Life Sciences and Lab Equipment Market Segment Analysis By Technology
Spectroscopy technology type segment held the highest market share of life sciences and lab equipment in 2020. Moreover, it is anticipated to witness the significant market growth during the forecast period 2021-2026. Numerous diagnostic and medicinal uses require the biomedical usage of illumination. Photon time-of-flight spectroscopy can assist such therapeutic methods by providing them with data on tissue reaction optical properties. The key benefit of this technique is a fast and non-destructive approach that involves little to no preparation of samples. Furthermore, the development of chemo metrics (the retrieval of knowledge through data-driven means) has improved its susceptibility to detecting small differences in complex datasets. In January 2020, Shimadzu entered into a partnership with Providence Cancer Institute for advancement of Cancer Immunotherapy research in which mass spectrometry technology is applied to develop tools for personalized cancer immunotherapeutic. A significant aspect of this work is the discovery of clinical signatures that can forecast the efficacy of immunological therapies as immunological therapy has emerged as a successful cancer treatment. Consequently such research activities and investments made by government propels the market growth.
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Life Sciences and Lab Equipment Market Segment Analysis By End User
Life sciences and lab equipment is segmented into clinical & diagnostic, research, academic & government institutions, pharmaceutical & biotechnology, blood banks and others on the basis of end users. The market of pharmaceutical & biotechnology is anticipated to hold the highest market share during the forecast period 2021-2026. The market growth is attributed to the factors such as the growing requirement for advanced drugs with an emerging populace, increased occurrence and proliferation of multiple debilitating illnesses. Moreover, increased unmet needs of many chronic and uncommon illnesses all over the region, and increased clamour for pharmaceutical and biopharmaceutical drugs from global markets also adds up to the market growth. In September 2019, Interpace entered into a strategic partnership agreement with Genecast Biotechnology to Partner with Biopharma Solutions in China for developing, promoting, and offering translational studies and clinical trial solutions. Such partnership leverages a positive impact on the market growth of life sciences and lab equipment.
Life Sciences and Lab Equipment Market Segment Analysis By Geography
APAC dominated the Life Sciences and Lab Equipment Market with major share of 40% in 2020. This is owing to the increasing prevalence of infectious diseases that require laboratory testing, high healthcare expenditure and increasing favorable reimbursement policies. According to Center for Disease Control and Prevention (CDC), about 745,000 people are suffering from infectious diseases in 2019 that increase the growth of this segment. However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 3.55% during the forecast period 2021-2026 owing to rising population and increasing development in healthcare.
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Life Sciences and Lab Equipment Market Drivers
Increasing Prevalence of Infectious Disease
Increasing prevalence of various infectious diseases such as HIV, Ebola, TB, and others increasing the growth of the Life Sciences and Lab Equipment Market. According to World Health Organization, about 1.4 million people are suffering from TB that increases the demand for equipment such as homogenizers, spectrophotometers for treatment and are increasing the growth of the Life Sciences and Lab Equipment Market over 2021-2026.
Growing Technological Advancement
Technological advancements in the field of laboratory equipment, increase in number of clinical diagnostic procedures, and rise in private & public healthcare investments increases the growth of this Market. Moreover, improved diagnostic facilities increases the need of laboratories equipment and are increasing the growth of Life Sciences and Lab Equipment Market over 2021-2026.
COVID-19 pandemic had greatly affected the Life Sciences and Lab Equipment Market. During pandemic, researchers are working relentlessly to develop a vaccine and potential treatments for Covid-19 that increases the need of laboratory equipment and are positively impacted the growth of this market.
Life Sciences and Lab Equipment Market Challenges
High Cost Associated with Laboratory Equipment
The factor that is set to impede the growth of the Life Sciences and Lab Equipment Market and is high cost of technologically advanced laboratory equipment. Moreover, lack of clinical laboratories is set to create hurdles for the Life Sciences and Lab Equipment Market. Implementation of new features and configurations, advancements in technology and revolutionary solutions add to their cost. Drug manufacturing companies need a large amount of laboratory tools, and procurement costs are significantly rising due to high prices
Life Sciences and Lab Equipment Market Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Life Sciences and Lab Equipment Market. Life Sciences and Lab Equipment top 10 companies include, Bio-Rad Laboratories, Danaher Corp, Bruker Corporation, Fujifilm Irvine Scientific, Sartorius AG, PerkinElmer Inc., Shimadzu Corporation, Thermo Fisher Scientific Inc., Agilent Technologies, Labcyte, and Beckman Coulter Life Sciences Inc.
Life Sciences and Lab Equipment Market Development
In January 2020, Benchling, the pioneering R&D technology application for life sciences, confirmed the introduction of Benchling for Lab Automation, a revolutionary system built to help life science organizations optimize innovation in laboratory automation. The service provides researchers with a standardized platform for planning, recording and executing up to 10,000 experiments in a single experiment and digitally monitoring each study.
In January 2019, Beckman Coulter Life Sciences Inc., announced the acquisition of Labcyte in order to expand the laboratory automation business and enhance time-saving solutions for customer workflows.
Geographically, in 2020, APAC dominated the Life Sciences and Lab Equipment Market owing to increasing prevalence of infectious diseases that require laboratory testing, high healthcare expenditure and increasing favorable reimbursement policies.
Increasing prevalence of infectious disease among people and growing technological advancement factors are likely to aid in the market growth of the Life Sciences and Lab Equipment.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Life Sciences and Lab Equipment Market report.
High cost associated with laboratory equipment is set to create hurdles for the Life Sciences and Lab Equipment Market.
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