The life science instrumentation market is expected to reach US$ 100,792.7 million by 2027, up from US$ 57,185.5 million in 2018, with a compounded annual growth rate (CAGR) of 6.5% from 2019 to 2027. Technological advancements in life science instruments, as well as stringent healthcare standards governing food and drug manufacturing processes, are driving the market growth for life science instrumentation techniques.
Rising public health awareness and proactive government policies to curb the mortality associated with chronic diseases further propel the demand for life science instrumentation technology in the pharmaceutical and biotechnology industries.
Market Synopsis
In the life science industry, spectroscopy technology is in high demand due to the lack of sample preparation for analysis and its broad applicability during the quality control of end products.
Spectroscopy is a very old and reliable technology that is very popular among researchers working in the life science industry. It currently holds the largest market in the technology segment of the life science instrumentation market. Ease of handling, lack of sample preparation, and wide utilization during quality control of end products across the life science industry drive the spectroscopy technology market's growth.
Next-generation sequencing is set to capture the market in the near future on account of its ease of creating biological sequences for complex samples at low cost and speed and its wide application in the development of personalized medicine.
Burgeoning requirements for novel drugs and stringent norms stipulated by healthcare agencies worldwide drive the pharmaceutical and biotechnology companies' markets.
Pharmaceutical and biotechnology companies are the largest revenue holders in the life science instrumentation market's end-user segment. Stringent guidelines stipulated by healthcare agencies worldwide pertaining to cGMP and GLP during drug discovery and development drive market growth for pharmaceutical and biotechnology companies.
Burgeoning requirements for novel drugs to treat chronic diseases further propel the demand for life science instrumentation technology in the pharmaceutical and biotechnology industries.
Diagnostic laboratories will register the fastest growth in the near future owing to rising public health awareness resulting in early disease diagnosis and the availability of a skilled labor force to perform precise and accurate screening and interpretation of analytical and biological samples.
The existence of well-developed pharmaceutical and biotechnology companies and flourishing research activities drive market growth in North America.
North America is presently leading the regional segment of the life science instrumentation market, holding 32% of the market. The drivers associated with its market growth are the existence of well-developed pharmaceutical and biotechnology companies and flourishing research activities.
A significant rise in the number of patients suffering from lifestyle disorders triggers the need for the development of safe and efficacious drugs for treatment in the region. Europe is in the second position, representing 30% of the market share, owing to the presence of major players such as Merck KGaA, Agilent Technologies, Inc., Illumina, Inc., etc., in the western European region.
Eastern Europe serves as a lucrative market opportunity for western giants to establish subsidiaries and retail outlets. Asia Pacific holds a 25% market share on account of the rising prevalence of chronic disease and huge government expenditures to execute research activities pertaining to drug discovery and development.
Periods of History and Forecast
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The market segmentation for the scope of the report is done by technology, end user, and geography.
Medical device-producing companies actively engaged in the manufacturing of life science instrumentation technology are Agilent Technologies, Inc., Bruker Corporation, Bio-Rad Laboratories, Inc., Danaher Corporation, Illumina, Inc., Merck KGaA, PerkinElmer, Inc., Shimadzu Corporation, Thermo Fisher Scientific, Inc., and Waters Corporation.
Key questions are answered in this report.
What are the organic and inorganic growth strategies adopted by the life science instrumentation market?
Which major players are competing in the life science instrumentation market?
What are the latest technological advancements pertaining to different techniques used for drug sample quality control and validation?
What will be the market performance of next-generation sequencing technology during the forecast period?
What are the major applications of life science instrumentation techniques in pharmaceutical and biotechnology companies?
Why is North America the dominant regional segment in the life science instrumentation market?
Frequently Asked Question:
The market for Life Science Instrumentation Market is expected to reach USD$ 100,792.7 Mn in 2027.
The Life Science Instrumentation Market is expected to see significant CAGR growth over the coming years, at 6.5%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
Agilent Technologies, Inc., Bruker Corporation, Bio-Rad Laboratories, Inc., Danaher Corporation, Illumina, Inc., Merck KGaA, PerkinElmer, Inc.. are some of the major players in the global market.
