Frost & Sullivan: Digital Transformation Across Life Sciences Industry Boosts Instrumentation Market
Outdated short-term growth strategies that focus on extracting value from customers no longer work.
To drive profitable and sustainable business growth in this environment, technology teams need to be in lockstep to quickly address changing customer needs and market realities.
When internal stakeholders and functions fly in formation, everything moves faster — including a company’s growth curve.
Lucila Martin, Healthcare Research Analyst at Frost & Sullivan
The development of next-generation sequencing (NGS) technology, a wide array of informatics, and robotics are some of the most recent technological advancements in life science instrumentation and research tools. According to a recent study by Frost & Sullivan on the global market for life science instruments and research tools, investments in lab automation and analytics will hasten the growth of the lab instrumentation market. The global market is anticipated to grow at a compound annual growth rate (CAGR) of 6.4%, from $66.37 billion in 2021 to $90.41 billion in 2026.
“With the growing focus on decentralized diagnostics in both developed and developing economies, demand for portable instruments is expected to increase,” said Lucila Martin, Healthcare Research Analyst at Frost & Sullivan. “Additionally, higher demand for smaller instruments has increased pressure on original equipment manufacturers (OEMs) to develop and supply parts to support the development of portable instruments.”
Martin added: “Democratization of NGS drove the growth of the global genomic sector, enabling genomics and proteomics to become promising business segments to propel the market. From a technological perspective, expanding analytical chemicals with laboratory automation and informatic instruments offers a lucrative growth prospect.”
To tap into the growth opportunities of the instrumentation and research tool industry, market participants should:
Invest in developing countries to build their capacity and capability, focusing on sales and after-sales support systems.
Focus on artificial intelligence (AI) in lab optimization and predictive analytics for instrument lifecycle analytics as they present lucrative growth prospects for big data analytics companies.
Develop highly customized chips and parts to support the development of portable equipment
Global Life Science Instrumentation and Research Tool Growth Opportunities is the latest addition to Frost & Sullivan’s Healthcare research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
For more information, please visit www.frostandsullivan.com.