LONDON--(BUSINESS WIRE)--The analytical instrument market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the rise in demand for generic drugs”, says a senior analyst for the Industrials industry at Technavio.
Factors such as patent expiries of branded drugs and the growing prevalence of diseases have increased the demand for generic drugs worldwide. In addition, major pharmaceutical companies are entering into partnership agreements with generic drug producers or purchased generic drug operations to enhance their product portfolios. These developments are increasing the demand for analytical instruments in the pharmaceutical industry, which is driving the market growth. As the markets recover, Technavio expects the analytical instrument market size to grow by $ 6.32 bn during the period 2020-2024.
Analytical instrument Market Segment Highlights for 2020
- The analytical instrument market is expected to post a year-over-year growth rate of 1.10%.
- Based on the product, the process control instruments segment led the global analytical instrument market in 2019.
- The increased adoption of industrial automation in process manufacturing industries is a key factor driving the segment's growth.
- The growth of the analytical instrument market will be significant in the process control instruments segment during the forecast period.
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- The analytical instrument market size is expected to accelerate at a CAGR of almost 3% during the forecast period.
- The analytical instrument market is segmented Product (Process control instruments, Laboratory analytical instruments, Electrical measurement equipment, and Others) and End-user (Pharmaceutical and biotechnology companies, Food and beverage companies, Environmental testing organizations, and Others).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., Agilent Technologies Inc., AMETEK Inc., Bio-Rad Laboratories Inc., Bruker Corp., Danaher Corp., General Electric Co., Honeywell International Inc., Mitsubishi Electric Corp., and Siemens AG
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