Press release
Life Science Instrumentation Market Estimated to Expand at a 8.2% CAGR through 2022
According to Transparency Market Research, the global life science instrumentation market was valued at US$57.4 bn in 2017 and is likely to rise to US$85.1 bn by 2022, exhibiting a robust 8.2% CAGR therein.
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Here are the key insights into the growth prospects of the life science instrumentation market:
The growing government support to the life sciences sector is the prime driver for the global life science instrumentation market. The rising support for scientific progress has seen the life sciences sector become a key beneficiary of government resources in developed countries, while a number of developing countries have also been vital in the development of the global life sciences sector in recent years. The increasing support provided to the healthcare industry by growth of the life sciences sector is likely to enable rapid progress of the life sciences sector in the coming years, thus aiding growth of the global life science instrumentation market.
The growing biotech sector is also vital for the global life science instrumentation market. Biotech companies are major end users of life science instrumentation due to the vital need for life science innovations in biotech development, and rising investment in the biotech sector is thus likely to aid the growth of the life science instrumentation market in the coming years.
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Spectrometry is likely to be the dominant technique in use in the global life science instrumentation market. Spectrometry is used in healthcare as well as food and beverage applications to detect the presence of contaminants and the growing demand from both industries is likely to enable steady growth in demand for spectrometry technology and devices in the coming years. Spectrometry accounted for 29.4% of the global life science instrumentation market in 2017, with a valuation of US$19.2 bn, and is likely to rise to a valuation of US$28.4 bn by 2022 at a CAGR of 8.2% therein. The absolute growth of the spectrometry segment is likely to be higher than any other technique segment of the global life science instrumentation market.
North America and Europe are likely to be the dominant regional contributors to the global life science instrumentation market in the coming years due to the strong government support to the life sciences sector in developed regions such as the U.S., Canada, and Western Europe. The North America and Europe markets for life science instrumentation are likely to rise to a valuation of US$28 bn and US$23.4 bn, respectively, by 2022.
Asia Pacific countries such as China are also likely to play a key role in development of the global life science instrumentation market in the coming years due to the rising realization of the utility of the life sciences sector in improving the indigenous healthcare sector and the high commercial potential oft eh sector. The APEJ market is thus likely to exhibit the highest CAGR of 8.6% over the 2017-2022 forecast period and is expected to rise to a valuation of US$19.2 bn by 2022.
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Competitive Dynamics
Key players profiled in the report include Becton, Dickinson, and Company, Agilent Technologies Inc., Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., Danaher Corporation, Perkinelmer Inc., GE Healthcare, Merck KGaA, Bruker Corporation, Hitachi High-Technologies Corporation, Eppendorf AG, and Shimadzu Corporation.
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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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