Growth Opportunities in Functional Consumables Aftermarket, Forecast to 2023

Growth Opportunities in Functional Consumables Aftermarket, Forecast to 2023

Innovation-as-a-service Business Model will Accelerate Growth in the Molecular Diagnostic Subsegment

RELEASE DATE
12-Dec-2018
REGION
North America
Research Code: ME1C-01-00-00-00
SKU: HC03110-NA-MT_22623

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Description

Rapid technological turnaround has become a norm in the life science and in-vitro diagnostic industry. Extrinsic factors such as lack of skilled labor to operate the instrumentation as well as functional factors like demand for very high precision and reproducibility of results are driving this technological evolution. As the instrument efficiency goes on increasing, the aftermarket for instruments will gain four to five times the value of the original equipment manufacturing market in the next ten years.

Even though this space is dominated by a handful of very large participants like Thermo Fisher and Perkin Elmer, there has been measurable growth of small- to medium-sized participants in the last five years. A shift in competitive factors from delivering end-to-end product portfolio to providing high-value super-specialized innovation is witnessed. Although there is an evident overlap in the product offerings to research labs and commercial reference labs, a remarkable difference in the purchasing patterns and product lifecycle management has been observed. This research study covers the shifting dynamics between end users and an accelerating trend in consolidation, influencing the purchasing trends. The study also captures the additional play between different value chain participants like the OEMs and CMOs and rising trend in outsourcing. While there has been exponential growth in demand for diagnostic services, there is a constant pressure to do so under budget and skill constraints. This has led to rise of new technologies that are not only pushing the envelope on sensitive, rapid, and accurate testing but are also affordable in terms of reducing the cost of total treatment cycle. This study identifies some of the key technology trends empowered by innovation in functional consumables and growth opportunities, which are set to drive the market in the next five years.

In conjunction with technological evolution, the study highlights new and emerging business models that have enabled certain companies to succeed in this incrementally competitive market. It also gives an overview of the competitive environment, providing brief insights on some of the game-changing participants as well as emerging participants, which have the potential to unlock growth in this market. Germination of innovation continues to remain fragmented but larger participants have managed to bring them together on a common platform to create integrated sub-assemblies. Therefore, the focus is also given on some of the leading M&A activities impacting the market as well as present and future market trends that would shape the market.

Acknowledging the ongoing trends in consumerism pervasive across B2B as well as B2C channels, the study lays down strategic imperatives for successful go-to-market strategy. Lastly, the study also captures threats from sensor-based technologies to existing cadre of disposable functional consumables and more noticeably opportunities in circumventing the threat through collaborative growth.

This research service also provides in-depth revenue and geographical market analysis of 3 key market regions, EU5, North America, and Asia-Pacific, identifying purchasing trends and technological demands in each region.

Key Issues Addressed

  • What are the biggest opportunities for companies in clinical diagnostic consumables space?
  • How are the various regions around the globe positioned to monetize the market opportunities? What are the key regional barriers to entry?
  • How are the business models evolving across the value chain and impacting the different stakeholders?
  • What is the total market size and projected growth of functional consumables market?
  • How product offerings in this market are likely to emerge? What is the rate of innovation adoption and how is it solving the unmet needs of customers?
  • Which are the key game-changing companies in the segment and how are they riding the growth curve?

Author: Khushbu Jain

Table of Contents

Purpose of this Study

5-step Process to Transformational Growth

Key Findings

Scope and Segmentation

Market Engineering Measurements

Big Market Themes

Strategic Imperatives for Manufacturers and Distributors

Market Definition

Value Chain

Market Background and Overview

Market Drivers and Restraints

Trends in Instrumentation Driving Innovation in Consumables

Innovation in New Product Development

Go-to-market Approach

End-user Business Models

Factors Driving Business Model Shift

Regional Dynamics

Methodology

Market Engineering Measurements

Functional Consumables Aftermarket—Revenue Forecast

Revenue Forecast for Life Science Functional Consumables Aftermarket

Revenue Forecast for IVD Functional Consumables Aftermarket

Functional Consumables Aftermarket—Geographic Breakdown

Market Attractiveness for Diagnostic Consumable Sales

Market Share Analysis

Competitive Environment

Vendor Landscape

Competitive Landscape and Benchmarking

Collaboration Assessment

Key Companies to Watch

Macro to Micro Visioning

Framework for Innovation

Digitalization of Consumables

5 Major Growth Opportunities

Growth Opportunity 1—Innovation-as-a-Service

Growth Opportunity 2—Complex Consumables

Demand for Complex Consumables

Growth Opportunity 3—Smart Consumables

Cue Health Inc.

