PUBLISHER: DataM Intelligence | PRODUCT CODE: 1247468
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1247468
Contact us about how to customize the report with add-on data.
The global Life Science Instrumentation market reached US$ 56,000 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 107,000 million by 2030. The market is growing at a CAGR of 7.9% during the forecast period (2023-2030).
To maximize yields and maintain process control, life sciences, particularly biotechnology, pharmaceuticals, and medical devices, need dependable and accurate instrumentation. The equipment used to regulate and monitor the process in manufacturing plants, as well as to assess the quality of the products, is known as life science instrumentation. It is generally seen as the fusion of physics, engineering, and biological sciences. In the realm of biotechnology, these tools are essential for the scientific examination of molecular biology and living things.
The increasing investments spending on pharmaceutical research and development.
In companies like biotechnology and pharmaceuticals, there is a large investment in R&D. The increased desire for quick medication development and the commercialization of novel pharmacological compounds for the treatment of uncommon illnesses are to blame for this.
The burden of illness in the world and rising R&D costs are what essentially drive the demand for life science devices. Also, there will likely be a rise in demand for life science tools for drug validation due to the pharmaceutical industry's growing investment in drug discovery and development. Growing public-private investments in life science research as well as advancements in analytical equipment technology are driving the market for life science instruments and chemicals.
For instance, according to an article released by the UK Parliament in October 2022, the UK spent a total of EUR 37.5 billion on research and development in 2022. Also, according to OECD data, Bulgaria spent the most on pharmaceuticals as a proportion of GDP in 2021, at about 33.0%. Hence, it is anticipated that market expansion will be aided by rising pharmaceutical spending on R&D activities.
A certain Product of cancer can be effectively treated using drugs based on Life Science Instrumentation. This lowers the cost of healthcare for developing and underdeveloped nations. The Life Science Instrumentation market should grow as cancer cases rise globally.
The high cost of instruments will hamper the growth of the market.
The development of the life science instrumentation market will be constrained by the high cost of instruments, a shortage of competent labor, technological limitations on qPCR and dPCR procedures, and the high cost of sophisticated microscopes. On the other hand, the expansion of the market can be threatened by the absence of research infrastructure in developing countries and price pressure.
The global Life Science Instrumentationmarket is segmented based on technology, application, end user and region.
Based on technology, the global Life Science Instrumentation market is segmented into Spectroscopy, Polymerase Chain Reaction (PCR), Chromatography, Flow Cytometry, Electrophoresis, Centrifuges and Others. Among these, The DNA polymerase's ability to build new DNA strands that are supporting to the provide template strand forms the basis of PCR. DNA polymerase requires a primer on which it may add the first nucleotide since it can only add a nucleotide onto an already-existing 3'-OH group.
This prerequisite allows the researcher to identify a particular area of the template sequence that they want to amplify. The specified sequence will accumulate in billions of copies at the end of the PCR cycle (amplicons). The segment is driven by the increasing prevalence of chronic and infectious diseases as well as the rising demand for precise and expedient disease diagnosis methods. Also, the segment is being driven by the development of technologically improved products and an increase in healthcare expenditure.
For instance, on January 2022, during Arab Health 2022, Irish diagnostics company HiberGene Diagnostics will introduce its PCR Adapt COVID-19 test. Ireland's leading manufacturer, developer, and producer of Molecular Diagnostics products is HiberGene, which holds an ISO certification. HiberGene's elite team created the ground-breaking PCR Adapt COVID-19 test as part of a plan to diversify the company's line of products.
On Feburaury 2023, To further advance healthcare and innovation in the Kingdom of Saudi Arabia, Tamer Healthcare, an integrated healthcare and wellness company with more than 100 years of established business in the Kingdom of Saudi Arabia, and Digital Diagnostics, the company behind IDx-DR, the first-ever FDA-cleared, fully autonomous AI system for the diagnosis of diabetic retinopathy, have announced a strategic partnership.
The expansion of the industry is being facilitated by an increase in R&D efforts.
North America has established itself as the dominant market participant in the Life Science Instrumentations market. Life science and chemical instrumentation technology are used extensively in the pharmaceutical and biotechnology sectors in North America. Chemical instrumentation has shown to be an effective technological tool for a number of uses, including final production testing, pharmaceutical applications, environmental monitoring, and food testing.
Also, the expansion of the industry is being facilitated by an increase in R&D efforts. For instance, according to a 2021 update from the University of North Dakota, the National Institutes of Health (NIH) will continue to support the project through Phase II, according to the UND Center of Biomedical Research Excellence (CoBRE) in Host-Pathogen Interactions (HPI). The renewal of USD 10.7 million aims to further knowledge of how the body reacts to bacterial, viral, and parasitic infections that lead to acute and long-term inflammatory disorders. Thus, it is anticipated that increased R&D investment for various life sciences-related research will spur market expansion over the projection period.
The major global players include Bio-Rad Laboratories Inc, Agilent Technologies Inc, PerkinElmer, Inc, F. Hoffmann-La Roche Ltd., Danaher Corporation, JEOL Ltd, Shimadzu Corporation, Becton, Dickinson & Company, HORIBA, Ltd. and Bruker Corporation.
The global Life Science Instrumentationmarketreport would provide approximately 53 tables,54figures and 195 Pages.
LIST NOT EXHAUSTIVE