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(Health-NewsWire.Net, May 22, 2021 ) 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.
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.
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By technology, the next-generation sequencing segment is expected to grow at the highest rate during the forecast period
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, attributed to the advantages offered by NGS technologies in DNA sequencing, which substantially provides more throughput and minimizes the need for fragment-cloning methods.
By type, the molecular spectroscopy segment was the largest contributor to the spectroscopy technologies market in 2019
The market for spectroscopy technologies, by type, comprises mass spectrometry, molecular spectrometry, and atomic spectrometry. Molecular spectrometry accounted for the largest share of the spectrometry technologies market in 2019. The large share could be attributed to the wide application of this technology and the presence of stringent regulatory guidelines for drug development and safety.
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Asia Pacific is expected to grow at the highest CAGR in the life science instrumentation market during the forecast period
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).
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 MassSpectrom eter into Owlstone Medical’s Breath Biopsy platform.
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