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Laboratory analytical instruments are used in research processes to analyze and identify the physical, chemical, molecular, and elemental properties of a sample. The increase in the expenditure for research and development is the key driver for the growth of this market. The growth of the healthcare and chemical industry in the APAC region is also anticipated to contribute to the demand for laboratory analytical instruments which in turn, will increase the laboratory analytical instrumentation market revenue. Technavio’s market research analyst projects the laboratory analytical instruments market to grow at a steady rate of around 6% during the forecast period.
The high cost of research and development is expected to pose a challenge for the market growth during the forecast period. The cost of the instruments coupled with repair, customization, and calibration costs leads to an overall high procurement cost for the users.
The element analysis segment leads the global market and is expected to reach USD 14 billion by the end of 2019. The application of element analysis instruments in a broad range of industries fueled the growth of this segment. For instance, in the environmental sector, elemental analysis instruments are used in measuring the elemental composition of the minerals that are crucial to understanding the earth's geological processes.
Government institutions constitute the largest end-user segment for this market. The increased emphasis on federal regulations and laws to increase the expenditure on research and development is expected to drive the growth of this segment during the forecast period. This factor will also increase the laboratory analytical instrumentation market value.
The Americas account for the largest share of global laboratory analytical instrumentation market and is expected to generate a revenue of around USD 12 billion by the end of 2019. Investments in the R&D of the pharmaceuticals and healthcare sectors is the key growth driver of this region.
The global laboratory analytical instrumentation market is dominated by international vendors. These vendors provide offerings in all categories, whereas providers who specialize in a particular segment of analytical instruments have a much lower market share.
The leading vendors in the market are
Other vendors in the market include ABB, B&W Tek, Hitachi, Illumina, JASCO, PerkinElmer, Siemens, and Waters.
The laboratory analytical instruments market is witnessing an increase in mergers and acquisitions. Key vendors are using mergers to increase their product portfolio and their global presence. Quite often, vendors have been acquiring smaller companies in an attempt to diversify their business. For instance, recently, Thermo Fischer acquired Life Tech, a pioneer in gene sequencing technology for nearly USD 14 billion.
This report offers a number of factors contributing to the adoption, limitations, and opportunities of the laboratory analytical instrumentation market. It also provides an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
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