The report forecasts the analytical instrument market in the US to grow at a CAGR of 3.79% during the period 2017-2021.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One of latest trends in the market is rise in electrical and electronic components in automobile industry. Wired and wireless serial communications are being widely implemented in vehicles nowadays, and these systems also contribute to the demand for electrical measurement equipment. MOST150 and Broad R-Reach Ethernet for cars are two communication technologies that are increasingly being used in vehicles. New entertainment systems, which are being installed in cars, can connect more devices by using wireless technologies such as Wi-Fi and Bluetooth.
According to the report, one of the primary drivers in the market is rise in demand for generic drugs. Pharmaceutical drugs are chemical or biochemical substances used to prevent and treat diseases. The global generic drugs market is one of the major sub-markets of the global pharmaceutical market, and it will grow at a significant rate during the forecast period. The patent expiries of branded drugs and the growing prevalence of diseases increase the demand for generic drugs, contributing to the market's growth.
Further, the report states that one major challenge in the market is necessity for price-sensitive and multiple technology solutions. Advances in technology have encouraged companies to invest in innovative products, thus increasing market competitiveness. Evolving consumer preferences have increased the need for investments in product development. Many electrical measurement equipment vendors are dependent on raw materials from China for manufacturing their products. The increase in raw material costs and import duties imposed by governments worldwide have increased the production cost of electrical measurement equipment.