Based on technology, the spectroscopy segment is estimated to command the largest share of the global market in 2017. This can be attributed to the widespread application of spectroscopy systems across several industries, including pharmaceutical, biopharmaceutical, food and agriculture, environmental testing, and industrial chemistry.
Pharmaceutical, biopharmaceutical, and biotechnology companies are estimated to account for the largest share of the life science instrumentation market. Rising food and environmental safety concerns, availability of research funding for academic institutions, increasing number of criminal cases, growing number of drug discovery and development related research studies, and rising prevalence of target diseases and testing procedures related to them are pushing the demand for these analytical instruments among end users.
North America is expected to account for the largest share of the global market in 2017, followed by Europe. The large share in the North American region is mainly attributed to the large number of ongoing research activities, the presence of a large customer base, and availability of funds for drug discovery processes and life science research studies in the region. Europe is estimated to command the second-largest share of the global market. The presence of a large number of API manufacturing facilitates, growing research on biosimilar, public–private financial investments for the development of analytical instruments, and the developing pharmaceutical sector in Russia are some of the key factors driving the growth of the life science instrumentation market in the region.