Chemicals and instruments used in life science applications totaled $48 billion in 2018 and will advance at a rate of nearly 7% annually to $67.3 billion in 2023, as outlined on the following pages.
The market is driven by:
- Increased spending by pharmaceutical and bio pharmaceutical companies
- Growing food safety concerns
- Such technology developments in analytical devices as miniaturization, computers, artificial intelligence and data analytics
UNITED STATES IS THE LARGEST MARKET
The United States continues to be the largest market with about 40% of sales in 2018. Europe follows with about 30%. Growing rapidly is the Asian market driven by China and India with about 20% of revenue.
TYPE OF INSTRUMENTS
Chromatography, the largest category, accounted for 35% of the business in 2018 followed by spectroscopy with 22%. DNA sequencers and amplifiers, the fastest growing segment, accounted for 9% of sales.
FUTURE OUTLOOK STRONG
The United States will continue to control the largest portion of the global market and grow at 7% a year to 2023. Asia, driven by developments in China and India, will show the fastest growth at 9% annually. Europe will also show strong growth at 6% a year.
HOW CAN SAI SUPPORT?
SAI, an international business consulting firm, offers a broad range of functional skills, including the ability to:
- Analyze new business opportunities and other growth initiatives
- Identify and evaluate acquisition and joint venture targets
- Assess competitors’ business activities, including manufacturing costs
- Understand in detail how customers make their buy decisions
- Develop strategies for success
LET’S SCHEDULE A DISCUSSION
Please contact Greg Downes, email@example.com to discuss your requirements in Asia or elsewhere