Product ID: SQMIG35A2512
Global Life Science Instrumentation Market Size, Share, Growth Analysis, By Technology(PCR, Spectroscopy), By Application(Clinical, Diagnostic), By Distribution Channel(Hospitals, Diagnostic Laboratories) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2512 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
101 |
Figures:
76
Global Life Science Instrumentation Market Dynamics
Life Science Instrumentation Market Driver
- Increased Government’s initiatives.
Increased government expenditure in life science research as well as rising R&D in the biotechnology and life science sectors are some of the key factors driving growth of the life science instrumentation market. Market expansion is further supported by greater food quality awareness and stringent government regulations to safeguard the safety of medicines. As per data released by the World Bank, spending in research and development made 2.63% of the global GDP in 2020. It has increased from 2019 which was 2.2% and is estimated to increase further in the forecasted years.
- Increased Need for Analytical Instruments
A growing focus on sequencing technology to understand the underlying causes of diseases is driving demand for analytical instruments. Moreover, the global life science instrumentation market is also experiencing need for user-friendly and sophisticated bioinformatics tools and the rapid development of emerging economies all contribute to the life science instrumentation market's significant potential. Moreover, as per studies globally, approximately one in three of all adults suffer from multiple chronic conditions (MCCs). This directly expands the requirement of testing and research which will grow the life sciences instrumentation market. As per reports, healthcare is one of the industries which receives maximum funds for research and development. In 2018, the R&D spend on healthcare was valued at around $169.5 billion.
Life Science Instrumentation Market Restraints
- Lack of Skilled Professionals, High Costs Involved with Drug Discovery Process & Shortage of Funding In Emerging Economies
A shortage of skilled employees will lead to a decrease in innovation. A survey conducted by the Coalition of State Bioscience Institutes found that traditional manufacturing positions were the easiest functional roles to fill; the layoffs that occurred around the end of the previous year do indeed reflect an overstock of such workers. However, the issue of a skill set deficit still exists when it comes to the skill sets needed to manage biopharmaceutical manufacturing processes, particularly in the areas of engineering, data analytics, and process development.
This also seems to be more common in Europe life science instrumentation market, especially given the uncertainty surrounding Brexit. The UK was in "risk of losing its world-leading research and development reputation," according to the Association of the British Pharmaceutical Industry (ABPI), which was supported by the two largest pharmaceutical investors in the nation, AstraZeneca and GlaxoSmithKline, in February.
According to International Monetary Fund (IMF), there are 20 countries identified as emerging life science instrumentation market, and accounted for 34% of the world’s nominal GDP and 46% in purchasing-power-parity terms. The prevalence of chronic diseases is high in emerging countries, therefore the opportunity was research and expansion life science instrumentation is high but funding for R&D is comparatively less.
Global Life Science Instrumentation Market Report Snapshots
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