Life Science Instrumentation Market to Expand with Significant CAGR by 2027
Life Science Instrumentation Market - Snapshot
The global life science instrumentation market is projected to reach US$ 90 Bn by 2027, expanding at a single digit CAGR during the forecast period. Rise in prevalence and incidence rates of infectious diseases, high R&D investment by major players, and technological advancements are anticipated to drive the global market during the forecast period. According to data published by the Centers for Disease Control and Prevention (CDC), the number of visits to physician offices for infectious and parasitic diseases stood at 16.8 million in the U.S. in 2016.
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The global life science instrumentation market has been segmented based on technique, application, end-user, and region. In terms of technique, the global market has been classified into spectroscopy, chromatography, polymerase chain reaction, next-generation sequencing, clinical chemistry analyzers, flow cytometry, immunoassays, and others. The spectroscopy segment dominated the global market in terms of revenue in 2018. Wide use of spectroscopic techniques in the analysis of molecules in clinical research is anticipated to drive the segment. The next-generation sequencing segment is expected to expand at a high CAGR during the forecast period. Growth of the segment is attributed to increase in R&D initiatives for development of DNA sequencers for genetic applications and new product launches in the smaller DNA sequencers space by major players in the market.
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In terms of application, the global life science instrumentation market has been categorized into research applications, clinical applications, and others. The research applications segment dominated the global market in terms of revenue in 2018. This is attributed to increase in focus of the pharmaceutical industry on quick and rapid drug development and increase in demand for novel drugs for the treatment of rare diseases, which creates a need for high performance analytical instruments and systems. The clinical applications segment is expected to expand at a high CAGR during the forecast period due to increase in use of life science instrumentation in clinical diagnostic applications. According to the International Agency for Research on Cancer (IARC) estimates on the global burden of cancer, there were 18.1 million new cases of cancer and 9.6 million deaths due to the disease in 2018. Moreover, heart and cerebral diseases such as Alzheimer’s disease are posing a significant threat to society. This rise in burden is due to factors such as increase in population and rapid aging and shift from poverty-related diseases to lifestyle diseases in developing countries. These factors drive demand for rapid and non-invasive examination and diagnosis. This in turn is likely to fuel the growth of the clinical applications segment during the forecast period.
In terms of end-user, the global life science instrumentation market has been divided into research institutes, pharmaceutical & biotechnology companies, diagnostic laboratories, and others. The pharmaceutical & biotechnology companies segment held major share of the market in 2018. The segment is projected to sustain its market share during the forecast period, due to increased use of life science instrumentation in the manufacturing process of drugs in order to maintain the quality of drug throughout the process. The diagnostic laboratories segment is expected to grow at a high CAGR during the forecast period.
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In terms of region, the global life science instrumentation market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2018 owing to increase in geriatric population, rise in prevalence of infectious diseases and lifestyle disorders, rich product pipeline, and technological advancements. The market in Asia Pacific is likely expand at a high CAGR during the forecast period, owing to increase in research initiatives in countries such as India.
Major players operating in the global life science instrumentation market include Danaher, Thermo Fisher Scientific, Inc., Merck KGaA, Bio-Rad Laboratories, Inc., Agilent Technologies, Inc., Illumina, Inc., PerkinElmer, Inc., BD, Bruker, and Hitachi High-Technologies Corporation. These players are expanding their product portfolios through mergers & acquisitions and partnerships & collaborations with leading pharmaceutical companies, which is expected to increase product availability.
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