- The global life science instrumentation market size is projected to reach USD 79.9 billion by 2025 from USD 60.0 billion in 2020, growing at a CAGR of 5.9%.
The report "Life Science Instrumentation Market by Technology [Spectroscopy, Chromatography, Flow Cytometry, NGS, PCR,, Microscopy], Application (Research, Clinical), End User (Pharma-Biotech, Agri and Food Industry, Hospitals & Diagnostic Labs) - Global Forecasts to 2025" The global life science instrumentation market size is projected to reach USD 79.9 billion by 2025 from USD 60.0 billion in 2020, growing at a CAGR of 5.9% during the forecast period.
North America to dominate the life science instrumentation market during the forecast period
The life science instrumentation industry is segmented into five regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North American region accounted for the largest share of the life science instrumentation market in 2019.
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The high adoption rate of novel technologies and the large number of life science research studies conducted in this region. Moreover, stringent drug development regulations, increased funding for life science research activities, and the growing number of metabolomics research studies are some of the major factors driving the growth of the life science instrumentation sector in North America.
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).
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.
Thermo Fisher Scientific, Inc. holds the leading position in the global life science instrumentation market, owing to its robust portfolio of life science instruments products and related accessories. Thermo Fisher has expanded its product portfolio through insight-driven innovation and strategic M&A to address to establish its position in the market.
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For instance, during the last three years. Thermo Fisher launched several instruments, such as the Biosystems QuantStudio 6 and 7 Pro Real-Time PCR Systems (April 2019), the Vanquish Duo UHPLC system, Scientific Q Exactive UHMR mass spectrometer, and Ion GeneStudio S5 Series next-generation sequencing systems (February 2018), and ISQ EC Single Quadrupole mass spectrometer (June 2017). 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
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