Growth Opportunity 4—eCommerce Platforms

Drivers for eCommerce Adoption

Qiagen—Digitizing the Entire Enterprise

Growth Opportunity 5—Emerging Markets (India and China)

Growth Opportunities by Region—2018 to 2023

Top 3 Predictions for the Market

Legal Disclaimer

R&D Expenditure of Top Companies

List of Exhibits

List of Figures
  • 1. Total Functional Consumables Aftermarket: Market Engineering Measurements, Global, 2018
  • 2. Total Functional Consumables Aftermarket: Competitive Structure, Global, 2018
  • 3. Total Functional Consumables Aftermarket: Competitive Benchmarking, Global, 2018–2023
  • 4. Total Functional Consumables Aftermarket: Key M&A Assessment, Global, 2018
  • 5. Total Functional Consumables Aftermarket: Growth Opportunity by Region, Global, 2018–2023
List of Charts
  • 1. Total Functional Consumables Aftermarket: Market Engineering Measurements, Global, 2018
  • 2. Total Functional Consumables Aftermarket: Value Chain, Global, 2018
  • 3. Total Functional Consumables Aftermarket: Market Drivers and Restraints, Global, 2019–2023
  • 4. Total Functional Consumables Aftermarket: Procurement Model-adoption Rates, Global, 2012–2016
  • 5. Total Functional Consumables Aftermarket: Revenue Forecast, Global, 2016–2023
  • 6. Total Functional Consumables Aftermarket: Market Share by End User, Global, 2018–2023
  • 7. Life Sciences Functional Consumables Aftermarket: Revenue Forecast by Research Platform, Global, 2016–2023
  • 8. Life Science Functional Consumables Aftermarket: Market Share by Analysis Segment, Global, 2018–2023
  • 9. IVD Functional Consumables Aftermarket: Revenue Forecast by Technology Platform, Global, 2016–2023
  • 10. IVD Functional Consumables Aftermarket: Market Share by Technology Platform, Global, 2018–2023
  • 11. Total Functional Consumables Aftermarket: Percent Revenue Forecast by Region, Global, 2018 and 2023
  • 12. Total Functional Consumables Aftermarket: Market Attractiveness, Global, 2018
  • 13. Total Functional Consumables Aftermarket: Market Share, Global, 2018
  • 14. Total Functional Consumables Aftermarket: Key Companies to Watch, Global, 2018
  • 15. Total Functional Consumables Aftermarket: Innovation Framework, Global, 2018–2023
  • 16. Total Functional Consumables Aftermarket: Digital Strategies, Global, 2018
  • 17. Total Functional Consumables Aftermarket: Major Growth Opportunities, Global, 2018–2023
  • 18. Total Functional Consumables Aftermarket: Analytical Instrumentation Market Share, Global, 2020
  • 19. Preferred Purchase Channel for Lab Equipment and Supplies: Global, 2017
  • 20. Total Functional Consumables Aftermarket: R&D as Percentage of Revenue, Global, 2017–2018
Related Research
Rapid technological turnaround has become a norm in the life science and in-vitro diagnostic industry. Extrinsic factors such as lack of skilled labor to operate the instrumentation as well as functional factors like demand for very high precision and reproducibility of results are driving this technological evolution. As the instrument efficiency goes on increasing, the aftermarket for instruments will gain four to five times the value of the original equipment manufacturing market in the next ten years. Even though this space is dominated by a handful of very large participants like Thermo Fisher and Perkin Elmer, there has been measurable growth of small- to medium-sized participants in the last five years. A shift in competitive factors from delivering end-to-end product portfolio to providing high-value super-specialized innovation is witnessed. Although there is an evident overlap in the product offerings to research labs and commercial reference labs, a remarkable difference in the purchasing patterns and product lifecycle management has been observed. This research study covers the shifting dynamics between end users and an accelerating trend in consolidation, influencing the purchasing trends. The study also captures the additional play between different value chain participants like the OEMs and CMOs and rising trend in outsourcing. While there has been exponential growth in demand for diagnostic services, there is a constant pressure to do so under budget and skill constraints. This has led to rise of new technologies that are not only pushing the envelope on sensitive, rapid, and accurate testing but are also affordable in terms of reducing the cost of total treatment cycle. This study identifies some of the key technology trends empowered by innovation in functional consumables and growth opportunities, which are set to drive the market in the next five years. In conjunction with technological evolution, the study highlights new and emerging busines
