Pune, India -- (SBWIRE) -- 01/16/2020 -- A recent report published by Infinium Global Research on Life Science Instrumentation Market: Global Industry Analysis, Trends, Market Size and Forecasts to 2024. The global life science instrumentation market is projected to grow at a CAGR of 8.0% over the forecast period of 2018-2024.

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Life Science Instrumentation Market: Market Insight

Life science instrumentation is used for research & development activities in industrial laboratories, biotechnology industry, pharmaceutical industries, and academic institutes. It is extensively used for testing the food product quality, laboratory information management system, and monitoring & controlling processes in manufacturing plants. With the help of life science and chemical instrumentation, the chemical properties and composition of a substance are examined. So, these instruments play a significant role in the scientific analysis of living organisms in biotechnology and molecular biology.

High Spending on Pharmaceutical R&D and Technological Advancements are Projected to Drive the Global Industry

The rise in the prevalence of infectious diseases, high spending on pharmaceutical R&D, and technological advancements are projected to drive the global market. Furthermore, growing research and development activities in the biotechnology industry, favorable government policies for pharmaceutical R&D and growing food safety and security concerns are supporting the expansion of the global life science instrumentation market. However, the high cost of instruments, lack of skilled professionals and the presence of alternative technologies are restraining factors for the growth of the market.

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Pharmaceutical & Biotechnology Companies Segment held the Major Share of the Market

The global life science instrumentation market is segmented by the technique and end-user of the life science instruments. The technique segment of the global life science instrumentation market is classified into spectroscopy, chromatography, PCR, immunoassays, clinical chemistry analyzers, flow cytometry, and others. The end-user for the life science instrumentation is categorized into pharmaceutical and biotech companies, hospitals, diagnostic laboratories, and others. The spectroscopy segment dominated the global market. The 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 grow at a higher rate attributed to increase in R&D initiatives for the development of DNA sequencers for genetic applications and new product launches in the smaller DNA sequencers space in the market. The pharmaceutical & biotechnology companies segment held the major share of the market due to increased use of life science instrumentation in drug manufacturing in order to maintain the quality of drugs throughout the process.

Life Science Instrumentation Market: Regional Insight

Regionally, the global life science instrumentation market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America dominated the global market owing to a large number of ongoing research and development activities, the presence of a large number of pharmaceuticals and biotechnology companies, rich product pipeline, and availability of funds for drug discovery processes and life science research studies. The market in the Asia Pacific is likely expanding at a high rate owing to an increase in outsourcing activities in life science division, growing pharmaceutical and biotechnology industries and an increase in research initiatives in countries such as China and India.

Life Science Instrumentation Market: Competitive Analysis

Some of the major players in the global life science instrumentation market are Agilent Technologies Inc., Thermo Fisher Scientific Inc., Becton, Dickinson and Company, Danaher Corporation and Bio-Rad Laboratories Inc.; GE Healthcare, PerkinElmer Inc., Merck KGaA and Hitachi High-Technologies Corporation are among others.

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