Sample Preparation Market Is Estimated To Witness Growth Due To Advancements In Sample Preparation Tools & Equipment

Market Overview:
Sample preparation involves various processes to extract, isolate, fractionate and purify biological molecules from complex biological mixtures in biological and clinical samples. It is an essential step in molecular diagnostics, proteomics, metabolomics and forensics research as it helps obtain pure samples for further downstream analysis. Sample preparation tools help automate multi-step protocols to process several samples simultaneously in a cost-effective manner.

Market key trends:
The global sample preparation market is witnessing high growth due to continuous advancements in sample preparation tools and equipment. Leading players are focusing on development of innovative tools such as automated liquid handling workstations, extraction systems and robotic systems integrated with artificial intelligence (AI) and machine learning capabilities.

For instance, Beckman Coulter launched Prelude SP automated liquid handling system in 2018 equipped with AI capabilities to simplify and accelerate complex protocols. Similarly, Thermo Fisher Scientific unveiled KingFisher Flex purification system in 2020 for magnetic bead-based nucleic acid and protein extraction. Growing demand for personalized medicines and companion diagnostics from biopharmaceutical companies is also augmenting adoption of high-throughput sample preparation solutions.

Porter's Analysis

Threat of new entrants: The threat of new entrants is moderate as the sample preparation market requires high initial investments for establishing facilities. Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players in the market providing quality products and services. Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many suppliers in the market providing raw materials and components. Threat of new substitutes: The threat of new substitutes is low as sample preparation is an integral part of various analytical techniques. Competitive rivalry: Fierce competition exists between established players.

The global Sample Preparation Market Growth is estimated to be valued at US$ 45.83 million 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.

SWOT Analysis

Strengths: Established distribution networks and brand recognition. Weaknesses: High R&D costs for new product development. Opportunities: Growth in the biopharmaceutical and food industries driving demand. Threats: Price wars between players and threat from refurbished products.

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 R&D spending in the pharmaceutical and biotechnology industries. North America dominates the market currently due to presence of major players and rising healthcare expenditure in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period backed by increasing investments by key players and growing biopharmaceutical industry.

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.

Read More: https://www.ukwebwire.com/increased-focus-on-precision-medicine-share-trends-analsysis/