The latest market report published by Credence Research, Inc. “Global Life Science Instrumentation Market – Growth, Future Prospects, Competitive Analysis, 2019- 2027,” the global life science instrumentation market was valued at US$ 57,185.5 Mn in 2018, and is expected to reach US$ 100,792.7 Mn by 2027, expanding at a CAGR of 6.5% from 2019 to 2027.
According to the statistics provided by United Nations Population Division (UNPD), in 2017 the global death rate was 7.6 per 1000 people which is drastically low in comparison to 17.7 per 1000 people in 1960. Technological advancement in the life science instrumentation technique has been responsible in the production of highly safe and efficacious drug molecule to treat chronic illness and are utilizing the technology to provide a promising drug pipeline in the near future.
Spectroscopy technique is currently dominating the technology segment for life science instrumentation market. It is a very old and reliable technique used by healthcare professionals to perform drug quality control and validation process. Its inherent features such as lack of sample preparation for quantitative and qualitative drug analysis and ease of handling are responsible for its increasing demand across life science industries. Next generation sequencing are gaining huge traction on account of its wide application in the development of personalized medicine and ability to create biological sequences for complex molecules at low cost and speed.
Pharmaceutical and biotechnology companies are the largest market holder in the end user segment for life science instrumentation market. Burgeoning requirement for novel drugs to treat chronic ailments and significant rise in initial throughput screening associated with investigation of new drug phase (IND), increases the demand of life science instrumentation technology in pharmaceutical and biotechnology companies. Diagnostic laboratories are keen to register outstanding growth in the near future owing to rising public health awareness resulting in early disease diagnosis.
North America is presently holding 32% market share and is the dominant players in the regional segment for life science instrumentation market. The chief attributing factors responsible for its positive market growth are prosing drug pipeline and existence of well developed pharmaceutical and biotechnology companies. Europe holds 30% share on account of rising prevalence of chronic disease and domicile of key players such as Merck KGaA, Illumina, Inc., Agilent Technologies, Inc. etc. Asia Pacific accounts for 25% market share owing to proactive government policies to provide financial support to drug discovery and development activities and significant rise in the number of severe adverse effects related to poor drug quality control and process validation.
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 Market Movements:
- Rising mortality rate associated with lack of effective drugs used for treating chronic diseases
- Technological advancement in the techniques utilized for drugs discovery and development process
- Stringent regulatory norms imposed by global healthcare agencies for manufacturing and quality control of food and drugs according to cGMP and GLP
Browse the full report Life Science Instrumentation Market – Growth, Future Prospects, Competitive Analysis, 2019 – 2027 report at https://www.credenceresearch.com/report/life-science-instrumentation-market
The Global Life Science Instrumentation Market is Segmented into:
|Segmentation||By Technology (2017–2027; US$ Mn)|
|By End User (2017–2027; US$ Mn)|
|By Geography Segment (2017–2027; US$ Mn)|
*Complete segmentation list is on report page