Growth Opportunities in Functional Consumables Aftermarket, Forecast to 2023
Growth Opportunities in Functional Consumables Aftermarket, Forecast to 2023
Innovation-as-a-service Business Model will Accelerate Growth in the Molecular Diagnostic Subsegment
  • Rapid technological turnaround has become a norm in the life science and in-vitro diagnostic industry. Extrinsic factors such as lack of skilled labor to operate the instrumentation as well as functional factors like demand for very high precision and reproducibility of results are driving this technological evolution. As the instrument efficiency goes on increasing, the aftermarket for instruments will gain four to five times the value of the original equipment manufacturing market in the next ten years.

    Even though this space is dominated by a handful of very large participants like Thermo Fisher and Perkin Elmer, there has been measurable growth of small- to medium-sized participants in the last five years. A shift in competitive factors from delivering end-to-end product portfolio to providing high-value super-specialized innovation is witnessed. Although there is an evident overlap in the product offerings to research labs and commercial reference labs, a remarkable difference in the purchasing patterns and product lifecycle management has been observed. This research study covers the shifting dynamics between end users and an accelerating trend in consolidation, influencing the purchasing trends. The study also captures the additional play between different value chain participants like the OEMs and CMOs and rising trend in outsourcing. While there has been exponential growth in demand for diagnostic services, there is a constant pressure to do so under budget and skill constraints. This has led to rise of new technologies that are not only pushing the envelope on sensitive, rapid, and accurate testing but are also affordable in terms of reducing the cost of total treatment cycle. This study identifies some of the key technology trends empowered by innovation in functional consumables and growth opportunities, which are set to drive the market in the next five years.

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