LONDON, May 15, 2018 (GLOBE NEWSWIRE) -- According to the new report by Meticulous Research™, the global life sciences and laboratory equipment market will exceed 55 billion USD by 2023, growing at a CAGR of 7.2% from 2018.
This market is driven by “increasing investments and funding for life sciences research, increasing clinical capabilities, expansion in the various application areas, government initiatives, and growing academic-industry collaborations”, Meticulous Research™ noted in a press release today. However, high cost of equipment hinders the growth of this market to some extent.
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The spectroscopy technology based equipment has dominated the life sciences and laboratory equipment market in 2017 and will continue its dominance through 2023, “mainly due to increasing need of sophisticated instruments for separation and purification of molecules with growing proteomics & genomics-based research, rising government funding for R&D in emerging countries, and increasing life science-based research programs”.
The report further notes that, DNA amplifiers and analyzers market is expected to witness a fastest growth during the forecast period, due to “growing need for rapid analysis and more reliable results, growing number of chromosomal and genetic aberrations, and need to generate large quantity of samples from small volume for detection”.
North American region is the largest market for life sciences and laboratory equipment, 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”. However, Asia Pacific and Latin America regions are expected to witness significant growth during the forecast period due to “rapidly growing healthcare & biotechnology industry in emerging countries of this region, increasing investment from government & non-government bodies in this sector, growing life sciences industry research outsourcing, high population zone, and various technological advancements in the region”.
The key players operating in this market are Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Danaher Corporation, Waters Corporation, PerkinElmer, Inc., Becton, Dickinson and Company, F. Hoffmann-LA Roche AG, Bruker Corporation, Bio-Rad Laboratories, Inc., and Shimadzu Corporation.
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