Knowledge Sourcing Intelligence announces the publication of a new report on “Life Science Instrumentation Market - Forecasts from 2019 to 2024" to their offering. Life Science Instrumentation market seeks to approach tools and techniques to apply cutting-edge research and innovative application in biotechnology, pharmaceutical, and food & beverage industries among others.
The Life Science Instrumentation is estimated to be valued at US$44.073 billion in 2018 and is expected to expand at a CAGR of 6.41% to reach a market size of US$63.982 billion in 2024. During the past several years, life sciences have expanded their scope of research by including a plethora of living organisms, life processes, medicines, food and beverages, environmental affairs, etc. to its portfolio. The demand for instrumentation differs across these areas, and this is one of the many reasons why a new class of high performance, cost-efficient instruments are being developed at a fast rate. Evolution of non-invasive examination of diseases, which are becoming commonplace in the aging population, such as cancer, cardiovascular and cerebral diseases are fueling the investments in research and development in the pharma industry, boosting the demand for life science instrumentation. Other research areas where these instruments are applied comprise of drug discovery, environmental protection, and food & water safety.
Developments in life sciences have a direct impact on human health, through inventions in therapeutic solutions and medical equipment that run counter to the disease processes. A rising number of diseases owing to factors such as pollution, less nutritious food or lack of bodily movements have given rise to health concern among people. Consequently, the food and beverage industry is also investing in life sciences instruments as a tool in R&D to augment nutrition, quality and shelf life of food along with improving yield.
Geographically, North America is expected to hold a significant share in the life sciences research industry due to a slew of R&D projects in drug development. United Kingdom is losing grounds as a global R&D hub due to trumpeting contributions by the successive governments to the UK economy.
Asia-Pacific region is expected to show a rising trend in research and development in Life Sciences, linked to clinical, agricultural, biotechnology and food, strengthening the demand for the Life Sciences Instrumentation market. Countries such as India, through government support in funding and structural reforms, have become a conducive marketplace for the Life Sciences Instrumentation market. China, on the other hand, is witnessing a surge in investments in Life Sciences by venture capitalists and private equity fund investors.
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Some of the major players covered as part of the report are Shimadzu Corporation, Bio-Rad Laboratories, Inc., Becton, General Electric, PerkinElmer, Inc., and Danaher Corporation, among others.
Life Science Instrumentation market has been analyzed through the following segments: