March 31, 2020
Life Science Instrumentation

Life Science Instrumentation Market Expected To Exhibit Steady Growth Rate During The Forecast Period

The global market for life science instrumentation was valued at US$ 57,185.5 million in 2018 and is expected to hit US$ 100,792.7 million by 2027, expanding to CAGR by 6.5 per cent from 2019 to 2027.

According to statistics provided by the United Nations Population Division (UNPD), the global death rate in 2017 was 7.6 per 1,000 people, which was dramatically low compared to 17.7 per 1,000 in 1960. Technological advancements in life science instrumentation techniques have been responsible for the production of a highly safe and effective drug molecule for the treatment of chronic illnesses and are using technology to provide a promising drug pipeline in the near future.

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Spectroscopy technology currently dominates the technology segment of the life science instrumentation market. It is a very old and reliable technique used by healthcare professionals to perform the quality control and validation of drugs. Its inherent features, such as lack of sample preparation for quantitative and qualitative drug analysis and ease of handling, are responsible for increasing demand across life science industries. Next-generation sequencing is gaining enormous traction due to its wide application in the development of personalized medicine and the ability to create biological sequences for complex molecules at low cost and speed.

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Pharmaceuticals and biotechnology companies are the largest market holder in the end-user segment for the life science instrumentation market. The burgeoning requirement for new drugs for the treatment of chronic diseases and a significant increase in initial screening associated with the investigation of the new drug phase (IND) increase the demand for life science instrumentation technology in pharmaceutical and biotechnological companies. Diagnostic laboratories are keen to see outstanding growth in the near future due to an increase in public health awareness resulting in early diagnosis of diseases.

North America currently holds 32% of its market share and is a dominant player in the regional segment of the life science instrumentation market. The chief attributing factors responsible for its positive market growth are prosing drug pipeline and the existence of well developed pharmaceutical and biotechnology companies. Europe holds 30% of its share due to the increasing prevalence of chronic diseases and the residence of key players such as Merck KGaA, Illumina, Inc., Agilent Technologies, Inc. etc. The Asia Pacific has a 25% market share due to proactive government policies to provide financial support for drug discovery and development activities and a significant increase in the number of serious adverse effects related to poor drug quality control and process validation.

Medical devices producing companies active in the manufacture of life science instrumentation technology are Agilent Technologies, Inc., Bruker Corporation, Bio-Rad Laboratories, Inc., Danaher Corporation, Illumina, Inc., Merck KGaA, PerkinElmer, Inc., Shimadzu Corporation, Thermo Fisher Scientific, Inc. and Waters Corporation.

Key Market Movements:

  • Rising mortality rate associated with lack of effective drugs used to treat chronic diseases.
  • Technological advancement in drug discovery and development techniques.
  • Stringent regulatory norms imposed by global healthcare agencies for manufacturing and quality control of food and drugs according to cGMP and GLP.

Key questions answered in this report

  • What are the organic and inorganic growth strategies adopted by life science instrumentation market?
  • Which major players are competing in the life science instrumentation market?
  • What are the latest technological advancement pertaining to different techniques used for drug sample quality control and validation?
  • What will be the market performance of next generation sequencing technology during the forecast period?
  • What are the major applications of life science instrumentation techniques in pharmaceutical and biotechnology companies?
  • Why is North America the dominating regional segment in life science instrumentation market?

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