Demand for analyzers expected from emerging economies that will become manufacturing hubs, finds Frost & Sullivan's Measurement & Instrumentation team
LONDON, April 13, 2017 /PRNewswire/ -- Biosimilars are driving rapid double-digit growth in the biopharmaceutical analytical instrumentation market. This is driven by patent expiration, increasing regulatory approvals, government support, and hospitals and doctors prescribing biosimilars. In turn, the need for analytical instruments for characterization requirements will grow. Manufacturers should expand their capabilities by adopting innovative analytical instrumentation technology and customer awareness.
"Emerging economies such as India, Latin America, and South Korea are establishing large manufacturing hubs for biosimilars. This rapid expansion will drive the need and demand for analytical instrument analyzers," said Frost & Sullivan Measurement & Instrumentation Research Analyst Janani Balasundar.
Global Biopharmaceutical Analytical Instrumentation Market, Forecast to 2022, recent analysis from Frost & Sullivan's Test & Measurement Growth Partnership Subscription, finds that the market generated revenues of $1,092 million in 2015, and this is expected to grow at a compound annual growth rate (CAGR) of 7.2 percent until 2022. The global biosimilars segment is expected to reach $35 billion in 2025, with an average annual growth rate (AAGR) of 27.1 percent, is expected to drive the growth of biopharmaceutical analytical instrumentation market.
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From a regional perspective, biologic drugs and biosimilars will have steady growth in North America because of expanding applications in treating conditions such as diabetes and cancer. The European market will be driven by blockbuster drug patent losses, while India will become a leading provider of biosimilars as it has the necessary research and development capabilities and infrastructure.
Technological advancements in analytical instruments will be driven by:
"Agilent Technologies' leading market share is a result of its robust initiatives to resolve the most common customer challenges," noted Balasundar. "SCIEX's increasing market share, on the other hand, is driven by its capability to provide customers with high-resolution systems, application-specific systems, user-friendly software, and biologic services."
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Global Biopharmaceutical Analytical Instrumentation Market, Forecast to 2022
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