Liquid scintillation analyzer are used for accurate and sensitive measurement of radioactivity in various samples. These analyzers provide numerous advantages over other traditional methods, such as superior detection limit, wide dynamic range of measurement, and ability to analyze both alpha and beta radioactivities. Increasing application of high-performance liquid chromatography technique across various industries is driving the demand for liquid scintillation analyzers.
The global Liquid Scintillation Analyzer Market is estimated to be valued at US$ 1.41 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
HPLC is widely used techniques across biotechnology and pharmaceutical industries for separation, identification and quantification of molecules in complex mixtures. Increasing R&D activities and focus on innovation in biotech and pharmaceutical sector is propelling the demand for HPLC. For instance, according to International Federation of Pharmaceutical Manufacturers & Associations, the global pharmaceutical industry invested over US$ 179 billion in R&D in 2019. Growing application of HPLC technique in drug discovery and development process is expected to boost the demand for liquid scintillation analyzers, providing opportunity for high growth of this market over the forecast period.
Porter’s Analysis
Threat of new entrants: High start-up costs associated with R&D, manufacturing and marketing act as a deterrent for new companies entering the liquid scintillation analyzer market. The established market players also have significant brand equity and customer loyalty.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute technologies. However, buyers still prefer liquid scintillation analyzers as it provides accurate results.
Bargaining power of suppliers: A few leading companies dominate the supply market, giving them significant influence on pricing. However, availability of raw material substitutes provides some buyer leverage.
Threat of new substitutes: Alternatives like mass spectrometry and gamma radiation detection pose a medium threat. However, liquid scintillation analyzers have established use cases in various industries.
Competitive rivalry: Intense due to the presence of global players. Companies compete on product differentiation, pricing and innovation.
SWOT Analysis
Strength: High accuracy and reproducibility of results. Wide application areas in healthcare, pharmaceuticals, and research sectors.
Weakness: High initial investment and maintenance costs. Complex installation and training requirements.
Opportunity: Growing life sciences R&D spending is anticipated to boost demand. Untapped growth potential in emerging markets.
Threats: Stringent regulations may increase compliance costs. Substitute technologies gaining acceptance.
Key Takeaways
The Global Liquid Scintillation Analyzer Market Size is expected to witness high growth over the forecast period of 2023 to 2030 driven by increasing research activities in various industries. The global Liquid Scintillation Analyzer Market is estimated to be valued at US$ 1.41 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
North America currently dominates the market due to significant investments in pharmaceutical and biotechnology R&D in the US and Canada. However, Asia Pacific is expected to witness fastest growth over the coming years with increasing government funding for healthcare research in China, India and South Korea.
Key players operating in the liquid scintillation analyzer market are Bosch Rexroth, PerkinElmer, Hitachi, Beckman Coulter and Hidex. Bosch Rexroth has a wide portfolio of liquid scintillation analyzers used across various industries. PerkinElmer is one of the major players focusing on innovation and product launch.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it