Usage of various methods such as chromatography, spectroscopy, next-generation sequencing, polymerase chain reaction, flow cytometry, immunoassays, and clinical chemistry analyzers has increased significantly. This has led to a rise in demand for life science and chemical instrumentation in the global market, thus boosting the life science and chemical instrumentation market. Companies in the global life science instrumentation market are emphasizing on the release of innovative, cutting-edge products. This is likely to augment the global life science instrumentation market size in the near future.
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Rise in Prevalence of Chronic and Infectious Diseases to Fuel Global Life Science Instrumentation Market
Life science laboratory equipment is primarily used for the diagnosis of infectious and chronic diseases. The advent and breakout of several infectious diseases have presented obstacles as well as new possibilities for researchers working on diagnostic tools and tests for advanced disease detection and prevention. According to the WHO’s World Health Report, infectious diseases account for around 17 million deaths globally each year. Furthermore, the emergence of new diseases has increased in the last few years, as a number of countries have reportedly not made enough investment in R&D to combat prevalent infectious diseases. The need for diagnostic technologies for the early diagnosis of infectious diseases to prevent outbreaks is rising. This is anticipated to propel the global life science instrumentation market.
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Increase in R&D Activities in Biotechnology and Pharmaceuticals Industries to Propel Market
Industries such as biotechnology and pharmaceuticals are investing significantly in R&D. This can be ascribed to the rise in need for quick medication development and innovative drug molecule commercialization for the treatment of uncommon illnesses. According to the International Federation of Pharmaceutical Manufacturers and Association (IFPMA), the pharmaceutical industry spends around US$ 150 Bn on research and development annually. More than 7,000 novel compounds were developed, while 56 new medications were introduced in 2015. Rapid and effective life science instrumentation devices are required to accelerate the drug development process. Rise in R&D in drug development for conditions such as cardiovascular illnesses, neurological disorders, cancer, and infectious diseases is expected to drive the global life science instrumentation market.
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Improvement in Spectroscopic Technology and Rise in Demand for Real-time Sample Analysis Driving Spectroscopy Segment
In terms of technique, the life science instrumentation market has been classified into spectroscopy, chromatography, polymerase chain reaction, next-generation sequencing, clinical chemistry analyzers, flow cytometry, immunoassays, and others (incubator, electrophoresis, etc.). The spectroscopy segment dominated the global life science instrumentation market in 2021. Spectroscopy is essential in domains relating to bio- and life sciences for detection, identification, and quantification of molecules. The spectroscopy segment is anticipated to be driven by ongoing improvements in spectroscopic technology and rise in demand for real-time sample analysis.
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