Global Life Sciences Market
The global Life Science and Laboratory Equipment market is expected to reach approximately USD 60 billion by 2023, at a CAGR of + 7% during the forecast period of 2018 to 2023. It includes a range of highly sophisticated technologies covering a wide variety of applications in studying interactions, detection, quantification, qualification, and handling of biomolecules to develop biotechnology and life sciences research.
The growth trajectory of the global life sciences industry has benefited from a combination of novel technologies, microbiome and single-cell, relaxation of entry barriers, and better-defined regulatory frameworks around next-generation therapies and companion diagnostics. Government initiatives, increasing investments and funding for life sciences, increasing clinical capabilities, expansion in the various application areas, and growing academic-industry collaborations, are all a major driver.
Market growth is also being driven by a combination of additional factors including the emergence of various chronic diseases and new viruses like COVID-19, a growing patient population suffering from life-style related problems and an ageing population, all of which are driving greater demand and expenditure on additional laboratory research and thereby laboratory instrumentation. This is offset by the increasing cost of the instruments and, as a result, many manufacturers are undertaking strategic partnerships and acquisitions.
There are various industries and/or facilities that are served by the life sciences and analytical instruments sector including pharmaceuticals and biotechnology, environmental testing, academic research institutes, agriculture and food, hospitals & diagnostic laboratories, and forensic laboratories.
Taruna, which means “being connected” in Maori, provides a solution that brings together manufacturers, independent sales professionals and end customers, offering an alternative or complementary route to market that is scalable without any additional costs being carried, positively impacting the P&L by adding in more variable costs rather than fixed.
Whether as a manufacturer you’re looking for geographic expansion or market penetration, whether your product is a new launch, new to market or a more established cash cow, and whether you’re a new start-up or an established business, the Taruna Model can offer a solution that works for you. So, get connected to the Taruna network and start seeing the benefits to your business today.