Pharma companies are grappling with the challenges posed by the COVID-19 outbreak, by trying to fulfill the growing demand for vital medical products among patients. Apart from this, companies are also tasked with the job of creating advanced therapeutics as well as vaccines to treat SARS-CoV-2. The situation has been aggravated by the massive disruption to the supply chains and manufacturing units, while many of the workers are trying to adjust to the remote working model post the lockdown. This has drastically affected the lab capacity worldwide. The life science industry is presently focused on developing treatments and vaccines for the novel coronavirus, while also boosting the production of ventilators, pumps and diagnostic devices.
Market Research Future (MRFR) reveals that the life science & analytical instruments market can presumably accrue a CAGR of 6.8% between 2018 and 2025 (evaluation period). The global market is also anticipated to touch USD 91,662.4 Million by 2025, adds MRFR. We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.
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On the other hand, the pandemic has been opportune for the consumer health segment of the life sciences industry, as more and more consumers are stocking up on various over-the-counter medicines along with sanitizers. In the long run, the life science & analytical instruments market can emerge stronger, in light of the rising interest of consumers in items that support hygiene, health and wellbeing. Another major trend in recent times can be the escalated use of digital technologies, altering the way healthcare professionals interact with patients by facilitating better care. Speaking of digital technologies, drones are observing rampant demand in the healthcare industry, as they are used for delivering various drugs with self-administration potential.
Analytical instruments have captured a considerable share in the global market over the years, following the expanding patient populace with diabetes, heart-related issues and cancer. This scenario has boosted the need for accurate and advanced diagnostic analytical tools. The massive pool of middle and small-sized firms in the market like Becton, Dickinson and Company, Thermo Fisher Scientific, Inc., Qiagen N.V. and Bio-Rad Laboratories, Inc., design and offer a variety of analytical instruments that accurately diagnose diseases, while providing efficient patient care with high speed and ease of use.
The Life Science & Analytical Instruments market has been dissected in terms of type, application, and end-user.
The types covered in the market study include centrifuges, spectroscopy, microscopy, cell counting, next-generation sequencing, flow cytometry, electrophoresis, PCR, chromatography, and more.
Clinical and diagnostics applications, research applications and others are the main applications of life science & analytical instruments.
With respect to the end-user segment, the market caters to pharmaceutical and biotechnology companies, hospitals and diagnostic laboratories, among others.
The Life Science & Analytical Instruments industry can be geographically considered for Asia-Pacific/APAC, the Americas, the Middle East & Africa/MEA and Europe.
In the coming years, the Americas can take the lead in the global market for life science & analytical instruments. The market growth in the Americas is the outcome of the drastic surge in the cases of chronic diseases, such as cancer and HIV. The rising number of lifestyle-based disorders, technological innovations in diagnostic systems, and the burgeoning elderly population in the region also adds to the growth momentum of the market.
Europe is expected to be the second highest gainer in the global market, with major growth to be observed in the Western and Eastern parts of the region. The Western European market is advancing rapidly in Germany, Italy, the UK, France, and Spain. Some of the key growth boosters in the market could be the thriving pharmaceutical and biotechnology industry along with the frequent number of clinical trials taking place in the region. The vast pool of academic organizations and research institutions present in the region also accelerates the market growth to a large extent.
With the fastest growth rate, the APAC market is racing ahead relentlessly thanks to the alarming rise in the cases of chronic disorders and acute diseases like HIV, diabetes and cancer. Given the huge number of proactive research organizations focused on clinical trials coupled with the constant upgradation of the healthcare infrastructure also fuels the growth of the life science and analytical instruments market.
The MEA market could potentially witness a steady growth in the global life science & analytical instruments market. However, it is the Middle East that could secure the top position, on account of the emerging countries like Saudi Arabia, Egypt, and more. Across these countries, the healthcare infrastructure is improving steadily, which can help the region maintain its global position.
Leading Industry Competitors
Leading competitors in the worldwide industry include Qiagen (Germany), Merck KGAA (Germany), Danaher (US), PerkinElmer, Inc. (the US), Shimadzu Corporation (Japan), Becton, Dickinson and Company (US), Agilent Technologies, Inc (US), General Electric Company (US), Bio-Rad Laboratories, Inc.(US), Thermo Fisher Scientific (US), to list a few.
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