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Over the Years, ‘Lab-on-chip’ and Aftermarket Sales have Shown Steady Demand, which is Expected to Follow the Same Trend in the Near Future but at a Faster Pace
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This research study published by Frost & Sullivan analyzes the global lab analytical instrumentation market from 2014 to 2024, where the base year is 2018. At the start, the study provides key findings and a CEO’s perspective to highlight some important findings of the research service. It then paints a picture of the overall market in terms of revenue forecast of different regions, price and unit shipment trends, market shares of key participants and their competitive analysis. It also dives deep into each of the product segments, with detailed information about their application, product selection requirements, revenue forecast, and key companies involved in product sales of the respective sub-segments.Although this is a mature market, there are some steady growth opportunities that could likely aid market growth. These opportunities are in the form of innovative solutions that key players are actively working toward building, in order to cater to customers’ needs. Increase in regulations related to food, environmental and pharmaceutical industries to ensure safety and authenticity and the increased demand for faster, more accurate and automated operations are some of the driving factors for the growth of this market. There has been a transformation in the business model – from being product centric to being more service focused – due to changing customer needs. It is expected that aftermarket sales is expected to increase in the near future and implementing IIoT concepts in instruments will help businesses flourish. Companies are already focusing on providing Artificial Intelligence (AI), Machine Learning (ML) and cloud services for data storage that can be used for predictive analytics. Instrument failure can be prevented even before it occurs by observing historical trends. This is expected to benefit customers by reducing downtime and ensuring continuous operations. However, in spite of these opportunities, there are some challenges pertaining to end-users’ unwillingness to invest in upgraded instruments to expand their business and uncertainties in political situations that could expectedly slow the growth of this market.This report also contains an exclusive ‘India’ chapter that specifically covers the findings from the Indian market.
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