Albany, NY -- (SBWire) -- 10/27/2017 --Companies that have gained a comfortable lead over their competitors in the global sample preparation market worldwide have done so primarily by ploughing back profits into R&D initiatives and incorporating superior technologies for automated instruments. Transparency Market Research's (TMR) new study finds that the sample preparation market is dominated by Thermo Fisher Scientific, Inc., Merck KGaA, PerkinElmer, Inc. and Agilent Technologies, whose collective revenue share was just shy of 59% of the market in 2015. Among these, Thermo Fisher Scientific was the undisputed leader in the sample preparation market thanks to its expansive product portfolio and wide geographical reach.
"Regulatory requirements for testing substances, chemicals, and pharmaceuticals are only becoming more complex with every passing year. This, combined with the fact that most samples cannot be introduced or injected directly into the analytical instrument, makes a strong case for the demand for sample preparation technologies and instruments. No matter how sophisticated sample preparation technologies and instruments get, there is always going to be space to introduce more efficient products, making the sample preparation market dynamic in both the long and short term," said a TMR analyst.
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Fresh Investments Channeled Into Life Science Domains to Aid Innovation in Sample Preparation
Investor sentiment remains very positive in the biotechnology and life sciences sectors in nearly every emerging market worldwide. Global leaders in the healthcare industry are investing an overwhelming majority of their R&D budgets in pharmaceuticals and diagnostics. This unmistakable emphasis on R&D by the market leaders has prompted other competitors in the market to follow suit. Thus, TMR estimates that this keen inclination toward drug discovery and biosimilars will also give the sample preparation market a shot in the arm.
At the same time, new breakthroughs in technologies to make sample preparation quicker and more convenient are aiding the market's growth. Recent advances in equipment, such as automation, and techniques, such as solid supported liquid-liquid extraction, have been crucial to the positive growth posted by the sample preparation market globally. The launch of kits and consumables for specialized and niche studies also bodes well for the sample preparation market, notes TMR.
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Cost of Sample Preparation Equipment is Prohibitively High for Consumers in Emerging Economies
The intensive investments in R&D into new sample preparation equipment and technologies, prompted by the stiff competition in this market, forces companies to pass on some portion of the costs to consumers. The impact of this is especially evident in emerging countries where consumers look toward used equipment in keeping with their modest budgets. Investments in cost-intensive upgrades are often deferred or entirely canned in several cases because consumers are concerned about erosion of investments with the continuous evolution of sample preparation equipment and techniques. However, TMR expects that the advent of national and regional genome projects could open a door of opportunity for companies in the sample preparation market.
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Consumables Trail Instruments Segment in Terms of Growth The global sample preparation market was valued at US$4.6 bn in 2015 and is expected to reach a valuation of US$8.3 bn by 2024, exhibiting a CAGR of 6.6% from 2016 to 2024. Sample preparation instruments constituted the largest share of the global sample preparation market in 2015 as compared to other sample preparation products. Their efficiency in addressing high-throughput requirements of the sample preparation industry can be credited for their leading position. Consumables trail the instruments segment in terms of growth.
TMR states that pharmaceutical companies-thanks to their heavy reliance on sample preparation through the drug development process-will be the key end-user segment in the global sample preparation market. However, molecular diagnostic laboratories are expected to show a high single-digit CAGR through the report's forecast period.
On the basis of application, the use of sample preparation in genomics is expected to generate the highest revenue. Between 2016 and 2024, however, the epigenomics segment will register an 8.0% CAGR, which is the highest among all application segments. By geography, North America is expected to maintain a lead in terms of revenue until 2024, whereas Asia Pacific will have the highest CAGR at 8.0% between 2016 and 2024.
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Sample Preparation Market Exhibiting a CAGR of 6.6% from 2016 to 2024
Transparency Market Research has announced the addition of the “Sample Preparation Market : Global Industry Analysis and Opportunity Assessment, 2016 - 2024"report to their offering.