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(Health-NewsWire.Net, November 23, 2020 ) Houston, TX -- 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.
[306 Pages Report] The global life science instrumentation market size is projected to grow from an estimated USD 60.0 billion in 2020 to USD 79.9 billion by 2025, at a CAGR of 5.9% during the forecast period.
What drives the Market?
Increasing investments in pharmaceutical R&D
Growing food safety concerns
Increasing public–private investments in life science research
Rising incidence of target infectious diseases and genetic disorders
Advancements in NGS platforms
Declining costs of genome sequencing
Growing use of capillary electrophoresis with mass spectroscopy
Growing adoption of flow cytometry techniques in research and academia
Rising incidence of hospital-acquired infections
Increasing outsourcing of sterilization services
However, the emerging markets and increasing demand for analytical instruments are expected to present avenues of growth for market players.
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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).
An analysis of the market developments between 2017 and 2020 revealed that several growth strategies such as product launches & enhancements, partnerships, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the life science instrumentation market. Among these business strategies, product approval & launches, acquisition, partnerships, and agreements were the most widely adopted growth strategies by market players.
Thermo Fisher Scientific, Inc. holds the leading position in the global life science instrumentation market, owing to its robust portfolio of life science instruments products and related accessories. Thermo Fisher has expanded its product portfolio through insight-driven innovation and strategic M&A to address to establish its position in the market. For instance, during the last three years. Thermo Fisher launched several instruments, such as the Biosystems QuantStudio 6 and 7 Pro Real-Time PCR Systems (April 2019), the Vanquish Duo UHPLC system, Scientific Q Exactive UHMR mass spectrometer, and Ion GeneStudio S5 Series next-generation sequencing systems (February 2018), and ISQ EC Single Quadrupole mass spectrometer (June 2017). The company further offers its products across major customer categories, such as clinical laboratories, research & academic institutes, diagnostic laboratories, and hospitals. Thermo Fisher is expected to witness sustainable growth during the forecast period with its broad and technologically advanced product portfolio, wide geographic reach, and collaborations, agreements with other smaller market players
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Recent Developments:
In 2019, Danaher Corporation (US) signed an agreement with GE Healthcare (US). Under the agreement terms, Danaher will acquire the biopharma business of GE Healthcare.
In 2019, Shimadzu Corporation (Japan), entered into an agreement with Earle A. Chiles Research Institute (Providence), (US). The agreement will focus on the application of mass spectrometry technology to develop tools for personalized cancer immunotherapeutics.
In 2019, Thermo Fisher Scientific, Inc. (US) and Owlstone Medical (UK) entered into an agreement Under which, both the companies will integrate Thermo’s Q Exactive GC Hybrid Quadrupole-Orbitrap MassSpectrometer into Owlstone Medical’s Breath Biopsy platform.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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