Global Life Science & Chemical Instrumentation Market - Segmented by Technology, End Users, and Geography - Growth, Trends, and Forecast (2022 - 2030)
The global life science & chemical instrumentation market is expected to register a CAGR of 6.8% during the forecast period (2018 - 2023). North America is anticipated to dominate the market during the forecast period owing to the availability of funding for life science research in the region.
Increasing Spending on Pharmaceutical R&D
Pharmaceutical industries dedicate a large percentage of their budget for internal research & development processes. In the US, the pharmaceutical industry spends more than any other industry on research & development which includes drug discovery. Life science instruments are largely used in analytical procedures and method validation for drugs and biologics during drug discovery. The continuing evolution of new technologies in life science instrumentation, such as ultra-high-resolution analytical instruments, and next-generation sequencing are likely to increase the pace of drug development. The growing investment from the pharmaceutical industry in drug discovery and development will boost the demand for life science instruments for drug validation. Additionally, growing food safety concerns, increasing public-private investments in life science research, technological advancements in analytical instruments is driving the market of life science instruments and chemicals.
Lack of Skilled Professionals
The substantial growth of life science instrumentation industry has resulted in a booming demand for technicians with expertise in these techniques. Despite the advantages offered by the various techniques and regardless of the technological innovations, the availability of skilled labor is still an issue. This can be attributed to the fact that some of the instruments are highly advanced and complex, and hence, they are driving the need for new paradigms for data computation and knowledge extraction. These instruments also require timely standardization protocols and maintenance procedures that need skilled personnel. Additionally, the high cost of life science & chemical instrumentation is further impeding the growth of the market.
Asia-Pacific shows the Highest Growth in the Market
North America is the largest market for global life science & chemical instrumentation. The high growth is attributed growing technological advancements in analytical devices and growing investment from key players in life science and drug discovery research. In terms of growth, the Asia-Pacific region is expected to witness the highest growth in this market, majorly due to favorable government policies for pharmaceutical R&D in emerging nations and growing food safety concerns.
Key Developments in the Market
• February 2018 - Bruker Corporation acquired IRM2, a developer of high-speed infrared (IR) imaging microscopes based on quantum cascade laser (QCL) technology.
• June 2017 - Bio-Rad Laboratories, Inc. announced the launch of CFX Maestro Software for CFX Real-Time Instruments, a complete workflow solution for real-time PCR data collection and analysis.
Major Players: AGILENT TECHNOLOGIES INC., BECTON DICKINSON, & COMPANY, BIO-RAD LABORATORIES INC., BRUKER CORPORATION, DANAHER CORPORATION, F. HOFFMANN-LA ROCHE LTD, ILLUMINA INC., SHIMADZU CORPORATION, THERMO FISHER SCIENTIFIC INC., AND WATERS CORPORATION, amongst others.
Reasons to Purchase this Report
• Current and future global life science & chemical instrumentation market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• Identifying the segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Increasing Spending on Pharmaceutical R&D
Pharmaceutical industries dedicate a large percentage of their budget for internal research & development processes. In the US, the pharmaceutical industry spends more than any other industry on research & development which includes drug discovery. Life science instruments are largely used in analytical procedures and method validation for drugs and biologics during drug discovery. The continuing evolution of new technologies in life science instrumentation, such as ultra-high-resolution analytical instruments, and next-generation sequencing are likely to increase the pace of drug development. The growing investment from the pharmaceutical industry in drug discovery and development will boost the demand for life science instruments for drug validation. Additionally, growing food safety concerns, increasing public-private investments in life science research, technological advancements in analytical instruments is driving the market of life science instruments and chemicals.
Lack of Skilled Professionals
The substantial growth of life science instrumentation industry has resulted in a booming demand for technicians with expertise in these techniques. Despite the advantages offered by the various techniques and regardless of the technological innovations, the availability of skilled labor is still an issue. This can be attributed to the fact that some of the instruments are highly advanced and complex, and hence, they are driving the need for new paradigms for data computation and knowledge extraction. These instruments also require timely standardization protocols and maintenance procedures that need skilled personnel. Additionally, the high cost of life science & chemical instrumentation is further impeding the growth of the market.
Asia-Pacific shows the Highest Growth in the Market
North America is the largest market for global life science & chemical instrumentation. The high growth is attributed growing technological advancements in analytical devices and growing investment from key players in life science and drug discovery research. In terms of growth, the Asia-Pacific region is expected to witness the highest growth in this market, majorly due to favorable government policies for pharmaceutical R&D in emerging nations and growing food safety concerns.
Key Developments in the Market
• February 2018 - Bruker Corporation acquired IRM2, a developer of high-speed infrared (IR) imaging microscopes based on quantum cascade laser (QCL) technology.
• June 2017 - Bio-Rad Laboratories, Inc. announced the launch of CFX Maestro Software for CFX Real-Time Instruments, a complete workflow solution for real-time PCR data collection and analysis.
Major Players: AGILENT TECHNOLOGIES INC., BECTON DICKINSON, & COMPANY, BIO-RAD LABORATORIES INC., BRUKER CORPORATION, DANAHER CORPORATION, F. HOFFMANN-LA ROCHE LTD, ILLUMINA INC., SHIMADZU CORPORATION, THERMO FISHER SCIENTIFIC INC., AND WATERS CORPORATION, amongst others.
Reasons to Purchase this Report
• Current and future global life science & chemical instrumentation market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• Identifying the segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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