Liquid Handling Technology Market: Growth Opportunities in Developing Countries
According to The Insight Partners market research study titled ‘Liquid Handling Technology Market to 2027 – Global Analysis and Forecasts by Product, Type, Application, End-User and Geography. The global liquid handling technology market is expected to reach US$ 5,705.63 Mn in 2027 from US$ 3,201.36 Mn in 2018. The market is estimated to grow with a CAGR of 6.7% from 2019-2027. The report highlights the trends prevalent in the global liquid handling technology market and the factors driving the market along with those that act as challenges to its growth.
The liquid handling technology market in the Asia Pacific region is largely held by countries such as China, Japan, Australia, and South Korea. The market for the liquid handling technology market is anticipated to be held majorly by China. The Chinese market is expected to grow due to the rapidly growing pharmaceutical industry, high potential to recruitment professionals in the industry, and others. The market is estimated to grow at a rapid rate in India due to the rising biotechnology and pharmaceutical industry. Also, the country has growing drug manufacturing facilities across the nation. Whereas Japan is experiencing rising developments in the field of clinical trial logistics, which is expected to drive the growth of liquid handling technology. Whereas, the market in South Korea and Australia is expected to grow due to the rising number of pharmaceutical companies and rising numbers of clinical trials respectively.
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Liquid Handling Technology Market Competitive analysis and Landscape
The major players operating in the liquid handling technology market include Agilent Technologies, Inc., Aurora Biomed Inc., AutoGen, Inc., Danaher Corporation, Bio-Rad Laboratories, Inc., Analytik Jena AG (Endress+Hauser Management AG), Corning Incorporated, Eppendorf, Formulatrix, Inc., and Gilson Incorporated among others. The market has carried out various organic growth strategies in the market. The organic strategies were conducted majorly and the strategies have assisted in strengthening their product offering and position in the global liquid handling technology market.
The market for liquid handling technology is expected to grow significantly due to factors such as increasing drug discovery activities, growing biopharmaceutical industry, and rising research and development expenses. Whereas, the market is expected to have slow growth due to the scarcity of skilled professionals during the forecast period.
Increasing Drug Discovery Activities
The increase in the incidences of infectious diseases and chronic diseases such as cancer is raising demand for efficient drugs. The demand is driving for an efficient drug that can treat diseases at a faster pace. Also, demand is created for precision medicine. The rising incidences of cancers and research activities are expected to increase drug development activities across the world.
Drug development is a complicated procedure that requires a long duration and is an expensive procedure integrated with a high degree of improbability that a drug will succeed. Therefore, the development and integration of medical devices and information technologies have enabled innovation of automated equipment. The developments have allowed to speed up the drug discovery processes. For instance, High Throughput Screening (HTS) is a technology used in drug discovery for the screening of a large number of compounds with a biological target. The techniques allow to screen and analyze a large volume of samples efficiently in less time. The HTS allows precise dispensing of the large and micro volumes of reagents in liquids.
Growth Opportunities in Developing Countries
The emerging markets in the countries of the Asia Pacific and the Middle East are creating significant opportunities for the key market players to expand their businesses. It is likely to be a prime factor contributing to the market growth during the coming years. The majority of the players concentrate on developing markets such as India, Australia, China, Saudi Arabia, and UAE owing to the large population suffering from chronic diseases in these countries.
Advancements in biotechnology have increased the demand for diagnostics and research in the healthcare market, encouraging the introduction of more significant technologies. Also, the rising shift towards personalized medicine or precision medicine is likely to increase the liquid handling process in the research and diagnostics laboratories. There are new opportunities in infectious disease testing, molecular oncology, and pharmacogenomics in emerging countries. Hence, healthcare companies can target patients or consumers in developing nations.
Enormous players in the industry have been investing a significant amount of their revenue in research and development activities for the development of better and advanced products and technologies to be used in the healthcare industry. Thus, the Asia Pacific and the Middle East market is anticipated to have the fastest growth in the forecast period for the liquid handling technologies.
Liquid Handling Technology Market: Segmental Overview
The global liquid handling technology market was segmented by product, type, application, and end-user. The market based on product segment is classified as automated workstations, small devices, consumables. On the basis of type, the market is classified as automated liquid handling, manual liquid handling, semi-automated liquid handling. Based on the application segment market is divided into drug discovery & ADME-Tox Research, cancer and genomic research, bioprocessing/biotechnology. Based on end-user the market is categorized as pharmaceutical and biotechnology companies, contract research organizations, academic and research institutes.
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