Global Life Science Industry Instrumentation Services Market
Global Life Science Industry Instrumentation Services Market Report Description:
Global life science industry instrumentation services market report gives comprehensive outlook on life science industry instrumentation services across the globe with special emphasis on key regions such as North America, EMEA, Asia-Pacific and ROW. The report on global life science industry instrumentation services market gives historical, current, and future market sizes (US$ Mn) on the basis of service type, end user, professional service and region. This report studies global life science industry instrumentation services market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global life science industry instrumentation services market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global life science industry instrumentation services market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global life science industry instrumentation services market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global life science industry instrumentation services products.
Global Life Science Industry Instrumentation Services Market:
The global life science industry instrumentation services market estimated to be valued US$ 19,337.0 Mn in 2018 and poised to grow at significant CAGR over 2019-2024. Major factors influencing the market growth includes technological advancements, vigorous investment in the biotech sector and huge R&D investments. However, factors such as intense rivalry among market players and limited skilled professionals are expected to dampen the market growth. In addition, acceptance of enhanced methods to deliver the services enable offer huge growth opportunity for the market.
Research & Academic Services segment accounted for higher revenue share
Based on end-user, global life science industry instrumentation services market segmented into diagnostic centers, research & academic services, pharmaceutical & biotech companies and others. Research & Academic Services segment accounted for larger revenue share of 45.1% in 2018 and projected to grow around 8.9% CAGR over the forecast period, and expected to account for 48.3% revenue share by 2024. The rising focus on scientific progress and life science research, globally and in the developing countries, is expected to propel the growth of the segment. Large number of ongoing research activities, the presence of a large customer base, and availability of funds for drug discovery processes and life science research studies is further enhancing the segments growth.
Technological advancements are expected to fuel the market growth
With the advent of novel technologies, adoption of innovative instruments in life sciences industry is anticipated to witness a healthy growth for the life science instrumentation services market. Technology is playing a massive role in life sciences industry to achieve the objectives. Moreover, Surge in healthcare expenditure coupled with adoption of cutting-edge technologies in life sciences witnessed to offer lucrative opportunities for the market players.
Limited number of skilled professionals are expected to hamper the market
The extensive growth of life science instrumentation industry is estimated to observe a great demand for technical experts in life science sector. Despite the advantages offered by the numerous techniques and regardless of the technological innovations, the availability of skilled labor is still an issue. This can be due to the fact that some of the instruments are extremely advanced and complex, and hence, they are driving the need for new paradigms for data computation and knowledge extraction. These instruments require timely standardization protocols and maintenance procedures that need skilled personnel. The limited availability of technical or professional expertise is likely to hamper the market.
EMEA Accounts for Larger Market Revenue Share in Global Life Science Industry Instrumentation Services Market
EMEA accounted for larger revenue share and expected to expand at 7.5% CAGR over the forecast period. The growth in this region can be attributed to the presence of the medical device industry and the growing acceptance of innovations in the manufacturing sector. Moreover, life sciences is a strategically important area for Europe, identified as one of the key enabling technology to strengthen Europe’s competitiveness, economic growth and quality of life.
Key player’s profiles in the global life science industry instrumentation services market include:
- Illumina, Inc
- GE Healthcare
- Bio-Rad Laboratories, Inc.
- Thermo Scientific
- Danaher Corporation
- Shimadzu Corporation
- Eppendorf AG
- Luminex Corporation
Global life science industry instrumentation services market is surging owing to frequent product approvals and launchings by the market players. For instance, In Feb 2019, DANAHER acquired biopharma business of general electric life sciences. This acquisition will bring a talented and passionate team as well as a highly innovative, industry-leading product suite to their Life Sciences portfolio, providing an excellent complement to current biologics workflow solutions.
Key Findings of the Report:
- Global life science industry instrumentation services market expanding at 7.6% CAGR over 2019 to 2024 to reach market value of US$ 30,071.2 Mn by 2024 owing to the robust investments in the biotech sector
- Based on end user, research & academic services segment accounted for larger market revenue share with US$ 8,729.4 Mn in 2018 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global life science industry instrumentation services market
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2016-2018) and forecast (2019-2024)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
By Service Type
- Installation Services
- Inspection/Preventive Maintenance Services
- Repairs & Upgrades
- Application Training
- Validation Support Services
- Diagnostic Centers
- Research & Academic Services
- Pharmaceutical & Biotech Companies
By Professional Service
- IO/IQ Products
- PQ Products
- Lab Consultancy Services
- LEAN/Six Sigma Services
- Educational Services
- Accredational Support Services
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA