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Global Life Science Instruments and Reagents Market to 2025 - Innovation will Increase the Competition Among the Market Players
DUBLIN, May 28, 2019 /PRNewswire/ -- The "Global Life Science Instruments and Reagents Market: Forecast up to 2025" report has been added to ResearchAndMarkets.com's offering.
The report predicts that the global life science instruments and reagents market will grow at a CAGR of 9.6% during the forecast period.
The global life science instruments and reagents market has massive growth opportunities in both developed and developing regions. The innovation in instruments and reagents will increase the competition among the market players.
The market has witnessed a steady growth in the past few years, and the development in technology with the introduction of novel products has augmented the acceptance of life science instruments in the market. The market is fueled by upsurge in chronic (including cancer), infectious, autoimmune disorders, and other types of diseases globally, growing interest & increasing awareness levels about the benefits of early-stage diagnosis, increasing spending on R&D by biotechnology & pharmaceutical firms, and growing adoption of emerging innovative applications, particularly in the life sciences industry.Globally, the market continues to grow steadily with all technologies used widely by pharmaceutical, biotechnology, and diagnostic companies. The vendors are focusing on new product introduction and targeting toward end-users perspective. The industry consolidation rate is increasing as well because of mergers, acquisitions, and collaborations in the major markets of the US and Europe.
In the mature markets, the leading vendors are focusing on new product launches and fast approvals as there is an increase in demand for developing new diagnostic procedures. This has led to an increase in R&D expenditure by the leading companies, mainly in the field of NGS, oligonucleotides-based reagents/assays, and other emerging areas within biological science.
The industry concentration is medium to high with the majority of the revenue being generated by the key players operating in this field; few of them include Thermo Fisher Scientific, Inc., Illumina, Inc., Agilent Technologies, Inc., Merck KGaA, and Danaher Corporation.
North America accounted for the largest share of the global life science instruments and reagents market in 2018 and will retain a high position during the forecast period. North America is followed by Europe with a share of more than 25% of the global market in 2018. The presence of a large number of biotechnology and pharmaceutical companies in North America makes it a dominant region in the global life science instruments and reagents market. Asia Pacific is projected to grow at a double-digit CAGR during the forecast period, owing to factors such as early adoption of novel technologies, increasing funding for healthcare research, growing healthcare expenditure, and favourable regulatory environment.
In 2018, the spectrometry segment accounted for the largest share and is expected to grow at a mid-single-digit CAGR during the forecast period. The NGS segment is expected to grow at a high CAGR during the forecast period 2019-2025 due to emerging diagnostic applications, continuous technological advancements, and more efficient & user-friendly techniques.
Many companies are focused on product approvals, funding, and development of new products related to life science instruments and reagents due to the increase in the demand for developing new diagnostic procedures. For instance, in November 2018, Thermo Fisher Scientific launched its FTIR spectrometer known as Nicolet iS20. The instrument features a new LightDrive Optical technology that enhances the analysis of complex samples to provide fast and accurate results. Exactly a year before, in November 2017, GNA Biosolutions GmbH had launched Pharos V8, the world's first Laser PCR platform.
Another example is the launch of new INVENIO Fourier Transform Infrared (FT-IR) research spectrometer by Bruker in April 2018. This instrument is the successor to the renowned VERTEX 70 FT-IR for advanced R&D applications. In addition, other leading vendors are focusing on hugely investing in R&D activities to develop new products to obtain a high share in the market.
Key Competitive Facts:
The market is highly competitive with all the players competing to gain the market share. Intense competition, rapid advancements in technology, frequent changes in government policies, and the prices are the key factors that confront the market.
The requirement of high initial investment for the installation of certain life science instruments and maintenance cost in the market are also limiting the entry of new players.
- Increased technological advancements in analytical devices
- Increase in spending on biotechnology and pharmaceutical R&D
- High demand for the instrument from various industries
- Growth opportunities in developing market
- High instrument cost
- Lack of skilled professional
- Thermo Fisher Scientific Inc.
- Illumina, Inc.
- Danaher Corporation
- Agilent Technologies Inc
- Merck KGAA
Companies to Watch For
- Becton Dickinson and Company
- Bio-Rad Laboratories
- F. Hoffmann-La Roche
- Shimadzu Corp.
- GE Healthcare
- Promega Corporation
- Bruker Corporation
- PerkinElmer, Inc.
- Waters Corporation
For more information about this report visit https://www.researchandmarkets.com/r/fcmvxu
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SOURCE Research and Markets