Instruments, Consumables, and Public Health: Investing in Now and the Future
A Rapidly Changing Landscape
In the decade ahead, biotechnology and pharmaceutical companies will face rapid change in an ever-evolving landscape. Already we see the ripple effects of new epidemiological challenges. With these variables in mind, the trends for increased spending in the global market of instruments and consumables have already skyrocketed.
The world turns its eyes to the life science industry in a time of great need, facing both acute and chronic health issues, as well as environmental crises. New vaccines, viral treatments, consumables such as gloves and masks: these represent just the tip of the iceberg. Public health awareness is and will remain in the spotlight for now and for the future.
Safety First
Safety for the end user remains the utmost goal in the pharmaceutical and life science industries. Government agencies, as such, have set in place the highest standards to ensure efficacy and safety for products that affect health. In order for new therapies to be developed that can meet and exceed such standards, instruments need to pass muster.
In matters of health, industries need instruments that are reliable, durable, accurate, and precise. It is not simply a matter of “getting there first”—it is, rather, “getting there best” where lives and public health are concerned.
Growth Market for Instruments
The revenue for laboratory instruments is expected to reach over $380 million by 2023. Instruments are themselves undergoing a technological revolution, with more touchscreen capability, cloud-based technology, and connectivity to the Internet of Things (IoT).
With the increased demand for new therapies, researchers and producers need instruments they can rely on. In this time of urgent need, any moment wasted on faulty instruments means downtime, which is counteractive to the goal of finding new medicines and other consumables to aid health. Every instrument needs to be calibrated to guarantee it performs the crucial work in making dependable products.
Because of this present and future need for reliable instruments, the calibration, validation, and standardization market stands at the cusp of remarkable opportunity. In terms of instruments, the need for process control and storage, determining acidity and alkalinity, and other considerations that ensure high quality cannot be understated.
Tools of the Trade
A large number of instruments exist to aid in the demands for life science products. There are instruments addressing Electrotechnical needs, pressure, fluid flow, pipettes, thermal devices, mechanical instruments, and more.
Consumables used alongside these devices include calibration and sampling kits, glass containers, slides, filters, and more. With every product in the chain, quality is paramount.
Inside or Out: Calibration, Validation, and Standardization
With all of these demands for high-quality products, consumers need to decide how best to maintain their quality and efficacy. This presents new opportunities for investment.
The scenarios for ensuring product quality vary depending upon the time of company or institution. Some manufacturers provide the validation, calibration, and standardization for their own devices. This is the original equipment manufacturer (OEM) segment.
However, quite often biotech and pharmaceutical companies cannot provide these services in-house. In this case, a third party can fill the gap. This avenue presents market growth opportunity for those companies who can provide quality maintenance services.
With increased demand for new technologies as well as up-to-the minute treatment demands, growth in the calibration sector is assured. Investing in public health has never held more importance than now, to help the future.
