Target Audience of Life Science & Chemical Instrumentation Market: Manufacturer / Potential Investors, Traders, Distributors, Wholesalers, Retailers, Importers and Exporters, Association and government bodies.
Life Science & Chemical Instrumentation Market Report provides key statistics on the market status of the Life Science & Chemical Instrumentation Key-players/Manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the Industry
The global life science & chemical instrumentation market is expected to register a CAGR of 6.8% during the forecast period (2018 – 2023). North America is anticipated to dominate the market during the forecast period owing to the availability of funding for life science research in the region.
Increasing Spending on Pharmaceutical R&D
Pharmaceutical industries dedicate a large percentage of their budget for internal research & development processes. In the US, the pharmaceutical industry spends more than any other industry on research & development which includes drug discovery. Life science instruments are largely used in analytical procedures and method validation for drugs and biologics during drug discovery. The continuing evolution of new technologies in life science instrumentation, such as ultra-high-resolution analytical instruments, and next-generation sequencing are likely to increase the pace of drug development. The growing investment from the pharmaceutical industry in drug discovery and development will boost the demand for life science instruments for drug validation. Additionally, growing food safety concerns, increasing public-private investments in life science research, technological advancements in analytical instruments is driving the market of life science instruments and chemicals.
Lack of Skilled Professionals
The substantial growth of life science instrumentation industry has resulted in a booming demand for technicians with expertise in these techniques. Despite the advantages offered by the various techniques and regardless of the technological innovations, the availability of skilled labor is still an issue. This can be attributed to the fact that some of the instruments are highly advanced and complex, and hence, they are driving the need for new paradigms for data computation and knowledge extraction. These instruments also require timely standardization protocols and maintenance procedures that need skilled personnel. Additionally, the high cost of life science & chemical instrumentation is further impeding the growth of the market.
Asia-Pacific shows the Highest Growth in the Market
North America is the largest market for global life science & chemical instrumentation. The high growth is attributed growing technological advancements in analytical devices and growing investment from key players in life science and drug discovery research. In terms of growth, the Asia-Pacific region is expected to witness the highest growth in this market, majorly due to favorable government policies for pharmaceutical R&D in emerging nations and growing food safety concerns.
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Major companies covered in this Report:
- Agilent Technologies Inc.
- Becton Dickinson
- & Company
- Bio-Rad Laboratories Inc.
- Bruker Corporation
- Danaher Corporation
- F. Hoffmann-La Roche Ltd
- Illumina Inc.
- Shimadzu Corporation
- Thermo Fisher Scientific Inc.
- Waters Corporation
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This Life Science & Chemical Instrumentation market report offers an overview of the market trends, drivers, and barriers with respect to the market. A detailed analysis of key players, along with key growth strategies adopted by them is also covered in this report on Life Science & Chemical Instrumentation market.