By Technologytype- Segment Analysis
Spectroscopy technology type segment held the highest market share of life sciences and lab equipmentin 2019. Moreover, it is anticipated to witness the significant market growth during the forecast period 2020-2025.Numerous diagnostic and medicinal uses require the biomedical usage of illumination. Photon time-of-flight spectroscopy can assist such therapeutic methods by providing them with data on tissue reaction optical properties. The key benefit of this technique is a fast and non-destructive approach that involves little to no preparation of samples.Furthermore, the development of chemo metrics (the retrieval of knowledge through data-driven means) has improved its susceptibility to detecting small differences in complex datasets.In January 2020, Shimadzu entered into a partnership with Providence Cancer Institute for advancement of Cancer Immunotherapy research in which mass spectrometry technology is applied to develop tools for personalized cancer immunotherapeutic.A significant aspect of this work is the discovery of clinical signatures that can forecast the efficacy of immunological therapies as immunological therapy has emerged as a successful cancer treatment. Consequently such research activities and investments made by government propels the market growth.
By End User type- Segment Analysis
Life sciences and lab equipmentis segmented into clinical & diagnostic, research, academic & government institutions, pharmaceutical & biotechnology, blood banks and others on the basis of end users. The market ofpharmaceutical& biotechnology is anticipated to hold the highest market share during the forecast period 2020-2025.The market growth is attributed to the factors such as growing requirement for advanced drugs with an emerging populace, increased occurrence and proliferation of multiple debilitating illnesses.Moreover, increased unmet needs of many chronic and uncommon illnesses all over the region, and increased clamour for pharmaceutical and biopharmaceutical drugs from global markets also adds up to the market growth. In September 2019, Interpace entered into a strategic partnership agreement with Genecast Biotechnology to Partner with Biopharma Solutions in China for developing, promoting, and offering translational studies and clinical trial solutions. Such partnership leverages a positive impact on the market growth of life sciences and lab equipment.
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Geography – Segment Analysis
North America held the highest market share of the life sciences and lab equipmentmarket in 2019. The market growth is due to presence of advanced healthcare technologies, drug discovery along with relatable research and development programmes, involvement of several main vendors in this area and others.In June 2017, Panasonic Healthcare Corporation of North America entered into a partnership with ENERGY STAR. The voluntary relationship with the United States ENERGY STAR indicates that Panasonic Healthcare continues to dedicate resources to developing goods. This provides consumers enhance energy efficiency without losing important performance criteria connected with biological cells, vaccinations and other essential life science materials.Moreover, APAC region is anticipated to observe the significant market growth during the forecast period 2020-2025.The market growth is attributable to presence of large number population, growing technological developments, rising government & non-governmental expenditure in this field and others. In February 2020, Shimadzu Scientific Instruments (SSI) launched a new ion chromatograph (IC) with a built-in suppressor for electrodialytics. This recently designed anion suppressor ICDS-40A minimizes band distribution and achieves good sensitivity for quantitative anion determination. Consequently such product launches and partnership enhance the market growth of life sciences and lab equipment.
Drivers – Life sciences and lab equipment market
Concerns related to health issues
Emergence of various chronic diseases tends to drive the market growth of life sciences and lab equipment owing to its requirement in addressing those diseases. In the present scenario COVID- 19 is one such instance which has fastened the research work to get the solution to this pandemic.
Challenges – Life sciences and lab equipment market
High cost of instruments
Implementation of new features and configurations, advancements in technology and revolutionary solutions add to their cost. Drug manufacturing companies need a large amount of laboratory tools, and procurement costs are significantly rising due to high prices. The increasing cost of the instruments therefore has a detrimental effect on the development of analytical laboratory equipment.
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the life sciences and lab equipment market. As of 2019, the market for gunshot detection marketis consolidated with the top players including Agilent Technologies, Becton, Dickinson and Company, Bio-Rad Laboratories, Danaher Corporation, F. Hoffmann-La Roche, PerkinElmer, Thermo Fisher Scientific, Waters Corporation, Bruker Corporation, Shimadzu Corporation, and among others.
• InJanuary 2020, Benchling, the pioneering R&D technology application for life sciences, confirmed the introduction of Benchling for Lab Automation, a revolutionary system built to help life science organizations optimize innovation in laboratory automation. The service provides researchers with a standardized platform for planning, recording and executing up to 10,000 experiments in a single experiment and digitally monitoring each study.
• In 2019, Anthos Therapeutics was started up with $250 million by Blackstone Life Sciences and Novartis.The firm focused on developing the next generation of targeted therapies for cardiovascular high risk patients. The lead product of the business is MAA868, an antibody targeting Factor XI and Xia, which is evolving in Phase II.
• Growing proteomics market also leverages a positive impact on the market growth of life sciences and lab equipment owing to the deployment of proteomics that involves the study of the structure and roles of proteins used in drug development, evaluation, and disease management.
• North America region dominated the global life sciences and lab equipmentmarket in 2019 owing to the presence of advanced technologies, large number of manufacturers and the rising life sciences sector (biotechnology/healthcare) based research in this region.