Healthcare


Global Life Sciences Instrumentation and Research Tools Market, Forecast to 2023

Digitalization and M&As to Transform the Current Competitive Structure of the Industry
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Published: 22 Oct 2018

The global life sciences instrumentation and research tools market is currently going through a transformation driven by ongoing market consolidation and technological innovation. Over the past five years, the industry has witnessed more than 50 mergers and acquisitions (M&A), which have resulted in a market consolidation at the top. Most of these M&A have been focused on expanding product portfolio and strengthening geographic presence, as large companies are increasingly looking to extend their dominance in this high-growth market. Our research predicts the market to reach a size of more than $80 billion by 2023, consistently growing at an annual rate of 5.0%. While government and academic funding in developed markets have slowed down, spending prospects from the private sector (especially the biopharmaceutical industry) look promising. On the other end, in the developing countries, increased research expenditure from governments is expected to drive market growth. In terms of segments, genomics surpassed proteomics in 2016 to become the leading business segment, on the back of technological revolution in the next-generation sequencing (NGS) and digital PCR segment. Democratization of NGS platforms and solutions will support strong growth of the genomics segment during the forecast period (2018-2023). Growing automation and analytics application is likely to bring in the much-needed efficiency in lab operations, and so we expect a decline in the average spending on reagents and consumables in the long term.

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