Growth Opportunities in Functional Consumables Aftermarket, Forecast to 2023

LONDON, Jan. 2, 2019 /PRNewswire/ -- Innovation-as-a-service Business Model will Accelerate Growth in the Molecular Diagnostic Subsegment

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Rapid technological turnaround has become a norm in the life science and in-vitro diagnostic industry.Extrinsic factors such as lack of skilled labor to operate the instrumentation as well as functional factors like demand for very high precision and reproducibility of results are driving this technological evolution.

As the instrument efficiency goes on increasing, the aftermarket for instruments will gain four to five times the value of the original equipment manufacturing market in the next ten years.

Even though this space is dominated by a handful of very large participants like Thermo Fisher and Perkin Elmer, there has been measurable growth of small- to medium-sized participants in the last five years.A shift in competitive factors from delivering end-to-end product portfolio to providing high-value super-specialized innovation is witnessed.

Although there is an evident overlap in the product offerings to research labs and commercial reference labs, a remarkable difference in the purchasing patterns and product lifecycle management has been observed.This research study covers the shifting dynamics between end users and an accelerating trend in consolidation, influencing the purchasing trends.

The study also captures the additional play between different value chain participants like the OEMs and CMOs and rising trend in outsourcing.While there has been exponential growth in demand for diagnostic services, there is a constant pressure to do so under budget and skill constraints.

This has led to rise of new technologies that are not only pushing the envelope on sensitive, rapid, and accurate testing but are also affordable in terms of reducing the cost of total treatment cycle. This study identifies some of the key technology trends empowered by innovation in functional consumables and growth opportunities, which are set to drive the market in the next five years.

In conjunction with technological evolution, the study highlights new and emerging business models that have enabled certain companies to succeed in this incrementally competitive market.It also gives an overview of the competitive environment, providing brief insights on some of the game-changing participants as well as emerging participants, which have the potential to unlock growth in this market.

Germination of innovation continues to remain fragmented but larger participants have managed to bring them together on a common platform to create integrated sub-assemblies. Therefore, the focus is also given on some of the leading M&A activities impacting the market as well as present and future market trends that would shape the market.

Acknowledging the ongoing trends in consumerism pervasive across B2B as well as B2C channels, the study lays down strategic imperatives for successful go-to-market strategy. Lastly, the study also captures threats from sensor-based technologies to existing cadre of disposable functional consumables and more noticeably opportunities in circumventing the threat through collaborative growth.

This research service also provides in-depth revenue and geographical market analysis of 3 key market regions, EU5, North America, and Asia-Pacific, identifying purchasing trends and technological demands in each region.

Key Issues Addressed
• What are the biggest opportunities for companies in clinical diagnostic consumables space?
• How are the various regions around the globe positioned to monetize the market opportunities? What are the key regional barriers to entry?
• How are the business models evolving across the value chain and impacting the different stakeholders?
• What is the total market size and projected growth of functional consumables market?
• How product offerings in this market are likely to emerge? What is the rate of innovation adoption and how is it solving the unmet needs of customers?
• Which are the key game-changing companies in the segment and how are they riding the growth curve?

Author:
Khushbu Jain

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