Sample Preparation Market Set to Record Exponential Growth by 2024
The global Sample Preparation Market has been foretold in a report by Transparency Market Research (TMR) to testify players riding on the back of advanced technologies incorporated in their operation for automated instruments. Players have also been anticipated to invest in research and development initiatives to take an upper hand in the market. Holding a maximum amount of revenue in the recent years, Agilent Technologies, PerkinElmer, Inc., Merck KGaA, and Thermo Fisher Scientific, Inc. could dominate the market in the near future. However, Thermo Fisher Scientific has been predicted to take the lead in the market with high focus on wide regional reach and expansive product portfolio.
TMR has prophesied the global sample preparation market to rise at a 6.6% CAGR during the completion of the forecast tenure 2016-2024. By the end of 2024, the market could expand to a valuation of US$8.3 bn. In terms of application, the market has been envisaged to witness the dominance of epigenomics expected to post a higher CAGR of 8.0%. By region, Asia Pacific could register the same commanding CAGR.
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The world sample preparation market has been foreseen to receive a shot in the arm with rising inclination toward biosimilars and drug discovery. Market leaders have been placing high emphasis on research and development, which has compelled other participants to follow the lead. Diagnostics and pharmaceuticals have been gaining increased attention of global healthcare leaders as they reserve a significant amount of research and development budget for advancement in these fields. In almost all of the developing markets of the world, life sciences and biotechnology have attained a positive investor sentiment, which could augur well for the growth of the market.
The world sample preparation market has been prognosticated to gain from the introduction of consumables and kits for niche and specialized studies and latest developments in various techniques and equipment.
As a result of a stiff competition in the international sample preparation market because of exhaustive investment in research and development for new sample preparation technologies and equipment, customers are expected to bear the portion of costs incurred by players. This has impacted the buying preferences of customers, which could be more inclined toward used equipment to keep up with their ordinary budgets. With concerns regarding the erosion of investments in cost-intensive upgrades due to constant evolution of the market, the growth could be slowed down in the coming years.
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However, the international sample preparation market has been envisioned to open the door of opportunity with the emergence of regional and national genome projects. The market could also be aided with new technological breakthroughs to make sample preparation more convenient and quicker.
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