by Sample preparation includes various techniques such as homogenization, cell disruption and extraction which are performed to extract and fractionate biomolecules from samples for downstream analytical techniques. It has wide applications in genomics, proteomics, epigenomics and other omics technologies. It helps in isolating nucleic acids and proteins which are further analyzed through techniques such as polymerase chain reaction, microarrays and sequencing.
The global Sample Preparation Market is estimated to be valued at US$ 45.83 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the sample preparation market is driven by increasing adoption of omics technologies such as genomics, proteomics and metabolomics in clinical diagnostics and drug discovery. Omics technologies require isolated and high quality samples for reliable and accurate results. For instance, according to World Health Organization, annual genomics industry revenues worldwide will increase from $5 billion in 2020 to over $28 billion by 2026. Further, increasing R&D expenditure by pharmaceutical and biotechnology companies is also contributing to the market growth. However, high cost of sample preparation instruments and requirement of skilled professionals for manual sample preparation pose challenges to market growth.
SWOT Analysis
Strength: Sample Preparation Market Demand has witnessed strong growth over the past few years owing to increasing spending on life science research. The rising demand for miniaturized and automated solutions for efficient sample preparation procedures has augmented the market growth. Further, continuous technological advancement in sample preparation products has enhanced their application in various end-use industries.
Weakness: High costs associated with automated sample preparation instruments limits its adoption, especially in price sensitive markets. Moreover, lack of skilled professionals required for handling sophisticated sample preparation equipment poses a challenge.
Opportunity: Growing application of sample preparation in genomics research represents significant growth prospects for market players. Rising focus on developing personalized medicine will further drive the demand. Growing pharmaceutical and biotechnology industries in emerging nations also provide lucrative opportunities.
Threats: Presence of local cheap alternatives restrict the pricing flexibility of major players. Stringent regulatory frameworks pertaining to the approval of sample preparation products also threatens the growth prospects.
Key Takeaways:
The global sample preparation market is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing focus on developing advanced healthcare infrastructure. North America dominates the market currently due to presence of majority of leading market players and availability of advanced research facilities in the region.
Regional analysis:
North America is expected to account for over 35% of the global sample preparation market share by 2030. This is attributed to presence of advanced research facilities, rising healthcare expenditure and increased adoption of personalized medicine in the region. Asia Pacific exhibits highest growth and is estimated to expand at a CAGR of around 8% during the forecast period. This can be accredited to growing biomedical sector, rising healthcare expenditure, and increasing outsourcing of clinical research to Asian countries.
Key players:
Key players operating in the sample preparation market are F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Danaher Corporation, Qiagen N.V., PerkinElmer, Inc., Illumina, Inc. and Merck KGaA. The market is highly competitive with major players focusing on new product launches, partnerships and mergers & acquisitions to strengthen their market presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
