Market Trends of Analytical Instrumentation In Life Science Industry
Pharmaceutical Industry to Grow with Significant Growth Rate
- The various types of gases such as nitrogen (N2), oxygen (O2), carbon dioxide (CO2), or a combination of gases are used in pharmaceutical packaging such as liquid vials, injection vials, lyophilized vials, and pouches to store medicated patches. The gas over the sample enables to extend the product's shelf life. Thus, monitoring the gas content is very important in pharma companies to ensure that content doesn't exceed the limits.
- A mass spectrometer uses precise techniques to deliver a sample's molecular information. These machines help ionize molecules to compute the masses and ratios of peptides, isotopes, and other compounds for drug development and discovery. The data gathered by the spectrometer helps to promote innovative pharmaceutical research.
- Similarly, the rising adoption of Chromatographs across the pharma industry drives segment growth. Analytical chromatography is a vital method to identify chemical mixtures and their proportions. Furthermore, liquid chromatography is widely accepted for pharmaceutical development and discovery as it is rapid, simple, and accurate. Further, the proliferation of automated liquid analytical instruments in the pharma industry reduces human errors and streamlines the data efficiently.
- The growing pharmaceutical industry in India will likely further create demand for analytical instrumentation. Major pharmaceutical companies established research and development centers in India that encourage industry growth. For example, Pfizer's research and development center in Chennai focuses on drug development and discovery, and Novartis' Hyderabad center is developing novel drugs and plans to invest USD 100 million in the center.
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Asia-Pacific is Expected to Witness Significant Growth
- Asia-Pacific is expected to register the highest CAGR during the forecast period owing to the rapid development of the healthcare and life science industry, government support for domestic manufacturing, and increased funding in research and development.
- The integration of advanced technologies across analytical instrumentation creates new market opportunities. For instance, in July 2022, Agilent launched two new products from its mass spectrometry (MS) and gas/liquid chromatography (GC/LC) product lines at Future Lab Summit in India. These instruments are combined with the latest technologies, such as artificial intelligence (AI) and machine learning(ML), with higher sensitivity and accuracy. The new equipment is expected to help customers modernize lab analytics and improve lab productivity with minimum downtime.
- According to India Brand Equity Foundation (IBEF), India's domestic pharmaceutical market is expected to reach over USD 120 billion by 2030. The huge pool of scientific talent, strong educational system, favorable regulatory environment, supportive government policies, and low operating costs made the country an attractive destination for drug discovery and development, commercial manufacturing, and clinical trials.
- Further, Asia is emerging as a pharmaceutical research and development hub due to growing research and development investments in India, China, and Japan. For instance, in August 2022, BioDuro-Sundia, a commercial service contract research development and manufacturing organization and X-Chem, launched the DNA Encoded Compound Library (DEL) technology services to quickly help Chinese pharmaceutical companies discover small molecule drugs. Such technological advancement is expected to fuel market growth in the region.
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