasing capital for life science research, and growing food safety concerns, the global market in life sciences instruments market is growing. In addition, the growing R&D activities in the pharmaceutical and biotechnology industries lead to global business growth. Among the different technologies, the sequence segment of the next generation would be projected to see the fastest growth. Growing use areas for the next generation sequence will have a highly positive impact on the growth of the life science instrumentation market for next-generation sequence production for advanced sequence platforms.
The growing mandate for diagnostic instruments, growing research proteomics and high growth in emerging economies provide ample opportunities to grow on the life science tools market. Global manufacturers of analytical instruments focus on the production of miniaturized instruments, the biggest theme on the world market
The largest market share in life science instrumentation was held by chromatography
Chromatography is an analytical method that tests the quality of specific analytes in a single sample and allows the analysis of certain cases to be quantified. Chromatographic processing is mainly used to analyze liquid compounds and the analytes should be vaporized without decomposition for gas chromatography (GC).
It is widely used for testing the pureness of substances or for separating a mixture into their essential elements. Owing to its potential to deliver excellent properties, such as exact breeding capacity, reproductive and rapid separation, chromatography is a profound tool of analytical chemistry. In other pharmaceutical uses, the chromatography process is used to assess the quantity of chemical in medicines.
The increased use of chromatography testing in drug approvals and increased government spending are seen as leading to demand growth during the projected era.
For example, the US FDA Group I medical equipment, which now include the high performance Vanquish MD Liquid Chromatography system, the TSQ Altis MD mass spectrometer, and the Quantis MD Series mass spectrometer for routine research, were expanded in August 2020 to include the analytical instruments range for clinical Diagnostic Laboratories.
The North America is projected to be the rising component of the world demand for life sciences and analytical instruments led by the US. The increase in the incidence of chronic diseases, including cancer and life style disorders, the technological development of diagnostic systems, and the growth of the geriatric people, are attributed to the growth of America. In 2018, approximately 1,735,350 new cancer cases were diagnosed across the US according to National Cancer Institute (NCI).
The second largest market share in the projected timeframe is expected for Europe. Western Europe and Eastern Europe further divided the European market for life science & analytical instruments. In Germany, in the UK, Spain, France, and elsewhere in Western Europe, Western Europe has segmented itself. The favorable scenario of the biological and pharmaceutical industries in Germanyand UK is attributed to market growth in the European region, the large and rising number of clinical trials and the presence of a large number of research institutions and academic bodies in that area. According to the PricewaterhouseCoopers AG report on drug discovery and biotechnology in Germany for example, Germany is a strong internationally recognized base for the development of new and efficient compounds for academic institutions and for around 220 companies, large and small.
It is projected that the Asia-Pacific market is increasing at the highest pace due to increased incidence of chronic and acute illnesses such as VIH, diabetes, and cancer, as well as the rise of a significant number of researches organizations, and advancement of the modern healthcare system.
In the life sciences and analytical instruments market, the North East & Africa are projected to grow continuously. In this area, due to countries such as GCC and others, the Middle-East is expected to dominate. In 2020 there was also a comparatively lower market share owing to the growing demand for healthcare services.
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.
Life Science Instrumentation Market By Type
Life Science Instrumentation Market By End Use
Pharmaceutical and Biotechnology Companies
Hospitals and Diagnostic Laboratories
Life Science Instrumentation Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
The Life Science Instrumentation market value is anticipated to be worth around US$ 87 Bn in 2028.
The Life Science Instrumentation market is anticipated to grow around 6.5% CAGR amid the forecast period 2021-2028.
North America held highest market share in 2020.
Asia Pacific is projected to be the fastest growing region in the global market
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 are the prominent players in the Life Science Instrumentation market.
The report provides insights on global Life Science Instrumentation market segment by type, end use and major geographic regions.
Technological progress, increasing capital for life science research, and growing food safety concerns, the global market in life sciences instruments market is growing. In addition, the growing R&D activities in the pharmaceutical and biotechnology industries lead to the global business growth.