The latest market report published by Credence Research, Inc. on the global market for life science instrumentation was valued at US$ 57,185.5 million in 2018 and is expected to reach US$ 100,792.7 million by 2027, growing at a CAGR of 6.5 percent from 2019 to 2027.
According to United Nations Population Division (UNPD) statistics, the global death rate in 2017 was 7.6 per 1000 people, which is drastically low compared to 17.7 per 1000 in 1960.
Due to its wide application in the development of personalized medicine and the ability to create biological sequences for complex molecules at low cost and speed, next generation sequencing is gaining enormous traction.
Diagnostic laboratories are keen to register remarkable growth in the near future due to increased awareness of public health leading to early diagnosis of disease.
North America is presently holding 32% market share and is the dominant players in the regional segment for life science instrumentation market. The chief attributing factors responsible for its positive market growth are prosing drug pipeline and existence of well developed pharmaceutical and biotechnology companies. Europe holds 30% share on account of rising prevalence of chronic disease and domicile of key players such as Merck KGaA, Illumina, Inc., Agilent Technologies, Inc. etc. Asia Pacific accounts for 25% market share owing to proactive government policies to provide financial support to drug discovery and development activities and significant rise in the number of severe adverse effects related to poor drug quality control and process validation.
Medical device producing companies actively engaged in the manufacturing of life science instrumentation technology are
- Agilent Technologies, Inc.,
- Bruker Corporation,
- Bio-Rad Laboratories, Inc.,
- Danaher Corporation,
- Illumina, Inc.,
- Merck KGaA,
- PerkinElmer, Inc.,
- Shimadzu Corporation,
- Thermo Fisher Scientific, Inc.
- Waters Corporation.