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The demand for instrumentation in life science is rapidly increasing with the growing burden of chronic conditions in both developed and developing nations, which are likely to escalate the demand for effective technologies for the early diagnosis of diseases. According to the report published in 2018, by the National Center for Biotechnology (NCBI), it was estimated that one in three adults globally suffers from multiple chronic diseases every year.
The rise in research and development activities in various sectors such as pharmaceutical, biotechnology, and agriculture are likely to boost the life science instrumentation market during the forecast period. Additionally, growing innovative product launches by many key players is anticipated to expand the life science instrumentation market growth during the forecast period.
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For instance, in 2019, ASURAGEN, INC., launched the AmplideX a simple, reliable, and robust molecular diagnostic test used for the detection of CAG trinucleotide repeats within the HTT gene associated with Huntington’s Disease (HD) and introduction of such kind of novel products are likely to augment the life science instrumentation market growth during the forecast period.
Growing demand for effective diagnostic technologies and increasing investments by government organizations in the development of innovative instruments used in life sciences and medical devices sector are anticipated to drive the life science instrumentation market growth during the forecast period. Moreover, growing applications of life science instruments in various other sectors such as food & beverages industry, for drug testing, and in the cosmetic industry along with growing technological advancements in instruments are likely to fuel the life science instrumentation market growth during the forecast period.
However, the high cost of instruments and lack of skilled professionals in emerging nations are likely to hinder the life science instrumentation market during the forecast period.
Some of the major companies that are present in the global life science instrumentation market report include Danaher, Thermo Fisher Scientific, Inc., Merck & Co., Inc., Bio-Rad Laboratories, Inc., Agilent Technologies, Inc., Illumina, Inc., PerkinElmer, Inc., BD, Bruker, Hitachi High-Technologies Corporation among others
· Next-generation sequencing (NGS)
· Flow Cytometry
· Clinical and Diagnostic
By Distribution Channel
· Hospitals and diagnostic laboratories
· Pharmaceutical and biotechnology companies
· Academic & Research institutions
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
In terms of application segment clinical & diagnostic application segment is anticipated to hold the largest market share of life science instrumentation market during the forecast period owing to the growing prevalence of chronic disease & cancers and increase in demand for effective techniques for early diagnosis of the disease.
Geographically, the global life science instrumentation market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the life science instrumentation market during the forecast period owing to the presence of prominent key players in the region and growing new product launches. In Europe, growing investments by government organizations in research activities for the development of effective technology is likely to fuel the life science instrumentation market growth during the forecast period. The Asia-Pacific region is anticipated to project the highest CAGR during the forecast period due to the presence of various pharmaceutical & biomedical industries and growing patient population. In the Middle East & Africa, the growing demand for a cost-effective diagnostic tool is anticipated to boost the life science instrumentation market during the forecast period.
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