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Global Life Sciences Instrumentation Market Expected to Reach Value of US$85.1 bn by 2022
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The life science instrumentation market has exhibited a smooth growth trajectory in recent years due to the growing utilization of the sector in booming industries such as healthcare and pharmaceuticals. The market is set to grow in the coming years at a steady growth rate due to the growing government support afforded to the life sciences sector in a number of countries and the rising rate of technological advancement in the sector. The life sciences instrumentation sector has also benefited from the growing medical devices sector and is likely to exhibit a steady growth trajectory in the coming years.
According to latest research reports, the global life sciences instrumentation market is expected to rise from a valuation of US$57.4 bn to US$85.1 bn over the 2017-2022 forecast period, exhibiting a strong 8.2% CAGR therein.
Spectroscopy to Remain Leading Technique
By technique, the global life sciences instrumentation market is segmented into spectroscopy, PCR, chromatography, immunoassays, flow cytometry, clinical chemistry analyzers, and others. Spectroscopy is likely to remain the leading contributor to the global life science instrumentation market in the coming years due to its widespread use in the life sciences sector and its rising utility in the healthcare sector. Spectroscopy had a valuation of US$19.2 bn in 2017 and is likely to rise to US$28.5 bn by 2022 at a steady 8.2% CAGR. Spectroscopy is a key part of blood testing, which is likely to become increasingly important in the healthcare sector in the coming years, enabling steady dominance of the spectroscopy technique in the global life science instrumentation market.
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North America to Dominate Global Life Science Instrumentation Market
North America is likely to remain the leading geographical segment of the global life science instrumentation market in the coming years. The North America life science instrumentation market has benefited from the strong government support for advancement of the life sciences sector in developed countries such as the U.S. and Canada, which are also home to several leading players in the life sciences sector due to the easy availability of advanced technology and research facilities. The North America life science instrumentation market was valued at US$18.6 bn in 2017 and is likely to reach US$28 bn by 2022 at an 8.5% CAGR.
Europe to Contribute Significantly to Global Life Science Instrumentation Market
Europe is also likely to be a major regional market for life science instrumentation market players in the coming years due to the rapid growth of the life sciences sector in the region. The steady adoption of life science advances in the healthcare sector in the highly developed countries in Western Europe has been beneficial for the life science instrumentation market in Europe. The strong presence of the medical devices industry and the increasing adoption of innovations in the manufacturing sector in Europe is also beneficial for the life sciences instrumentation market in the region, as this will enable steady incorporation of technological advances in the life science instrumentation market.
Pharmaceutical and Biotech Companies to Dominate Demand
Pharmaceutical and biotech companies are expected to be the leading end users of the life science instrumentation market in the coming years. The pharmaceuticals sector has benefited from the growing demand in emerging regions, which has driven investment in its foundational components such as life sciences instrumentation.
Competitive Dynamics
Leading players in the global life science instrumentation market 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. The life science instrumentation market is likely to be intensely competitive in the coming years due to the growing commercial scope of the market.
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