LONDON--(BUSINESS WIRE)--The global scientific instrument market is expected to grow at a CAGR of more than 6% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global scientific instrument market based on products such as laboratory analytical instruments and consumables and measuring and monitoring devices. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increase in global R&D investments
Globally, the importance of investments in R&D is increasing since a robust R&D system forms the basis for the development of new products or enhancements of existing products. Increasing technological advances and the need for better analysis for researchers has led to increasing number of research projects and research studies which are using various scientific instruments to extract greater information and insights. The rise in the number of testing and research facilities particularly in the field of biotechnology and pharmaceutical will, in turn, lead to a rise in demand for scientific instruments as these instruments are the basis for generating relevant information which supports product innovation and development.
According to a senior analyst at Technavio for lab equipment, “The US had the largest investment in biotechnology R&D in 2015, with over USD 28 billion being invested by pharmaceutical and biotechnology R&D firms. With countries increasingly emphasizing on knowledge expansion and innovation, this inclination towards an increase in R&D spending will continue over the forecast period, which augurs well for the growth of the scientific instrument market.”
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Market trend: growing product promotional activities
Vendors in the scientific instruments market can no longer rely on direct sales force activities to ensure constant sales growth, and they must explore additional ways to promote their products. Key vendors such as Agilent Technologies, Bruker, Danaher, Horiba, PerkinElmer, and Thermo Fisher Scientific have enlisted their scientific instruments such as microscopes on leading eCommerce websites such as Amazon.com and alibaba.com as well as their websites for researchers to directly order and purchase their products.
These key vendors even have dedicated YouTube channels and official company pages on Twitter through which they upload interactive videos and promote products. Vendors engage their consumers and highlight the relevance of their products through informative videos and detailed infographics on digital media platforms.
Market challenge: compliance issues
Safety measures are defined by regulatory organizations which need to be followed at an organizational level in multiple industries such as pharmaceuticals, biotechnology, F&B, and chemicals to ensure the manufacture and sale of a safe product. However, as these industries are understaffed and under constant work pressure, adherence and compliance to regulatory procedures become difficult. This inherently leads to the production of contaminated products which in turn has an adverse impact on the lives of patients or consumers.
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Some of the major companies in the global scientific instrument market:
- Agilent Technologies
- Bruker
- Danaher
- Horiba
- PerkinElmer
- Thermo Fisher Scientific
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