Sample Preparation Market Is Estimated To Witness High Growth Owing To Opportunity Of Rising Adoption In Medical Industry

cmikiran

posted on 9 months ago — updated on 2 seconds ago

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Sample Preparation Market Is Estimated To Witness High Growth Owing To Opportunity Of Rising Adoption In Medical Industry

operating in the sample preparation market are Softdel (A UNIDEL Company), ABB Ltd., Hitachi Ltd., Honeywell International, Avnet Inc., Siemens AG, Legrand SA, Schneider Electric SE, Johnson Controls Inc., Huawei Technologies Co. Ltd., Cisco Systems, and IBM Corporation. These major companies are focusing on automated

Sample preparation in clinical laboratories involves steps like cell disruption, extraction, homogenization, filtration, enrichment, etc. These steps are performed on biological samples before analyzing them. Sample preparation helps in protecting samples from degradation and contamination which leads to accurate and reliable test results. It saves time and effort of lab technicians by automating repetitive tasks involved in sample processing. Growing applications of sample preparation techniques in medical research related to chronic diseases and rising demand for personalized medicine are propelling the demand for sample preparation products in the medical industry.

The global Sample Preparation Market is estimated to be valued at US$ 52.8 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Rising adoption in medical industry presents a major market opportunity for sample preparation market. Stringent regulations regarding safety and quality of medical samples and preference for automated systems for accurate test results are driving the demand for sample preparation products in the healthcare sector. Growing prevalence of chronic and infectious diseases is increasing the load of clinical testing and propelling the need for automation of repetitive tasks involved in processing bio samples. Medical research related to developing new therapies and drugs for complex diseases also involves extensive testing requiring reliable sample preparation techniques. The sample preparation market players can leverage this opportunity by developing specialized products and automated solutions catering to the precise requirements of medical laboratories and research institutes. Customized sample preparation techniques for new medical applications will further fuel the market growth over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the sample preparation market is moderate. High capital requirements for infrastructure and R&D pose entry barriers. However, new technologies lowering costs can enable easier entry over time.

Bargaining power of buyers: The bargaining power of buyers in the sample preparation market is high. Large diagnostic laboratories and pharma companies can negotiate on price and demand better quality and services. Standardized products allow for easier substitution.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. While key components have few substitutes, the presence of multiple instrument and equipment OEMs prevents any single supplier from significantly influencing prices.

Threat of new substitutes: The threat of substitutes is moderate. New technologies like lab-on-a-chip and microfluidics offer alternatives, but sample prep products have strong capabilities in high-throughput settings.

Competitive rivalry: Rivalry in the sample preparation market is high due to the presence of numerous global and regional players offering similar product ranges. Players compete on innovation, quality, and services.

SWOT Analysis
Strengths: Growing pharma & diagnostics industries drive demand. Automated solutions improve efficiency and throughput.

Weaknesses: High initial costs pose barrier for small labs. Standardization challenges from complex sample types.

Opportunities: Emerging economies offer high growth potential. New application areas in genomics expand market.

Threats: Price pressures from large buyers. Stricter regulations increase compliance costs.

Key Takeaways
The global sample preparation market scope is expected to witness high growth over the forecast period driven by increasing pharma R&D investment and diagnostics testing volumes. The market size for 2024 is projected to reach US$ 52.8 billion registering a strong CAGR of 24% until 2031.

Regionally, North America dominates the market currently owing to extensive research activities and presence of leading diagnostic companies in the region. However, Asia Pacific is poised to grow at the fastest pace led by China, India, and other Asian countries expanding their healthcare infrastructure and diagnostics capabilities.

Key players