ALBANY, New York, Feb. 11, 2019 /PRNewswire/ -- According to TMR, the global life science instrumentation market collected revenue of about US$57.4 bn in year 2017 and is projected to collect revenue of US$85.1 bn by expanding at a CAGR of 8.2% over the forecast period from 2017 and 2022.
Based on the technique, the spectrometry segment accounted for 29.4% share of the global life science instrumentation market in 2017. The segment is expected to attain a valuation of US$28.4 bn by the end of 2022. Based on the region, North America is expected to dominate the market with a projected value of US$28 bn by the end of 2022, followed by Europe with a value US$23.4 bn.
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Growing Investment in the Biotech Sector to Impel Growth of Market
Growing investment and support from private and government organization in the life science sectors are primarily driving the growth of the global life science instrumentation market. The rising focus on scientific progress and life science research, globally and in the developing countries, is propelling the growth of the global life science instrumentation market. Additionally, a booming biotech sector, coupled with a growing focus on research in the biotechnology, is boosting the market. Major biotech companies are investing more on enhancement and development of the vital need for life science innovations. This is boosting investments, thereby propelling the growth of the global life science instrumentation market.
The rapid strides by the healthcare industry in developing regions is aiding the growth of the global life science instrumentation market.
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Growing Demand for the Advanced Healthcare Practices to Enhance Market Growth
The growing demand for analytical instruments and research in proteomics are boosting the popularity of advanced life science instruments globally and in developing countries. This popularity is expanding the demand for miniaturized instruments and multiplying adoption of the treatments from the past few years. This demand is leading to the robust growth of the life science instrumentation market.
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Despite these factors, the life science instrumentation market is facing some challenges such as the high requirement of the initial cost. The cost-sensitive markets or the underdeveloped countries are not able to afford these high cost, which is hampering growth of the global market for life science instrumentation. Nonetheless, the proliferation of pharmaceutical and biotech companies is benefitting the market. Growing product improvement and the introduction of new products are expected to offer lucrative opportunities for market players to capitalize on in the global life science instrumentation market.
Transparency Market Research (TMR) witnesses that the global life science instrumentation market has an intense competitive scenario. Some of the companies operating in the global life science instrumentation market are Bio-Rad Laboratories Inc., Agilent Technologies Inc., Thermo Fisher Scientific Inc., Perkinelmer Inc., and Danaher Corporation. Various strategies by numerous players operating in the global market are expected to intensifying the level of competition in the coming years.
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This information is encompassed in the report by TMR, titled "Life Science Instrumentation Market (Technique - Spectroscopy, Chromatography, PCR, Immunoassays, Clinical Chemistry Analyzers, and Flow Cytometry; Application – Pharmaceutical and Research; End Use - Research Institutes, Pharmaceutical and Biotech, Hospitals, Diagnostic Laboratories, Forensic and Laboratories) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."
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