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Digitalization and M&As to Transform the Current Competitive Structure of the Industry
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The global life sciences instrumentation and research tools market is currently going through a transformation driven by ongoing market consolidation and technological innovation. Over the past five years, the industry has witnessed more than 50 mergers and acquisitions (M&A), which have resulted in a market consolidation at the top. Most of these M&A have been focused on expanding product portfolio and strengthening geographic presence, as large companies are increasingly looking to extend their dominance in this high-growth market. Our research predicts the market to reach a size of more than $80 billion by 2023, consistently growing at an annual rate of 5.0%. While government and academic funding in developed markets have slowed down, spending prospects from the private sector (especially the biopharmaceutical industry) look promising. On the other end, in the developing countries, increased research expenditure from governments is expected to drive market growth.In terms of segments, genomics surpassed proteomics in 2016 to become the leading business segment, on the back of technological revolution in the next-generation sequencing (NGS) and digital PCR segment. Democratization of NGS platforms and solutions will support strong growth of the genomics segment during the forecast period (2018-2023). Growing automation and analytics application is likely to bring in the much-needed efficiency in lab operations, and so we expect a decline in the average spending on reagents and consumables in the long term.
The objective of this research study is to consider and analyze key market developments and present an objective market picture to the readers. This research publication covers key trends and opportunities in the global life sciences instrumentation and research tools market. It provides qualitative market insights on various market segments (including genomics, proteomics, cell-based analysis, lab equipment and supplies). This report identifies existing gaps in product and service offerings of key players across segments, and the disruptive technologies. Emerging shift in business models such as digitalization and eCommerce are also covered comprehensively. Further, this study analyzes the impact of consolidation in the pharmaceutical industry on the vendors in this market. Additionally, it delves into market growth and forecasts for key geographies (NA, Europe, and APAC) and instrument products (NGS, PCR, mass spectrometry, flow cytometer, and microarrays).
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