Agilent Technologies (US) and Thermo Fisher Scientific, Inc. (US) are the Major Players in the Life Science Instrumentation Market
The global life science instrumentation market size is projected to reach USD 79. 9 billion by 2025 from USD 60.0 billion in 2020, growing at a CAGR of 5.9%. The factors driving the growth of the market are increasing spending on pharmaceutical R&D, growing food safety concerns, and the availability of funding for life science research. However, the dearth of skilled professionals and the high cost of technologically advanced instruments are restraining the growth of the market.
The major players operating in the global life science instrumentation market include Agilent Technologies (US), Becton, Dickinson, and Company (US), Bio-Rad Laboratories, Inc. (US), Bruker Corporation (US), Danaher Corporation (US), Eppendorf AG (Germany), GE Healthcare (US), Hitachi High-Technologies Corporation (Japan), Horiba (Japan), Merck KGaA (Germany), PerkinElmer, Inc. (US), Qiagen N.V. (Netherlands), Shimadzu Corporation (Japan), Thermo Fisher Scientific, Inc. (US), and Waters Corporation (US). An analysis of the market developments between 2017 and 2020 revealed that several growth strategies such as product launches and partnerships, agreements, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the life science instrumentation market. Among these business strategies, partnerships and agreements were the most widely adopted growth strategies by market players.
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Thermo Fisher Scientific, Inc. holds the leading position in the life science instrumentation market, owing to its robust portfolio of life science instruments products and related accessories. Thermo Fisher has expanded its product portfolio through insight-driven innovation and strategic M&A to address to establish its position in the market. For instance, during the last three years. Thermo Fisher launched several instruments, such as the Biosystems QuantStudio 6 and 7 Pro Real-Time PCR Systems (April 2019), the Vanquish Duo UHPLC system, Scientific Q Exactive UHMR mass spectrometer, and Ion GeneStudio S5 Series next-generation sequencing systems (February 2018), and ISQ EC Single Quadrupole mass spectrometer (June 2017). The company further offers its products across major customer categories, such as clinical laboratories, research & academic institutes, diagnostic laboratories, and hospitals. Thermo Fisher is expected to witness sustainable growth during the forecast period with its broad and technologically advanced product portfolio, wide geographic reach, and collaborations, agreements with other smaller market players.
Agilent Technologies offers a wide range of life science instruments such as liquid chromatography (LC) systems and components, liquid chromatography mass spectrometry (LCMS) systems, gas chromatography (GC) systems & components, gas chromatography mass spectrometry (GCMS) systems, inductively coupled plasma mass spectrometry (ICP-MS) instruments, atomic absorption (AA) instruments, and microwave plasma-atomic emission spectrometry (“MP-AES”) instruments, to mention a few. Additionally, Agilent also focuses on enhancing its R&D capabilities and product pipeline and, as a result, launched several products in 2019 to expand its market offering. The company also focuses on M&A; for instance, Agilent acquired ACEA Biosciences Inc. (US) in 2018, which allowed the company to focus on real-time, live-cell analysis extensively. Thus, with its broad product portfolio and inorganic growth strategy, Agilent is expected to grow at a significant rate in the global life science instrumentation market during the forecast period.
Related Reports:
Life Science Instrumentation Market by Technology [Spectroscopy, Chromatography, Flow Cytometry, NGS, PCR,, Microscopy], Application (Research, Clinical), End User (Pharma-Biotech, Agri and Food Industry, Hospitals & Diagnostic Labs)-Global Forecasts to 2025
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