Pharmaceutical Lab Equipment Market, by Equipment (Spectroscopy Instrument, Chromatography Devices, Lab Automation Devices, Immunoassay Analyzers, Flow Cytometry Devices, Microarray Devices, Electrophoresis Equipment, and Others), by Product Type (Pretreatment Type, Reaction Type, and Analysis and Test Type), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was valued at US$ 9,000.3 million in 2017, and is projected to exhibit a CAGR of 4.3% over the forecast period (2018 – 2026), as highlighted in a new report published by Coherent Market Insights.
Increasing number in research and development activities by pharmaceutical industries and academia is expected to augment the market growth
Increasing number of research and development activities by pharmaceutical industries and academia is driving demand for lyophilization/ freeze drying equipment, is expected to propel the market growth. For instance, Pharmaceutical Research and Manufacturers of America’s (PhRMA) member companies invested around US$ 58.8 billion in research and development (R&D) in 2015, which was the majority of all biopharmaceutical R&D spending in the U.S.
Pharmaceutical lab equipment market is expected to witness significant growth, owing to high adoption of freeze drying along with increasing number of drugs in clinical trials. According to the International Journal of Research in Pharmacy and Science, 2013, around 50% of the current biopharmaceuticals are lyophilized, representing the most common formulation strategy.
Furthermore, in April 2018, Bruker launched new INVENIO Fourier Transform Infrared (FT-IR) research spectrometer. The novel INVENIO is a combination of several innovations with proven Vertex 70 technologies such as unique FM technology for simultaneous mid and far IR spectroscopy. Such product development activities are also expected to boost the market growth.
Browse 28 Market Data Tables and 22 Figures spread through 148 Pages and in-depth TOC on “Pharmaceutical Lab Equipment Market”- Global Forecast to 2026, by Equipment (Spectroscopy Instrument, Chromatography Devices, Lab Automation Devices, Immunoassay Analyzers, Flow Cytometry Devices, Microarray Devices, Electrophoresis Equipment, and Others), by Product Type (Pretreatment Type, Reaction Type, and Analysis and Test Type), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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High performance quality pharmaceutical lab equipment are considered as a growth opportunity for pharmaceutical industries. Increasing demand of autoclaves in pharmaceutical labs to sterilize laboratory glassware is expected to propel the pharmaceutical lab equipment market growth. Product launch with advanced technology is also expected to drive the steam autoclave market growth during the forecast period. For instance, in 2016, Astella Scientific launched its touch screen-based controller for its autoclave ranges. It is combined with analogue and digital input/output modules.
Key Takeaways of the Pharmaceutical Lab Equipment Market:
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