Life science instrumentation is a form of equipment utilized in production facilities to assess the quality of products, regulate, and track the process. It is often regarded as the combination of biological sciences, physics, and engineering. In the realm of biotechnology, these devices are critical in the scientific study of living organisms and molecular biology. It is widely used in food and pharmaceutical sectors, clinical medical research testing, and life science industries.
Life science laboratory equipment is mostly utilized for chronic and infectious illness diagnosis. The introduction and outbreak of various infectious illnesses have provided hurdles and new potential for researchers focusing on diagnostic equipment and tests for advanced disease identification and prevention. As per the World Health Organization’s World Health Report, infectious diseases affect over 15 million people worldwide each year. Moreover, the rise of new diseases has grown in recent years, owing to a number of nations allegedly not investing enough in research and development to tackle current infectious diseases. The demand for diagnostic technology for the early detection of infectious diseases in order to avert epidemics is increasing. This is expected to drive the global life science instrumentation market forward.
Pharmaceutical and biotechnology companies are heavily investing in research and development. This can be attributed to the increased demand for rapid drug development and the commercialization of novel pharmacological molecules for the treatment of rare diseases. The pharmaceutical business spends approximately US$ 150 billion on research and development each year, according to the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA). In 2019, over 8,000 new compounds were discovered, and 67 new drugs were launched. To speed the drug creation process, fast and efficient life science instrumentation devices are necessary. The global life science instrumentation market is likely to be driven by an increase in R&D in drug discovery for issues such as neurological disorders, cardiovascular diseases, infectious diseases, and cancer.
The global life science instrumentation market is projected to surpass US$ 104.5 Bn by the end of 2031, expanding at a CAGR of 6.3% from 2022 to 2031 (forecast period).
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Research Applications Segment to Witness Substantial Growth
The global life science instrumentation market has been segmented by application into laboratory applications, research applications, and others. The research applications segment is likely to be the largest revenue generator in life science instrumentation market during the projected period. This can be attributed to the increasing strain on the pharmaceutical sector to develop new, low-cost remedies for various ailments. Moreover, the increase in drug development efforts is expected to fuel the demand for life science lab instruments. Furthermore, the development of novel pharmaceuticals and treatments is expected to boost the research applications segment throughout the forecast period.
North America to Spearhead Life Science Instrumentation Market
The life science instrumentation market is projected to experience significant growth in North America during the forecast period. The existence of a significant number of biotechnology and pharmaceutical businesses, growing research & development efforts, and increased adherence to new analytical instruments are some of the primary aspects driving the life science instrumentation market in North America. The United States generated the most income and is projected to be the world’s biggest market for life science instrumentation.
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Europe is projected to follow North America. The continuing research and development efforts in the biotechnology and pharmaceutical industries and technological breakthroughs in life science instrumentation drive the life science instrumentation market in Europe. Moreover, Germany is expected to aid the growth of the life science instrumentation market in Europe during the forecast period.