Research and development are defined as the process of creating new products, processes, and technologies that can be used and marketed for mankind’s benefit in the future. The increase in R&D investment in Asia, particularly in China, and the consecutive growth in R&D spending in North America indicate a period of stability, security, and healthy competition, across industrial sectors.
- As per the study published by R&D Magazine, the global R&D spending was forecast to increase by 3.6% in 2019, to a total of USD 2.3 trillion in purchasing power parity (PPP) values, in more than 110 countries with significant R&D investments (more than USD 100 million).
- Other factors, such as the aging population, market expansion in developing countries, advances in medical treatments, and rising labor costs, are likely to drive spending growth. Furthermore, government initiatives have been driving the studied market’s growth through direct funding and increasing awareness, which are expected to supplement the R&D activities of academia and the industry.
Key Market Trends
Portable Ultraviolet Transilluminator Imaging Systems Segment is Expected to Show Better Growth in the Forecast Years
Based on type, the market studied is segmented into standalone and portable ultraviolet transilluminator imaging systems. Transilluminators provide a highly sensitive method to detect double-stranded nucleic acids that have been labeled with dyes. The portable transilluminators are compact and lightweight, which can easily fit in any laboratory. The demand for portable UV transilluminator has been increasing, owing to the ease of operation and safety of these systems. Moreover, it offers an economical alternative and features a space-saving design. Hence, owing to the aforementioned factors, the segment is believed to witness rapid growth over the forecast period.
North America holds the Largest Share in the Ultraviolet Transilluminator Imaging Systems Market
The North American region holds the largest share of the market studied, due to the strong presence of device manufacturers and advancements in technology. Furthermore, the market studied is expected to witness rapid growth over the forecast period, due to the rising government spending in the biotech and biopharmaceutical sector. In addition to this, the early adoption of modern technologies and well-developed healthcare infrastructure are the key driving factors responsible for the growth of the ultraviolet transilluminator imaging systems market.
The market studied is moderately competitive, and there are several global companies that have been operating in this market. The major players in the ultraviolet transilluminator imaging systems market are Cleaver Scientific Ltd, DNR Bio-Imaging Systems Ltd, Maestrogen Inc., Spectronics Corporation, Syngene (Synoptics Ltd), Thermo Fisher Scientific, Thomas Scientific, VWR International, LLC, and Wealtech Corporation.
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