LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global nanoparticle tracking analyzer (NTA) market to grow at a CAGR of more than 9% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global nanoparticle tracking analyzer market for 2017-2021. The report also lists consumables and instruments as the two major product segments, of which the consumables segment accounted for more than 55% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global nanoparticle tracking analyzer market:
- Greater focus on drug discovery and development
- Rapid innovations in the field of life sciences
- Rising expenditure on R&D globally
Greater focus on drug discovery and development
There is a greater focus on drug discovery and development by pharmaceutical and biotechnology companies, as well as by research institutes. In the last few years, governments of many developed and developing countries have been supporting research for new drug discovery and development.
“The rapid progression in NTA technologies has enabled pharmaceutical companies to mitigate formulation risks as rapidly and simply as possible. In the coming years, NTA will be used as a robust tool for developing novel therapeutics that will target the challenging proteins. Thus, with the increase in drug discovery, there will also be an indirect hike in the consumption of NTAs among end-users,” says Amber Chourasia, a lead analyst at Technavio for lab equipment research.
Rapid innovations in the field of life sciences
Advances in the life sciences sector are driven by factors such as an increase in chronic diseases, fast-growing elderly population, population growth, growing life expectancy, and higher disposable income. The technology used in this sector has to keep up with the varying needs of the researchers.
“Though the technology scenario in terms of laboratory equipment has seen major changes over the last decade in terms of features, size, and shape related to several kinds of analyzers, NTAs continue to be critical for the life sciences sector. The growth of the life sciences sector will laterally propel the demand for NTA solutions during the forecast period,” says Amber.
The emerging markets are likely to continue to offer key growth opportunities during the forecast period. M&As and divestiture activities will also play a key role in the growth and diversification prospects of key vendors in the emerging markets during the forecast period.
Rising expenditure on R&D globally
The global expenditure on R&D has shown consistent growth in the last 10 years. With the economies of developing countries growing faster than those of developed countries, the developing countries are expected to witness the establishment of several new research facilities and institutes over the next five years.
This increase in the number of testing and research facilities, particularly in the field of pharmaceutical and biotechnology, will lead to a hike in demand for laboratory and research equipment such as NTA instruments and consumables.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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