The global laboratory equipment services market size is expected to grow from USD 57.96 billion in 2020 to USD 77.51 billion by 2026 at a CAGR of 5.0%.
Market growth is largely driven by factors, such as rising spending on research and development of pharmaceutical and biotechnology companies, growing public and private funding for health science research, and the increase in specific diseases and genetic disorders. Emerging markets and growing demand for analytical tools are expected to reflect the growth trends of market players.
By technology, the life science instrumentation market is divided into spectroscopy, chromatography, PCR, immunoassays, lyophilization, liquid handling, clinical chemistry analyzers, microscopy, flow cytometry, next-generation sequencing (NGS), centrifuges, electrophoresis, cell counting, and other technologies. The next-generation sequencing (NGS) segment is expected to grow at the highest CAGR during the forecast period, in view of the benefits provided by NGS technology in DNA sequencing, which greatly contributes to energy and reduces the need for fragmentation methods. In addition, the continued technological advances and the increasing availability of cheap sequencing platforms are expected to stimulate market growth for life science tools at the time of forecasting.
The technology market for spectroscopy, by type, consists of mass spectrometry, molecular spectrometry, and atomic spectrometry. Molecular spectrometry accounted for the largest share in 2020. This is due to the widespread use of these technologies and the existence of strict guidelines for drug development and safety.
The research application segment had the largest share in the life science instrumentation application market in 2020. A large proportion of the research requests is due to the emergence of international legal requirements for the publication of research data in tool-based research, an increasing number of research studies related to public and private financial growth in the field of genomic research, and the ongoing practice of laboratory automation and robotics integration.
Asia Pacific is one of the largest revenue-generating regions in the life science instrumentation industry. The strategic expansion of key market players in developing Asian countries, the growing pharmaceutical industry in India and China, and conferences, exhibitions, and analytical instrument conferences are contributing to regional growth.
The major vendors operating in the global life science instrumentation market are Thermo Fisher Scientific, Inc. (US), Agilent Technologies (US), Bio-Rad Laboratories, Inc. (US), Bruker Corporation (US), Danaher Corporation (US), Becton, Dickinson, and Company (US), Eppendorf AG (Germany), GE Healthcare (US), Qiagen N.V. (Netherlands), Hitachi High-Technologies Corporation (Japan), Horiba (Japan), Merck KGaA (Germany), PerkinElmer, Inc. (US), Shimadzu Corporation (Japan), and Waters Corporation (US).