The European life science instrumentation market is projected to grow at a significant CAGR of around 6.1% during the forecast period (2021-2027). The significant growth in the healthcare infrastructure coupled presence of key biopharmaceutical companies such as GlaxoSmithKline and other major biopharmaceutical companies in Europe keeps it at a leading position in the global life science industry. The healthcare expenditure of Germany and Sweden comprises of a total 11.1% each of their total GDP. Similarly, France comprises 11% healthcare expenditure out of total GDP, followed by UK, Spain Italy, and other European countries. Healthcare expenditure plays a crucial role in the development of new technology and devices in the healthcare sector. As the spending in the R&D is rising, the healthcare sector is also estimated to increase, thereby promoting the growth of the life science instrumentation market during the forecast period.
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Moreover, Significant public funding in cell culture techniques and stem cell projects have been observed in the EU in the last decade that further encourages the demand for life science research coupled with significant adoption of life science instrumentation in the region. As per the German Stem Cell Network (GSCN) report, three economies of the region were successful in raising money for stem cell research cooperation projects within the EU health program 2007-2013. These economies include UK, Germany, and Sweden. Moreover, the report reveals that UK researchers were particularly successful in acquiring EU money, with $164 million raised. At the same time, German stem cell researchers received $161 million and Sweden $49 million.
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European 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.)
