Asia-Pacific life science instrumentation market is projected to grow at a significant CAGR of around 6.9% during the forecast period (2021-2027), owing to the increased R&D and investments by big pharmaceutical companies in life science research. Increasing public health care programs in the emerging economies despite the economic slowdown is estimated to support healthcare spending in the region. According to the Centers for Medicare & Medicaid Services, healthcare spending increased by an annual average of 6.6% from 2015 to 2019 in the region. Therefore, the growing investment in the healthcare sector further encourages the R&D in life science that further projected to provide ample opportunity to the growth of the market.
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Moreover, growing healthcare facilities in the emerging economies such as China, India and other countries of the region provide significant demand for life science instrumentation that further contribute to the growth of the market. The substantial growth in healthcare facilities is predicted in India at a rate of 16.1% per year due to the government investments in raising public health expenditure from its current equivalent of 1.2% of GDP to 2.5% of GDP within five years. China’s spending growth is estimated to be 8.8% a year, however, the current economic uncertainty can result in the decline of the healthcare expenditure that further affects the growth in these countries. Australia and South Korea are expecting growth of over 4.0% a year.
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Asia-Pacific Life Science Instrumentation Market – Segmentation
By Technology
- Chromatography
- Spectroscopy
- Polymerase Chain Reaction (PCR)
- Clinical Chemistry Analyzers
- Immunoassays
- Next-Generation Sequencing (NGS)
- Flow Cytometry
- Microscopy
- Others (Centrifuges, Electrophoresis)
By End-User
- Pharmaceutical & Biotechnology Companies
- Research Institutes
- Hospitals and Laboratories
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
