Analytical instruments and systems are devices that are used for product analysis across various industries. There are different types of analytical instruments such as chromatography, electrophoresis, PCR, flow cytometers, and many others used across different industries. Application in chemical and healthcare research is extensive of these analytical instruments. These devices aid in substance separation, identification, and evaluation with different techniques. With increasing research and development across the globe, demand for analytical instruments is growing rapidly. Moreover, with increasing sample size and data generation through these samples, managing information has become crucial. Laboratories generate tons of information annually which need to be documented for further processes. Therefore, there are information systems developed that aids in managing the process and outcomes of the analytical tests.
The global healthcare analytical instrumentation and systems market is characterized by a range of analytical devices and systems. Therefore, based on different parameters, the global healthcare analytical instrumentation and systems market is analyzed in following segment:
Based on the type of analytical instruments:
Based on the technology:
Based on the end-user:
Increase in Contract Research Activities to Fuel Growth in the Developing Economies
With rapid adoption of new technologies owing to easy availability of funds, demand for advance analytical instruments and systems is high in the developed economies such as the U.S., U.K., France, Spain, Italy, Canada, Japan, and Australia. However, other regions such as Middle East, Latin America and South East Asia are expected to be the prospective markets in the near future. Major pharmaceutical companies are outsourcing their drug research and development services (CRO) to various countries such as China, Singapore, Malaysia and India, which is propelling the growth of the analytical instrumentation and systems market. This results in high adoption rate of precise analytical instruments in these countries. Moreover, highly developing biotechnology industry, is also contributing to the demand analytical instruments and systems.
Stringent Regulatory Standard for Healthcare Products to Drive the Development of Advance and Precise Technologies
The global healthcare analytical instrumentation and systems market is witnessing a commendable growth due to the rising demand for process automation technologies and continuing product innovations. Furthermore, stringent regulatory and testing standards are expected to boost the growth of advance analytical instrumentation and systems in the near future. Additionally, increasing usage of analytical instruments in biotechnology is further driving the growth of this market.
The global healthcare analytical instrumentation and systems market is highly fragmented due to the participation of many global as well as regional players in this market. The market is expected to witness a high growth rate due to the growing demand for finer process analyses and stringent regulatory policies. Some of the key players involved in the analytical instrumentation and systems market are ABB Ltd., Analytical Systems International / Keco, Electro-Chemical Devices, Inc., Emerson Electric Co., Honeywell Process Solutions (HPS), Mettler-Toledo International Inc., Thermo Fisher Scientific, Inc. and Yokogawa Electric Corporation.
Key players in the healthcare analytical instrumentation and systems market are focused on expanding their market position through marketing and promotion strategies. For instance, in August 2019, Thermo Fisher Scientific, Inc. showcased a range of latest analytical instruments, assays, and software for improving accuracy, speed and usability in research and clinical trials, at the Annual Scientific Meeting and Clinical Laboratory Exposition on 4th and 5th August 2019.
Moreover, continuous focus on research and development of new innovative products is expected to facilitate the market growth over the forecast period. For instance, in May 2019, Analog Devices, Inc. (ADI) announced a new electrochemical & impedance measurement front end (AD5940 analog front end) for biological and chemical sensing. The AD5940 analog front end combines potentiostat and electrochemical impedance spectroscopy (EIS) functions.
Increasing number of acquisitions and investments are also expected to benefit the market growth. For instance, in August 2019, Mettler-Toledo International Inc., a medical instruments supplier, announced that SG Americas Securities LLC have acquired 2,244 shares of its shares valued at US$1,885,000.