TMCnet News
Over 20% of Research Laboratory Equipment to be Replaced Over the Next Five Years: TechnavioThe market for global laboratory equipment services market will grow at a CAGR of more than 10% over the next four years. This new Technavio research study covers the present scenario and growth prospects of the global laboratory equipment services market for 2016-2020. The top key suppliers listed in the report include Hitachi High Technologies, Danaher, Thermo Fisher Scientific, Agilent (News - Alert) Technologies, and Waters Corporation. According to Angad Singh, a category specialist, "Over the past 3-4 years, the market has witnessed shortage in supply due to a steep increase in demand for laboratory equipment from emerging economies, particularly from India and China. As a result, global players are engaging in consolidation to enhance production capabilities and develop innovative products to meet growing customization requirements of buyers." Request a sample report: http://www.technavio.com/request-a-sample?report=52903 Category spend intelligence research analysts highlight the following four factors that are contributing to the growth of the global laboratory equipment services market:
Rise in demand for pharmaceutical laboratories in APAC Emerging economies in APAC, such as India and China, are witnessing huge demand for pharmaceutical, CRO, and biopharmaceutical facilities, wich is proving to be a major contributing factor for the laboratory equipment services market. For instance, the CRO market in India is expected to grow at a CAGR of 11%-13% during 2011-2016 to reach USD 1 billion by 2016. In 2015, the laboratory equipment market in APAC was mostly driven by emerging economies such as India and China. However, it is expected to grow at a faster pace over the next 2-4 years compared to mature markets such as North America and Europe due to ongoing expansion of several pharmaceutical companies in the region. Need for high-quality pharmaceutical products Growing demand for clinical laboratories and high-quality pharmaceutical products has prompted research pharmaceutical and biopharmaceutical firms to adopt advanced laboratory equipment and instruments, which is a key contributor to market growth. More than 20% of the instrumentation and equipment in research laboratories is likely to be replaced over the next five years. Increase in government spending on pharmaceutical R&D and drug discovery Emerging markets such as China, India, and South Korea are witnessing a rise in government spending on R&D activities. For instance, as part of its 12th five-year plan, the Government of China invested USD 6.6 billion in drug discovery and development during 2011-2015. Rise in R&D activities of pharmaceutical companies Increased spend on R&D activities by pharmaceutical and biopharmaceutical companies has triggered investments on upgrading of existing laboratories and establishment of new laboratories. This is a key driver for the laboratory equipment market. The global biopharmaceutical spend on R&D activities is expected to increase from USD 125 billion in 2014 to USD 148 billion by 2020. Browse Related Reports:
Do you need a report on a market in a specific geographical cluster or country but can't find what you're looking for? Don't worry, Technavio also takes client requests. Please contact [email protected] with your requirements and our analysts will be happy to create a customized report just for you. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20161020005463/en/ |
