Northrook, IL -- (SBWIRE) -- 12/12/2019 -- Factors such as the increased spending on pharmaceutical R&D globally, rising food safety concerns, technological advancements in analytical instruments and funding available for life science research activities are driving the growth of this market.

What the Market Looks Like?

Predicted to grow at a CAGR of 6.7% during the forecast period, the global Life Science Instrumentation Market is estimated to reach USD 75.24 billion by 2022.

The spectroscopy segment accounted for the largest share of the life science instrumentation market, by technique, in 2017. The large share of this segment can be attributed to the widespread application of spectroscopy systems across several industries, including pharmaceutical, biopharmaceutical, food and agriculture, environmental testing, and industrial chemistry.

The research application segment is expected to grow at the highest CAGR during the forecast period. Growth in this market can primarily be attributed to the launch of technologically advanced life science instruments for the drug discovery process, increasing research activities, growth in the number of preclinical and clinical trials, and increasing adoption of high-throughput life science instruments in drug development and drug discovery.

Pharmaceutical, biopharmaceutical, and biotechnology companies are accounted for the largest share of life science instrumentation, and this trend is expected to continue during the forecast period. The large share of this segment can be attributed to the increasing number of drug discovery and clinical trial projects, increase in production of protein-based drugs (which is one of the growing segments in the biopharmaceutical industry) and substantial increase in biotech research activities globally.

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What Drives the Market?

The growth of the global market for Life Science Instrumentation is primarily influenced by the following factors:

- Increasing Spending on Pharmaceutical R&D
- Growing Food Safety Concerns
- Technological Advancements in Analytical Instruments
- Increasing Public-Private Investments in Life Science Research

Geographical growth scenario of Life Science Instrumentation Market:-

Geographically, the life science instrumentation market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). North America accounted for the largest share of the market in 2017, followed by Europe. High adoption rate of novel technologies, the large number of life science research studies conducted in the region, stringent drug development regulations, increased funding for life science research activities, and the growing number of metabolomics research studies in North America are the key factors that account for the large share of the life science instrumentation market in the region.

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Leading market players and strategies adopted

The prominent players in the Life Science Instrumentation market include Thermo Fisher Scientific, Inc. (US), Danaher Corporation (US), Agilent Technologies, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Bruker Corporation (US), PerkinElmer, Inc. (US), and Waters Corporation (US), Shimadzu Corporation (Japan), Illumina, Inc. (US), Siemens AG (Germany), Horiba Ltd. (Japan), Bio-Rad Laboratories, Inc. (US), Abbott Laboratories (US), Becton, Dickinson and Company (US), and Hitachi High-Technologies Corporation (Japan), among others.

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