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STRONG GROWTH
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
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UNITED STATES IS THE LARGEST MARKET
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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
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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
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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, gdownes@saiasia.com to discuss your requirements in Asia or elsewhere