Life Science Instrumentation Market Insights, Share, Growth Drivers and Forecast by 2023
Added: (Wed Feb 13 2019)
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The global life science instrumentation market is growing due to the technological advancements, increase in funding for life science research, and increasing food safety concerns. Moreover, the increasing research and development activities in pharmaceuticals and biotechnology industries are supporting the growth of the global market. Among the various technologies, next-generation sequencing segment would witness the fastest growth during the forecast period. Development of advanced sequencing platforms, increasing application areas of next-generation sequencing would have high positive impact on the growth of the life science instrumentation market for next generation sequencing. Pharmaceuticals and biotechnology companies were the largest end user of life science instrumentation market in 2015.
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The increasing demand for analytical instruments, growing research proteomics research activities, and high growth in emerging economies offer ample growth opportunities in life science instrumentation market. Major analytical instrument manufacturers are focusing for the development of miniaturized instruments, which is the key trend witnessed in the global market. Increasing compliance for hyphenated technologies and increasing collaborations between analytical instrument manufacturers and academic and research institutes are other trends witnessed in the global life science instrumentation market. However, dearth of skilled professionals and high cost of analytical instruments would hinder the growth of the global market to some extent.
Geographically, North America accounted for the largest share in the global life science instrumentation market in 2015. Some of the major factors driving the North American market are; presence of a large number of pharmaceuticals and biotechnology companies, increasing number of research and development activities, and high compliance for advanced analytical instruments. The U.S. contributed largest revenue to the North American as well as global life science instrumentation market. The country is expected to remain the largest market for life science instrumentation globally during the forecast period.
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The key players operating in the global life science instrumentation market are Danaher Corporation, Agilent Technologies, Inc., Shimadzu Corporation, Thermo Fisher Scientific Inc., PerkinElmer Inc., Becton, Dickinson and Company, Bruker Corporation, Bio-Rad Laboratories, Inc. and Waters Corporation.