Transparency Market Research (TMR) has published a new report titled, “Life Science Instrumentation Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027”. According to the report, the global life science instrumentation market is estimated at US$ 55 Bn by 2019. The global market is projected to reach US$ 90 Bn by 2027 at a CAGR of 5.5% from 2019 to 2027. Rise in prevalence and incidence of infectious diseases across the globe and technological advances are anticipated to augment the global market from 2019 to 2027. The global life science instrumentation market is expected to be driven by rise in R&D activities in biotechnology and pharmaceuticals industries.
Rise in Prevalence and Increase in Incidence Rates of Chronic and Infectious Diseases
Diagnosis of infectious and chronic diseases is one of the leading applications of life science instrumentation. The emergence and outbreak of various infectious diseases has created challenges and new opportunities for researchers to develop diagnostic tools and tests for early diagnosis and prevention of diseases. According to World Health Report published by the WHO, infectious diseases account for approximately 17 million deaths globally every year. Moreover, emergence of new diseases has increased in the past few years. According to reports, several countries have failed to invest adequately in order to control common infectious diseases. This increases demand for diagnostic tools for early detection to prevent the outbreak of infectious diseases. This factor is projected to fuel the growth of the global life science instrumentation market during the forecast period.
Increase in R&D Activities in Biotechnology and Pharmaceuticals Industries
Pharmaceutical and biotechnology industries are diverting significant capital to R&D activities. This is due to increase in demand for rapid drug development and commercialization of novel drug molecules for the treatment of various rare diseases. According to the International Federation of Pharmaceutical Manufacturers and Association (IFPMA), the pharmaceutical industry spends nearly US$ 150 Bn on R&D every year. In 2015, 56 new drugs were launched and more than 7000 new compounds were in development. Moreover, the number of new drugs developed has increased significantly and these were launched in the past few years. Drug development for diseases such as cancer, cardiovascular disease, neurological, and infectious diseases has increased across the globe. This creates demand for efficient and quick life science instrumentation systems to accelerate the process. This acts as a major driver of the global life science instrumentation market during the forecast period.
Spectroscopy Segment to Lead Global Market
In terms of technique, the spectroscopy segment dominated the global life science instrumentation market, followed by the immunoassays segment. Spectroscopy plays a vital role in the detection, identification, and quantification of molecules in bio- and life science related fields. Continuous advancements in spectroscopy technologies and increase in demand for real-time analysis of samples are likely to drive the spectroscopy segment during the forecast period.
Research Applications Segment to Dominate Global Market
In terms of application, research applications is projected to be a highly attractive segment of the global life science instrumentation market, followed by the clinical applications segment. This is attributed to increase in pressure on the pharmaceutical industry to develop new and cost effective medications for various diseases. This in turn creates demand for quick and streamlined processes in drug discovery. The clinical applications segment is anticipated to expand at a high CAGR during the forecast period, due to wide applications of life science instrumentation in diagnostic testing of various diseases.
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North America to Lead Global Market
North America dominated the global life science instrumentation market due to large patient pool, technological advancements, and high acceptance of advanced treatments. The region is projected to continue to dominate the global market during the forecast period. Increase in health care expenditure, rise in prevalence and incidence of chronic infectious diseases, and surge in investments are the key factors anticipated to propel the life science instrumentation market in North America in the next few years. The life science instrumentation market in Asia Pacific is expected to expand at a high CAGR due to increase in demand for rapid and quick diagnostics in developing countries and rise in research initiatives in countries such as Japan and China.
Major Players Operating in Global Market
Major players operating in the global life science instrumentation market include Danaher, Thermo Fisher Scientific, Inc., Merck KGaA, Bio-Rad Laboratories, Inc., Agilent Technologies, Inc., Illumina, Inc., PerkinElmer, Inc., BD, Bruker, and Hitachi High-Technologies Corporations.