Market Overview
Market Research Future (MRFR) expects the life science & analytical instruments market to capture 6.8?GR from 2020 to 2027 (evaluation period). The market worth will be USD 91,662.4 Million by 2027.
Key Boosters and Deterrents
Life science & analytical instruments market could benefit from the surge in R&D efforts coupled with the surging cases of various diseases across the globe. Additionally, the rising investments by pharmaceutical firms in drug discovery & development could raise the demand for life science and analytical instruments for use in drug validation. The market size is also bolstered by the rising public-private spending on life science research, and the surge in technical innovations. With that said, the costs associated with life science & analytical instruments can deter the market growth over the subsequent years.
Having said that, the life science & analytical instruments industry will emerge resilient, in light of surging consumer interest in products that facilitate hygiene, wellbeing, and health. Another significant trend could be the escalating deployment of digital technologies, which have transformed the ways healthcare professionals connect with their patients. In terms of digital technologies, medial drones have become an almost integral part of the healthcare sector, since these deliver a variety of drugs.
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Segmental Insight
The major segments covered in the MRFR study to present a detailed outline of the Life Science & Analytical Instruments market include type, application, along with end-user.
Key types of life science and analytical instruments are spectroscopy, centrifuges, cell counting, microscopy, flow cytometry, chromatography, next-generation sequencing, PCR, electrophoresis, among others.
Clinical and diagnostics, and research are some of the applications of life science & analytical instruments.
Pharmaceutical and biotechnology companies, and hospitals and diagnostic laboratories are few major end-users in the worldwide market.
Regional Study
Over the years to come, America could be the most gainful market for life science & analytical instruments. The Americas’ dominance is in response to the dramatic rise in incidences of chronic disorders including HIV, diabetes, and cancer. Significant growth in lifestyle-based ailments, technological advances resulting in introduction of highly accurate diagnostic tests, combined with the mushrooming geriatric populace in the United States adds significantly to the industry growth.
Europe can expect to be the second major gainer in the worldwide market, with the business projected to boom particularly in most of the Western as well as Eastern countries. Western Europe is headed by Germany, the UK, Italy, Spain, and France, in view of the rapidly growing pharmaceutical & biotechnology sectors and the highly frequent clinical studies. The massive number of academic organizations and research institutions conducting research & development activities should have a stunning impact on the European market.
With the fastest expansion rate, Asia Pacific is a bankable market backed by the alarming surge in chronic disorders as well as acute diseases such as diabetes, cancer, and HIV. Thanks to the large number of research organizations carrying out extensive clinical trials and the focus on upgrading the healthcare infrastructure, the regional market will continue to thrive all through the analysis period.
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Leading Competitors
The top life science and analytical instruments manufacturers in the worldwide market include Bio-Rad Laboratories Inc.(US), PerkinElmer, Inc. (the US), Becton, Dickinson and Company (US), Merck KGAA (Germany), Qiagen (Germany), Thermo Fisher Scientific (US), Agilent Technologies, Inc (US), Danaher (US), Shimadzu Corporation (Japan), General Electric Company (US), and more.
Latest Developments
December 2021
QBiotics, an Australia-based life sciences firm, has commenced the commercial launch of STELFONTA, a veterinary drug that has received the approval from the Australian Pesticides and Veterinary Medicines Authority (APVMA) to treat canine non-metastatic mast cell tumours. In conjunction with Virbac, its marketing & distribution partner, QBiotics will be introducing STELFONTA to the veterinarians across Australia, including general practitioners, and oncologists.
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