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Higher Levels of Automation Expand Revenue Potential for Analytical Instrumentation Manufacturers
Pharmaceuticals, biotechnology, and academics emerge major adopters of analytical equipment, finds Frost & Sullivan
SANTA CLARA, Calif., Aug. 12, 2019 /PRNewswire/ -- The rise of the Industrial Internet of Things (IIoT) has given a significant boost to the global analytical instrumentation market, making it more automated, data centric, and production oriented. This trend, along with customer demand for efficient analyzers, are prompting analytical equipment manufacturers to offer new solutions that simplify the analytical process, improve automation, store data, and enable access to this data for common use cases. Driven by clients' high throughput and efficiency needs, the total market is expected to grow from $19.58 billion in 2018 to $20.81 in 2019.
"Analytical equipment, including liquid chromatographs and mass spectrometers, will be increasingly used as diagnostic equipment due to the sensitivity and efficiency requirements of diagnostic applications," said Janani Balasundar Research Analyst Measurement & Instrumentation. "Pharmaceuticals, biotechnology, academics, and food testing will be the primary end users of analytical instrumentation. However, there will be a dip in demand for gas chromatographs and gas analyzers due to the slowdown in the chemicals & petrochemicals and oil & gas markets because of fluctuating oil prices and resource scarcity."
Frost & Sullivan's recent analysis, Outlook of Global Analytical Instrumentation Market, 2019, is segmented by the product sectors of chromatography, molecular analysis spectroscopy, elemental analysis spectroscopy, mass spectrometry (MS), analytical microscopes, gas analyzers, liquid analyzers, and analytical x-ray instrumentation. It covers the geographic regions of North America, Europe, Asia-Pacific, and Rest-of-World.
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"The market will be bolstered by the strong demand from Asia-Pacific, particularly, India and China," noted Balasundar. "Analytical equipment manufacturers providing training, awareness, and application knowledge will experience considerable expansion in the emerging markets."
For additional revenue opportunities in the global market, instrumentation manufacturers will look to:
- Develop a common data platform that can store and retrieve data in a common format for complex analytical processes.
- Simplify the user interface and functionality of the equipment to make them easy-to-use for laboratory technicians.
- Offer predefined templates and method documentation solutions.
- Provide a simple push and play operation for operators with inadequate training or skills.
Outlook of Global Analytical Instrumentation Market, 2019 is part of Frost & Sullivan's global Test & Measurement Growth Partnership Service program.
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Outlook of Global Analytical Instrumentation Market, 2019
SOURCE Frost & Sullivan