Global Life Science and Chemical Instrumentation Market: Overview
With investments in clinical research progressively rising, spending on instrumentation used for analytical chemistry is expected to rise continually as well. Analytical chemistry has proven useful in studying the composition of materials to find new applications for them or to modify their composition as desired. This end cannot possibly be met without the use of proper life science and chemical instrumentation. The global market for life sciences and chemical instrumentation is thus looking at a promising future ahead. TMR projects a positive outlook for the global life science and chemical instrumentation market through the forecast period. The market is expected to register a high single-digit CAGR.
From determining how safe a food sample is to analyzing DNA to discovering new drugs for chronic diseases, the use of life science and chemical instrumentation are myriad. The market is thus expected to fare well thanks to its many end users and application areas. This aspect will keep growth a constant in the life science and chemical instrumentation market.
The report on the global life science and chemical instrumentation market evaluates and prioritizes the factors that will influence its growth over the report’s forecast period. By meticulously segmenting the market on the basis of type of technology, end use, application, and geography, TMR’s analysts are able to dive deep into the present dynamics of the market and emerge with data that can aid prudent decisions. A holistic overview of the prevailing competitive environment in the market makes this report a valuable tool for tracking the strategies that competitors are expected to adopt.
Global Life Science and Chemical Instrumentation Market: Drivers and Restraints
With governments across the world setting up incubation programs and special economic zones for companies in fields such as biotechnology and pure chemistry, the demand for life sciences and chemical instrumentation is expected to continually rise. Moreover, regulatory authorities in emerging countries such as Brazil, India, China, and Russia are now watching the F&B and pharma industries more closely in the wake of food scandals and pharmaceutical product recalls. This will compel companies to adhere to the highest quality standards, which will indirectly lead to higher sales of life science and chemical instrumentation products.
The cost of developing and marketing such instruments, however, can be a stumbling block for many market players. With companies naturally passing on costs to the consumers, the latter may be prompted to find more affordable alternatives, thwarting the growth plans of market players.
Global Life Science and Chemical Instrumentation Market: Segmentation
The most common uses of life science and chemical instrumentation market are seen in healthcare research agencies, contract research organizations, pharmaceutical and biotech entities, clinical and diagnostic laboratories, and academic research institutions. It is primarily the diagnosis technologies in question that determine the nature of chemical and life science instrumentation to be used.
Based on the area of usage, the life science and chemical instrumentation market can be segmented thus: Electrophoresis, chromatography, laboratory automation, DNA sequencers and amplifiers, flow cytometry, spectrometry, and microarrays. The demand for DNA amplifiers and sequencers is expected to show an upswing on the back of rising investments in biotechnology, which have dramatically risen in the post-recession phase.
The outlook for the chromatography segment, too, is positive. This can be ascribed to the growing uses of chromatography-coupled with a remarkable spike in UHPLC chromatography-across diverse verticals. Companies such as Agilent, Shimadzu, and Waters Corporation are at the forefront of innovation, enabling them to capture a larger section of the market in this space. The report also expects a healthy upswing in the demand for instruments such as fume hoods, laboratory balances, and centrifuges.
The applications of life science and chemical instrumentation devices include, but are not limited to: Forensic technologies, biotechnology, environment, agriculture, chemicals, food and beverage, and pharmaceuticals. The biotech and pharmaceutical sectors will be the growth engine for life science and chemical instrumentation market by application. Intensive research programs in developed nations will indirectly fuel sales of life science and chemical instrumentation. The trend is only just beginning to take shape in developing nations, and could soon be a high-impact driver.
By geography, the global life science and chemical instrumentation market has been divided into: North America, Asia Pacific, Europe, MENA, and Rest of the World.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.