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Life Science and Chemical Instrumentation Market is Expected to Register a High Single-Digit CAGR by 2024
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From determining how safe a food sample is to analyzing DNA to discovering new drugs for chronic diseases, the use of life science and chemical instrumentation are myriad. The market is thus expected to fare well thanks to its many end users and application areas. This aspect will keep growth a constant in the life science and chemical instrumentation market.
The report on the global life science and chemical instrumentation market evaluates and prioritizes the factors that will influence its growth over the report’s forecast period. By meticulously segmenting the market on the basis of type of technology, end use, application, and geography, TMR’s analysts are able to dive deep into the present dynamics of the market and emerge with data that can aid prudent decisions. A holistic overview of the prevailing competitive environment in the market makes this report a valuable tool for tracking the strategies that competitors are expected to adopt.
With governments across the world setting up incubation programs and special economic zones for companies in fields such as biotechnology and pure chemistry, the demand for life sciences and chemical instrumentation is expected to continually rise. Moreover, regulatory authorities in emerging countries such as Brazil, India, China, and Russia are now watching the F&B and pharma industries more closely in the wake of food scandals and pharmaceutical product recalls. This will compel companies to adhere to the highest quality standards, which will indirectly lead to higher sales of life science and chemical instrumentation products.
The cost of developing and marketing such instruments, however, can be a stumbling block for many market players. With companies naturally passing on costs to the consumers, the latter may be prompted to find more affordable alternatives, thwarting the growth plans of market players.
The most common uses of life science and chemical instrumentation market are seen in healthcare research agencies, contract research organizations, pharmaceutical and biotech entities, clinical and diagnostic laboratories, and academic research institutions. It is primarily the diagnosis technologies in question that determine the nature of chemical and life science instrumentation to be used.
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Based on the area of usage, the life science and chemical instrumentation market can be segmented thus: Electrophoresis, chromatography, laboratory automation, DNA sequencers and amplifiers, flow cytometry, spectrometry, and microarrays. The demand for DNA amplifiers and sequencers is expected to show an upswing on the back of rising investments in biotechnology, which have dramatically risen in the post-recession phase.
The outlook for the chromatography segment, too, is positive. This can be ascribed to the growing uses of chromatography-coupled with a remarkable spike in UHPLC chromatography-across diverse verticals. Companies such as Agilent, Shimadzu, and Waters Corporation are at the forefront of innovation, enabling them to capture a larger section of the market in this space. The report also expects a healthy upswing in the demand for instruments such as fume hoods, laboratory balances, and centrifuges.
The applications of life science and chemical instrumentation devices include, but are not limited to: Forensic technologies, biotechnology, environment, agriculture, chemicals, food and beverage, and pharmaceuticals. The biotech and pharmaceutical sectors will be the growth engine for life science and chemical instrumentation market by application. Intensive research programs in developed nations will indirectly fuel sales of life science and chemical instrumentation. The trend is only just beginning to take shape in developing nations, and could soon be a high-impact driver.
By geography, the global life science and chemical instrumentation market has been divided into: North America, Asia Pacific, Europe, MENA, and Rest of the World.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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