In the life science and chemical instrumentation market, leading players are adopting the strategies of new product launches, product portfolio enhancements, geographic expansions, agreements, and acquisitions to increase their presence.
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Pharma and biopharma industry is the major end user of the life science and chemical instrumentations. With many bestseller drugs going off-patent, the biosimilars market is witnessing a high growth, especially in Europe. Furthermore, the biopharma and pharma companies are also highly focused towards development of novel cancer therapeutics. According to a new report published by the Pharmaceutical Research and Manufacturers of America (PhRMA), America’s biopharmaceutical research firms are currently developing 771 new medicines and vaccines for cancer treatment. All of these medicines and vaccines are either in clinical trials or awaiting review by the FDA. Thus, rising pharma and biopharma R&D activities is propelling the growth of the global life science and chemical instrumentation market. North America (comprising U.S. and Canada) and a major part of the European region are mature markets for life science and chemical instrumentations. However, developing regions such as Asia-Pacific (including China, India, South Korea, Taiwan and Singapore) and Latin America (especially Brazil) are expected to become new revenue-generating markets for players dealing with the analytical instruments. The high growth opportunities in the Asia-Pacific region is attributed to the increasing outsourcing of clinical research by global pharma companies to developing Asian countries (owing to low cost of research) and growing pharmaceutical R&D investments in this region.
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In the Asia-Pacific region, the life science and chemical instrumentation market in China is estimated to grow at the highest rate in the next five years. Increased government investments towards the development of country’s pharmaceutical and biopharmaceutical industry are leading to the growth in the demand of analytical instruments in China and huge investments by private investors into China’s pharmaceutical R&D. The heavy public and private funding in China’s pharmaceutical industry is resulting into the modernization of country’s pharmaceutical R&D infrastructure. This is attracting the global pharma and biopharma companies to conduct their clinical research studies in China, owing to the low cost of research studies in this country compared to the developed ones. Moreover, the life science and chemical instrumentation market in other Asian countries such as India, South Korea, Taiwan and Singapore is also expected to witness high growth in the forecast period. Rising government funding on development of pharmaceutical and biotechnology R&D in these nations is offering high growth opportunities for the market players engaged in the development of life science and chemical instrumentations.
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Technologically advanced liquid chromatography-mass spectrometry (LC-MS) systems, genome sequencers and amplifiers and flow cytometer offer a promising future, showcasing high growth opportunities for market players. Their market growth is primarily propelled by increasing adoption of these technologically advanced analytical systems in the life science research studies. Several companies such as Agilent Technologies, Inc. (U.S.), Becton, Dickinson and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.) and Illumina, Inc. (U.S.), are investing in these high-growth market segments to gain more profits and increase their share in the global life science and chemical instrumentation market.
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