Category: Business

Business

Life Science Instrumentation Market – Know the Revenue and Profit-Sources of the Industry

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.

Increase in Pet Ownership & Canine Orthopedic Surgeries Boosts Growth of Canine Orthopedics Market

The increase in pet ownership across the world, as well as the rise in the number of orthopedic surgeries being performed on pet dogs, is stimulating high growth in the global canine orthopedics market. The manufacturers and players in the global canine orthopedics market offer various types of products and solutions, including trauma plates, TPLO plates, specialty plates, and TTA plates.

Increase in the number of road accidents involving dogs is also raising the demand within the global canine orthopedics market. These products are used for trauma cases, as well as for joint replacement surgeries. Additionally, the increase in the instances of injuries and bone disorders in dogs is boosting the growth of the global canine orthopedics market.

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A few of the most prominent participants working in the global canine orthopedics market are Narang Medical Limited, DePuy Synthes of Johnson and Johnson, Orhomed Ltd., B. Braun Melsungen AG, Movora, STERIS, Veterinary Instrumentation, and VetFusion Implants, among others. The key players in the global canine orthopedics market are focused on enhancing their production and manufacturing processes in a bid to reduce operational time and cost. The use of new age manufacturing technologies has enabled them to increase production and fulfil consumer demands.

The players and manufacturers in the global canine orthopedics market also adopt various growth strategies, most notably including launching of new and technologically advanced products to expand their product inventory. These players are also investing in promotional and marketing activities to educate pet owners about the availability of these products and healthcare solutions. Other notable corporate expansion strategies employed by the players in the global canine orthopedics market include partnerships to enhance distribution and strategic collaborations. Players are also investing in research and development activities by collaborating with veterinary hospitals and clinics.

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Rising Popularity of IoT Technologies Likely to Generate Growth Opportunities in System in Package (SiP) Technology Market

The revenue generation opportunities in the system in package (SiP) technology market are attributed to the rising popularity of IoT or Internet of Things technologies around the world. In addition to this, enhancement in micro-electronic devices nature has also been estimated to bolster growth avenues in the system in package (SiP) technology market in the coming years. Further, increasing the use of graphic cards along with processors to use in real-world gaming is predicted to serve as a revenue generator in the system in package (SiP) technology market.

On the flip side, the high cost of these technologies at the initial level is estimated to restrict growth opportunities in the system in package (SiP) technology market. Moreover, the growing demand for effective high-frequency gadgets and electronics has been projected to put positive impacts on the growth opportunities in the system in package (SiP) technology market in the foreseeable years.

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Asia Pacific to Lead in System in Package (SiP) Technology Market

On the basis of geographical locations, the system in package (SiP) technology market has been classified majorly into five areas that include, North America, Asia Pacific, Latin America, the Middle East & Africa, and Europe. Out of these regional areas, the Asia Pacific region has been anticipated to hold a noticeable share of the market revenue. These growth avenues in the regional market are attributed to the presence of key players in the region along with increased investments by the industry players for R & D activities for product development.

The key players operating in the system in package (SiP) technology market are Samsung Electronics Co. Ltd., Chipmos Technologies Inc., Toshiba Corporation, ASE Group, Amkor Technology, Inc., Fujitsu Ltd., Powertech Technologies, Inc., Renesas Electronics Corporation, and Qualcomm, Inc. These players are adopting various novel strategies in order to increase expansion opportunities in the system in package (SiP) technology market in the near future.

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Increasing Number of Space Exploration Programs Likely to Fuel Growth Opportunities in Space On-board Computing Platform Market

A growing count of public and private initiatives that are related to space exploration programs, for example, moon exploration is estimated to increase sales opportunities in the space on-board computing platform market in the coming years. Further, the rising number of missions to explore mars and the moon in the coming years is anticipated to open up new growth opportunities in the space on-board computing platform market. The growing incidence of trade in space on-board computing platforms is also predicted to drive growth avenues in the space on-board computing platform market.

Space on-board computing platform is serving as the pivotal core of spacecraft avionics which further provides assistance in the management of different operations in small satellites and related IO devices to perform assigned tasks. Furthermore, growing demand for these platforms from the sector of national security and defense is also expected to fuel sales avenues in the space on-board computing platform market.

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On the flip side, the absence of various cohesive government policies and regulations is anticipated to limit growth opportunities in the space on-board computing platform market in the coming years.

The key players dealing in the space on-board computing platform market are BAE Systems, Northrop Grumman Corp., Thales Group, SAAB AB, L3harris Technologies, Raytheon Technologies, Lockheed Martin, and Honeywell International Inc.

North America Owing to Presence of Key Players Dominate in Space On-board Computing Platform Market

North America is projected to hold the largest share in the space on-board computing platform market due to the presence of prominent players in the region. Along with this, the use of various small satellites for different low-priced applications has also been predicted to work as revenue generators in the space on-board computing platform market. A growing count of missions related to space exploration in the region is also likely to bolster revenue generation opportunities in the space on-board computing platform market.   

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