Analytical instruments are one of the costliest instruments required by the companies and each year a huge amount of money is spent over the annual maintenance of these instruments by the end users. With the rising prices of these instruments the end users especially the companies which are small and mid-sized consider the refurbished systems option as the best option in order to fulfill their requirement. Global analytical instrumentation market growth is owed to the heavy usage of high end sophisticated instruments for qualitative and quantitative analysis in the industries such as pharmaceuticals, biotechnology, life science, chemicals, and academics among others.
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As a general observation the analytical instrumentation market is a mature and highly competitive market but the market still holds a lot of growth opportunities for the preexisting and dominating players in the market. This industry is driven by the solutions that would reduce the overall operating costs for the end users. Analytical instruments such as HPLC, GC, UV-VIS, NMR and many more are very costly instruments and sensitive which need skilled labor to use.
The analytical instruments are the basic need of industry which need to perform qualitative and quantitative analysis of any sample, so the demand for these instruments would go on forever. Currently the companies are shifting the business focus from just selling the product in the market to providing services to the end user as and when required in order to satisfy the customer and generate a good amount of revenue year on year from annual maintenance contracts and comprehensive maintenance contracts.
Key Players: WATERS Corporation, Thermo Fisher Scientific Inc., Agilent Technologies, Inc., KNAUER Wissenschaftliche Geräte GmbH, Nanalysis Corp., Shimadzu Corporation., Bruker, JASCO., Oxford Instruments and Danaher.
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The after sales service market in the analytical industry is expected to flourish over the forecast period and implementation of industrial IOT models in instruments will boost the growth of the dominating players. Companies have already started focusing on incorporating artificial intelligence which would allow systems to detect and resolve the issue automatically. Implementation of such technology to these instruments will help the end users to make better use of the system and thus increase the output by decreasing the downtime. Also, with the help of IIoT (industrial internet of things) and AI (artificial intelligence) downtime can be prevented even before it occurs by observing the historical trends.
Analytical instrumentation market is primarily driven by the growth in the pharmaceutical, biotechnology, R&D, life sciences, academia sectors among others. The Asia-Pacific region is expected to grow with the maximum CAGR over the forecast period, with major countries witnessing the increased demand for pharmaceutical, life science and biotechnology companies. These countries include India, China, Korea, and Japan. The Indian analytical instrumentation market is highly import dependent and around 75-80% sophisticated instruments are imported for U.S. and European market in order to cater its growing demand, while local manufacturing is only limited to basic to medium technology equipment.
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Major points from Table of Contents:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Overview
Chapter 4. Analytical Instrumentation Type Overview
Chapter 5. Analytical Instrumentation Market Application Overview
Chapter 6. Analytical Instrumentation Regional Overview
Chapter 7. Company Profiles
Chapter 8. Future Outlook of the Market
Chapter 9. Conclusions and Recommendations
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