Growing medical and pharmaceutical R&D in emerging nations, coupled with a combination of public and private funding and ongoing advancements in analytical instrumentation are fuelling demand in the life sciences business.
As we move into 2015, the growth in these markets is accelerating at an ever faster rate, particularly in the developing international markets. While North America traditionally has the largest share of this sector, the Asia-Pacific markets – for example – are expected to grow at the highest rate through to 2020. The potential is clear to see; from the rising growth of a myriad of biobanking applications to overall healthcare expansion, a number of factors present promising opportunities for gas suppliers in this key market.
The life science and healthcare market includes a variety of research-driven applications across a broad range of markets associated with biobanking and healthcare. Technological advancements with biobanking applications and cold storage of bio-samples are critical aspects of the life science and healthcare value chains. These markets consist of pharmaceutical, university, biotechnology, biomedical R&D, blood banking, tissue banking, cell therapy, biopharmaceutical, general healthcare, and related industries that all drive overall expansion of biobanking efforts, which now includes the storage of 1.3 billion samples worldwide¹.
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