|By PR Newswire||
|November 25, 2012 10:07 PM EST||
SHANGHAI, Nov. 25, 2012 /PRNewswire/ -- China is soon expected to become a sales hub for lab analytical instruments as international companies speed up localized manufacturing in tandem with the country's economic growth. The use of analytical lab instruments has further increased, with Government investments enabling many universities and colleges in China to add new analytical courses to their curriculum.
Recent analysis from Frost & Sullivan (http://www.sensors.frost.com), Chinese Laboratory Analytical Instrumentation Market, finds that the market earned revenues of over $1.51 billion in 2011 and estimates this to reach $3.22 billion in 2018 at a compound annual growth rate of 11.4 percent.
"The Chinese government is expected to increase support in food safety, public health, and technology science, spurring adoption of laboratory analytical instruments," noted Frost & Sullivan Research Analyst Leo Jia.
Moreover, demand for high-performance liquid chromatographs (HPLCs) and mass spectrophotometers (MS) from the environment and food testing industries presents the market with significant growth opportunities. The market's sales will also get a boost from the pharmaceutical industry's requirements for lab analytical instruments for conducting new drug research.
The development of hyphenated technology will further broaden the market base. MS, combined with spectrometer technologies instrumentation such as liquid chromatograph (LC), gas chromatograph (GC), and ion chromatograph (IC), is used for elemental analysis in the food testing industry. The high sensitivity and performance of the technology will popularize it in other end-user industries as well.
However, most analysis instruments are imported and highly taxed, and therefore, expensive. The Chinese market is also intensely competitive, as the influx of more foreign enterprises intensifies merger and acquisition activity.
To stay ahead of their peers, original equipment manufacturers (OEMs) must invest in R&D. This will help them meet customer demand for solutions that improve work efficiency and testing accuracy.
"OEMs must provide 'workflow' solutions that include the instrument, along with consumables, training, repair, and after-sales services," noted Jia. "Location-based factories and service centers are must-haves for international companies."
Overall, suppliers can entrench themselves in the market by delivering competitive prices, performance, and innovation.
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Chinese Laboratory Analytical Instrumentation Market is part of the Sensors & Instrumentation Growth Partnership Services program, which also includes research in the following: World Laboratory Analytical Instrumentation Markets, Indian Laboratory Analytical Instruments Markets, and North American Analytical Instrumentation and Services Markets in Environmental Testing. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Chinese Laboratory Analytical Instrumentation Market
SOURCE Frost & Sullivan