Market growth is driven largely by factors, such as increasing expenditure on research & development by pharmaceutical & biotechnology companies, growing public & private funding for life science research, and rising incidence of target diseases & genetic disorders. The emerging markets and increasing demand for analytical instruments are expected to present avenues of growth for market players.
The next-generation sequencing (NGS) segment is expected to grow at the highest CAGR during the forecast period, attributed to the advantages offered by NGS technologies in DNA sequencing, which substantially provides more throughput and minimizes the need for fragment-cloning methods.
In addition, continuous technological advancements and the increasing availability of cheaper sequencing platforms is expected to fuel the growth of life science instrumentation market during the forecast period.
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The research application segment accounted for the largest share of the life science instrumentation application market in 2019. The large share of the research applications segment can be attributed to evolving global regulatory scenarios for research data publication in analytical instruments-based researches, an increasing number of research studies coupled with growing public-private funding in the field of genomic researches, and the ongoing trend of laboratory automation & integration of robotics.