NEW YORK, Dec. 23, 2019 /PRNewswire/ --

The global liquid handling technology market is expected to reach US$ 5,705.63 Mn in 2027 from US$ 3,201.36 Mn in 2018. The market is estimated to grow with a CAGR of 6.7% from 2019-2027.

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The key factors that are driving the growth of liquid handling technology market are increasing drug discovery activities, growing biopharmaceutical industry and rising research and development expenses. Whereas, the market is expected to have slow growth due to the scarcity of skilled professionals during the forecast period.In the past few years, the biopharmaceutical industry has experienced exponential growth and is growing in the developing region at an extraordinary pace.The North American region owe highly advanced techniques that enable it to offers more of the biotechnology products in the market.

Regions such as Europe and the Asia Pacific have speeded up their investments and interest in the field of biotechnology, whereas regions such as South and Central America and the Middle East are developing their biotechnology industry significantly.Developed regions are consolidated with various market leaders and are experiencing a rising number of start-up biotechnology companies.The developing regions are collaborating with various market leaders and government entities to expand research and development activities in the biotechnology sector.

For instance, North American and European biotechnology sectors are heading towards the Asia Pacific region due to increased clinical activities. Since 2016, in the Asia Pacific, there are has been an increase in clinical activities from the biotech companies approximately by 26%.The biotechnology industry is also experiencing rising initiatives by the government and private bodies. For instance, in September 2017, the U.S.-Ukraine Foundation has launched a new biotechnology initiative to support the developments in the field of biotechnology, which resulted in the exertion to build new networking opportunities. Also, the U.S.-Ukraine Foundation has become a member of the Biotechnology Innovation Organization (BIO) and is the global leader of the trade association representing biotechnology companies, state biotechnology centers, academic institutions, and related organizations across the United States and more than 30 other nations.Thus, owing to the rise in biotechnology sector, increasing initiatives and growing clinical activities in the biotechnology industry are likely to increase the growth of the liquid handling technology market during the forecast period.The liquid handling technology market is segmented on the basis of product, type, application and end user.The market based on product segment is classified as automated workstations, small devices, consumables.

On the basis of type the market is classified as automated liquid handling, manual liquid handling, and semi-automated liquid handling. Based on the application segment market is divided into drug discovery & ADME-Tox Research, cancer and genomic research, bioprocessing/biotechnology. Based on end user the market is categorized as pharmaceutical and biotechnology companies, contract research organization, academic and research institutes

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The global liquid handling technology market is expected to reach US$ 5,705.63 Mn in 2027 from US$ 3,201.36 Mn in 2018 - Yahoo Finance