Northrook, IL -- (SBWire) -- 12/17/2019 --The global life science instrumentation market size will grow from USD 54.5 billion in 2017 to reach a value of USD 85.6 billion by 2024 at a Compound Annual Growth Rate (CAGR) of 6.7% between 2017 and 2024.
Attributes driving the growth of the market include rising food safety concerns, technological advancements in analytical instruments, pharmaceuticals R&D globally and funding available for the life science research activities respectively.
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In the life science instrumentation industry, the spectroscopy technique had the largest revenue share, and the trend is expected to continue for the forecasted duration. This is primarily due to the extensive use of a spectroscopy system across several verticals that consists of biopharmaceuticals, food and agriculture, industrial chemistry, environmental testing, and pharmaceuticals.
By application, the research application segment will grow at the fastest rate in the life science instrumentation market
The research application segment in the life science market is expected to grow the fastest for the duration with the highest CAGR. The introduction of technologically advanced life science instruments for the drug discovery process and high growth for preclinical & clinical trials are a few critical factors driving the growth of this segment. Additionally, increasing research activities & respective adoption for the high-throughout life science instruments for the drug development & drug discovery.
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Pharmaceutical, biopharmaceutical, and biotechnology companies will show the highest growth in the forecasted period
For the life science instrumentation market, pharmaceuticals, biopharmaceutical, and biotechnology companies are expected to have the most substantial growth rate for 2017-2024. Driving factors are an increase in the number of drug discovery and clinical trial projects, enhancement in biotech research activities around the world, and subsequent rise in the production of protein-based drugs (a major growing part of the biopharmaceutical industry).
North America region will continue to have the highest growth for the forecasted duration
Geographically, the life science instrumentation market is estimated and forecast for North America, followed by Europe, Asia Pacific region, and then the rest of the World (ROW). The trend from 2017 with North America with the largest share is likely to continue for the accounted research period. Primary factors include increasing funding for the life science search activities, stringent drug development regulations, extensive adoption of novel technologies, the large number of scientific research studies undertaken in the region, and the increasing number of metabolomics research conducted in the North America region.
Some of the top manufacturers for life science instrumentation market are Danaher Corporation (US), Agilent Technologies, Inc. (the US), Illumina, Inc. (the US), Bio-Rad Laboratories, Inc. (the US), F. Hoffmann-La Roche Ltd. (Switzerland), Bruker Corporation (US), PerkinElmer, Inc. (US), Waters Corporation (US), Abbott Laboratories (US), Thermo Fisher Scientific, Inc. (the US), Shimadzu Corporation (Japan), Hitachi High-Technologies Corporation (Japan), Horiba Ltd. (Japan),
Siemens AG (Germany), and Becton, Dickinson, and Company (US).
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Life Science Instrumentation Market Growth and Business Opportunities in Coming Years
Spectroscopy segment had the highest share in the life science instrumentation market