Life sciences technology has been emerging tremendously in the past few years in both public and private sectors. According to a report from Meticulous Research, the Global Life Sciences and Laboratory Equipment Market is expected to reach USD 55,932.4 million by 2023, growing at a CAGR of 7.2% during the forecast period 2018 to 2023.
Certain factors that provide significant opportunity in this market include
- Government initiatives and increasing investments and funding for life sciences
- Increasing clinical capabilities and expansion in the various application areas
- Emerging economies such as Latin America, Asia Pacific & Africa
- Growing academic-industry collaborations
- Growing proteomics market
- Increasing investment in personalized medicines
- Growing demand for data analysis and management systems
However, high cost of instruments can hinder the growth of this market to some extent.
The life sciences and laboratory equipment market is categorized on the basis of technology, end user and geography. Based on technology, the market is divided into spectroscopy, chromatography, lab automation, surface science, DNA amplifiers & sequencers, immunoassay analyzers, flow cytometry, microarray, and electrophoresis. Owing to increasing need of sophisticated instruments for separation and purification of molecules, growing proteomics & genomics-based research, rising government funding for R&D in emerging countries, and increasing life science-based research programs, spectroscopy commanded the largest share in the global life sciences and laboratory equipment market in 2017.
End users of this market are pharmaceuticals and biotechnology industry, environmental testing industry, academic research institutes, agriculture and food industry, hospitals & diagnostic laboratories, and forensic laboratories.
Geographically, North America commanded the largest share in the global life sciences and laboratory equipment market in 2017, which was primarily due to rising drug discovery & development programs, increasing funding for life science research from various private & public organizations, growing life sciences sector (biotechnology/healthcare) based research, presence of many key vendors in this region, and increasing development in healthcare technologies.
The key players in this global market are Agilent Technologies, Inc. (U.S.), Becton, Dickinson and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche AG (Switzerland), PerkinElmer, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Waters Corporation (U.S.), Bruker Corporation (U.S.), and Shimadzu Corporation (Japan).