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Table of Contents | Executive Summary~ || Purpose of this Study~ || 5-step Process to Transformational Growth~ || Key Findings~ || Scope and Segmentation~ || Market Engineering Measurements~ || Big Market Themes~ || Strategic Imperatives for Manufacturers and Distributors~ | Growth Environment—Market Overview~ || Market Definition~ || Value Chain~ || Market Background and Overview~ || Market Drivers and Restraints~ | Growth Environment—Market Dynamics~ || Trends in Instrumentation Driving Innovation in Consumables~ || Innovation in New Product Development~ || Go-to-market Approach~ || End-user Business Models~ || Factors Driving Business Model Shift~ || Regional Dynamics~ | Growth Environment—Market Forecast~ || Methodology~ || Market Engineering Measurements~ || Functional Consumables Aftermarket—Revenue Forecast~ || Revenue Forecast for Life Science Functional Consumables Aftermarket~ || Revenue Forecast for IVD Functional Consumables Aftermarket~ || Functional Consumables Aftermarket—Geographic Breakdown~ || Market Attractiveness for Diagnostic Consumable Sales~ | Growth Environment—Competitive Playbook~ || Market Share Analysis~ || Competitive Environment~ || Vendor Landscape~ || Competitive Landscape and Benchmarking~ || Collaboration Assessment~ || Key Companies to Watch~ | Visioning Scenarios~ || Macro to Micro Visioning~ || Framework for Innovation~ || Digitalization of Consumables~ | Growth Pipeline—Growth Opportunities~ || 5 Major Growth Opportunities~ || Growth Opportunity 1—Innovation-as-a-Service~ || Growth Opportunity 2—Complex Consumables~ || Demand for Complex Consumables~ || Growth Opportunity 3—Smart Consumables~ || Cue Health Inc.~ || Growth Opportunity 4—eCommerce Platforms~ || Drivers for eCommerce Adoption~ || Qiagen—Digitizing the Entire Enterprise~ || Growth Opportunity 5—Emerging Markets (India and China)~ || Growth Opportunities by Region—2018 to 2023~ || Top 3 Predictions for the Market~ || Legal Disclaimer~ | Appendix~ || R&D Expenditure of Top Companies~ || List of Exhibits~
List of Charts and Figures 1. Total Functional Consumables Aftermarket: Market Engineering Measurements, Global, 2018~ 2. Total Functional Consumables Aftermarket: Competitive Structure, Global, 2018~ 3. Total Functional Consumables Aftermarket: Competitive Benchmarking, Global, 2018–2023~ 4. Total Functional Consumables Aftermarket: Key M&A Assessment, Global, 2018~ 5. Total Functional Consumables Aftermarket: Growth Opportunity by Region, Global, 2018–2023~| 1. Total Functional Consumables Aftermarket: Market Engineering Measurements, Global, 2018~ 2. Total Functional Consumables Aftermarket: Value Chain, Global, 2018~ 3. Total Functional Consumables Aftermarket: Market Drivers and Restraints, Global, 2019–2023~ 4. Total Functional Consumables Aftermarket: Procurement Model-adoption Rates, Global, 2012–2016~ 5. Total Functional Consumables Aftermarket: Revenue Forecast, Global, 2016–2023~ 6. Total Functional Consumables Aftermarket: Market Share by End User, Global, 2018–2023~ 7. Life Sciences Functional Consumables Aftermarket: Revenue Forecast by Research Platform, Global, 2016–2023~ 8. Life Science Functional Consumables Aftermarket: Market Share by Analysis Segment, Global, 2018–2023~ 9. IVD Functional Consumables Aftermarket: Revenue Forecast by Technology Platform, Global, 2016–2023~ 10. IVD Functional Consumables Aftermarket: Market Share by Technology Platform, Global, 2018–2023~ 11. Total Functional Consumables Aftermarket: Percent Revenue Forecast by Region, Global, 2018 and 2023~ 12. Total Functional Consumables Aftermarket: Market Attractiveness, Global, 2018~ 13. Total Functional Consumables Aftermarket: Market Share, Global, 2018~ 14. Total Functional Consumables Aftermarket: Key Companies to Watch, Global, 2018~ 15. Total Functional Consumables Aftermarket: Innovation Framework, Global, 2018–2023~ 16. Total Functional Consumables Aftermarket: Digital Strategies, Global, 2018~ 17. Total Functional Consumables Aftermarket: Major Growth Opportunities, Global, 2018–2023~ 18. Total Functional Consumables Aftermarket: Analytical Instrumentation Market Share, Global, 2020~ 19. Preferred Purchase Channel for Lab Equipment and Supplies: Global, 2017~ 20. Total Functional Consumables Aftermarket: R&D as Percentage of Revenue, Global, 2017–2018~
Author Khushbu Jain
Industries Healthcare
WIP Number ME1C-01-00-00-00
Is Prebook No
GPS Codes 9600-B1,9562-B1,9571-B1,9573-B1,99C1-B1,99C6-B1,9568-B1,9611-B1,9627-B1