Market growth is driven largely by factors, such as increasing expenditure on research & development by pharmaceutical & biotechnology companies, growing public & private funding for life science research, and rising incidence of target diseases & genetic disorders. The emerging markets and increasing demand for analytical instruments are expected to present avenues of growth for market players.
Based on technology, the life science instrumentation market is segmented into spectroscopy, chromatography, PCR, immunoassays, lyophilization, liquid handling, clinical chemistry analyzers, microscopy, flow cytometry, next-generation sequencing (NGS), centrifuges, electrophoresis, cell counting, and other technologies. The next-generation sequencing (NGS) segment is expected to grow at the highest CAGR during the forecast period.
In addition, continuous technological advancements and the increasing availability of cheaper sequencing platforms is expected to fuel the growth of life science instrumentation market during the forecast period.
The large share of the research applications segment can be attributed to evolving global regulatory scenarios for research data publication in analytical instruments-based researches, an increasing number of research studies coupled with growing public-private funding in the field of genomic researches, and the ongoing trend of laboratory automation & integration of robotics.
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The Asia Pacific is one of the major revenue-generating regions in the life science instrumentation industry. The strategic expansions by key market players in emerging Asian countries, the growing pharmaceutical industry in India & China, and conferences, exhibitions, & meetings on analytical instruments is driving growth in the region.
Key Market Players
The vendors operating in the global life science instrumentation market include Agilent Technologies (US), Becton, Dickinson, and Company (US), Bio-Rad Laboratories, Inc. (US), Bruker Corporation (US), Danaher Corporation (US), Eppendorf AG (Germany), GE Healthcare (US), Hitachi High-Technologies Corporation (Japan), Horiba (Japan), Merck KGaA (Germany), PerkinElmer, Inc. (US), Qiagen N.V. (Netherlands), Shimadzu Corporation (Japan), Thermo Fisher Scientific, Inc. (US), and Waters Corporation (US).