Healthcare Analytical Instrumentation and Systems Market to Fuel Growth in the Developing Economies | ABB Ltd., Analytical Systems International / Keco, Electro-Chemical Devices

Market Overview

Healthcare analytical instrumentation has been instrumental in the research and development of many medicines and vaccines. With the increased investment in biotechnology, major pharmaceutical companies are increasingly outsourcing their drug development and research to various countries. Emerging economies are rapidly adopting new technologies and establishing more advanced laboratories and research centers. With the help of these technologies, scientists can better identify and treat diseases and manage their health conditions.

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Market Dynamics

Growing development of precision medicine is expected to drive growth of the global healthcare analytical instrumentation and systems market during the forecast period. Precision medicine or personalized medicine is being tailored to the individual patient based on their predicted response or risk of disease. The demand for personalized medicine has increased in the recent past as physicians can provide more effective drugs and avoid potential side effects. For instance, in May 2021, AdventHealth partnered with Sema4 to launch a precision medicine program.

However, lack of skilled personnel and high capital investment is expected to restrain growth of the global healthcare analytical instrumentation and systems market during the forecast period.

Impact of COVID-19

The global healthcare analytical instrumentation system market witnessed a moderate impact of the COVID-19 pandemic outbreak. Following the outbreak in China, many countries decided to shut down borders and suspend international travel temporarily. Implementation of stringent lockdown policies impacted manufacturing activities across various industries including medical devices. On the contrary, the demand for various medical analytical instruments such as flow cytometers, chromatography, PCT, and more increased massive for R&D and discovery of potential treatment options. These devices are extensively used across the healthcare and biotechnology sectors for various research activities.

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Key Takeaways

• The global healthcare analytical instrumentation and systems market is expected to witness significant growth, exhibiting a CAGR of XX% over the forecast period. This is owing to increasing contract research activities in emerging economies. For instance, in September 2021, L&T Infotech partnered with eClinicalHealth Limited to boost digital innovation in the R&D clinical trials management process for patient-centric drug development

• Among regions, North America is expected to witness significant growth in the global healthcare analytical instrumentation and systems market. This is owing to the presence of major companies such as Honeywell Process Solutions, Thermo Fisher Scientific Inc., and ABB Ltd.

• Key companies involved in the global healthcare analytical instrumentation and systems market are ABB Ltd., Analytical Systems International / Keco, Electro-Chemical Devices, Inc., Emerson Electric Co., Honeywell Process Solutions (HPS), Mettler-Toledo International Inc., Thermo Fisher Scientific, Inc. and Yokogawa Electric Corporation.

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This release was published on openPR.