Sample Preparation Market Rises at 6.6% CAGR Powered by North American Biotech and Pharmaceutical Entities, Says TMR

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Sep 27, 2018, 07:30 ET

ALBANY, New York, September 27, 2018 /PRNewswire/ --

A report by Transparency Market Research finds that the global sample preparation market would expand at a steady CAGR of 6.6% from 2016 to 2024. At this pace, the market is predicted to clock a value of US$8.3 bn by the end of the forecast period.

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Based on applications, the global sample preparation market has been segmented into proteonomics, genomics, transcriptomics, epigenomics, and metabolomics. Among those, the segment of epigenomics is predicted to rise at a greater 8.0% CAGR. With respect to geography, North America at present leads the global sample preparation market. This is mainly because of the greater adoption of latest technologies in the region. Besides, increasing allocation towards proteonomics, genomics, and epigenetics research mainly because of the presence of several biotechnology and pharmaceutical organizations in the region is also positively impacting the sample preparation market.

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Need for Accuracy Drives Demand for Evolved Products

To be sure, sample preparation is an involved procedure that soaks up almost 70.0% of the researcher or analyst's time. And the effectiveness of an analysis is completely dependent on the sample being prepared. This has led to a demand for products that imbibe latest technologies to offer great accuracy. Those also help to reduce the time needed for preparing samples and also the cost.

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The global sample preparation market is rising with high thrust on drug discovery and biosimilars. Besides, market leaders are also seen emphasizing on research and development and other savvy players are seen following suit. Elaborates the lead analyst of the report, "Diagnostics and pharmaceuticals, which require considerable research and development, are particularly boding well for the sample preparation market."

The global sample preparation market will likely receive a major impetus from the launch of newer consumable and kits for specialized study purposes.

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High Cost of Research and Development Acts as Deterrent

Posing a challenge to the global sample preparation market, on the other hand, is the high cost of research and development of new sample preparation equipment and technologies. This is often passed on to customers who are forced to shell out extra. "This has affected the preferences of customers, who are seen opting for equipment that would not blow their budgets."

Nimble players in the global sample preparation market are seen pulling out all stops to launch better techniques underpinned by sophisticated technologies. They are seen expending substantial amounts into research and development to that end. Some of the players that have come to hold a prominent position leveraging such techniques are PerkinElmer, Agilent Technologies, Inc., Thermo Fisher Scientific, Inc., and Merck KGaA. Among them, Thermo Fisher Scientific accounts for a dominant position owing to its range of products and its geographical outreach.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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