The global life science instrumentation market size is projected to grow from an estimated USD 60.0 billion in 2020 to USD 79.9 billion by 2025, at a CAGR of 5.9% during the forecast period. Market growth is driven largely by factors, such as increasing expenditure on research development by pharmaceutical biotechnology companies, growing public private funding for life science research, and rising incidence of target diseases genetic disorders.
The emerging markets and increasing demand for analytical instruments are expected to present avenues of growth for market players.
Molecular spectrometry accounted for the largest share of the spectrometry technologies market in 2019. The large share could be attributed to the wide application of this technology and the presence of stringent regulatory guidelines for drug development and safety.
The large share of the research applications segment can be attributed to evolving global regulatory scenarios for research data publication in analytical instruments-based researches, an increasing number of research studies coupled with growing public-private funding in the field of genomic researches, and the ongoing trend of laboratory automation integration of robotics.
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The Asia Pacific is one of the major revenue-generating regions in the life science instrumentation industry. The strategic expansions by key market players in emerging Asian countries, the growing pharmaceutical industry in India China, and conferences, exhibitions, meetings on analytical instruments is driving growth in the region.
An analysis of the market developments between 2017 and 2020 revealed that several growth strategies such as product launches enhancements, partnerships, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the life science instrumentation market. Among these business strategies, product approval launches, acquisition, partnerships, and agreements were the most widely adopted growth strategies by market players.
The company further offers its products across major customer categories, such as clinical laboratories, research academic institutes, diagnostic laboratories, and hospitals. Thermo Fisher is expected to witness sustainable growth during the forecast period with its broad and technologically advanced product portfolio, wide geographic reach, and collaborations, agreements with other smaller market players.
Key Market Players
The vendors operating in the global life science instrumentation market include Agilent Technologies (US), Becton, Dickinson, and Company (US), Bio-Rad Laboratories, Inc. (US), Bruker Corporation (US), Danaher Corporation (US), Eppendorf AG (Germany), GE Healthcare (US), Hitachi High-Technologies Corporation (Japan), Horiba (Japan), Merck KGaA (Germany), PerkinElmer, Inc. (US), Qiagen N.V. (Netherlands), Shimadzu Corporation (Japan), Thermo Fisher Scientific, Inc. (US), and Waters Corporation (US).
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Market Research Developments:
- In 2019, Danaher Corporation (US) signed an agreement with GE Healthcare (US). Under the agreement terms, Danaher will acquire the biopharma business of GE Healthcare.
- In 2019, Shimadzu Corporation (Japan), entered into an agreement with Earle A. Chiles Research Institute (Providence), (US). The agreement will focus on the application of mass spectrometry technology to develop tools for personalized cancer immunotherapeutics.
- In 2019, Thermo Fisher Scientific, Inc. (US) and Owlstone Medical (UK) entered into an agreement