Current indications are that India will have the strongest regional market for life science and analytical instrumentation and lab products in 2017, with growth forecast at 7.5%, followed closely by China at 6.8%. Both countries continue to develop rapidly with private and public investments, but the Chinese market has grown to such a size that it becomes harder to support such high growth rates as it had in the past. India’s pharmaceutical and biotechnology industry, including generics, continues to increase demand for instrumentation from research to quality control. Improving commodities prices will also help the Indian chemicals and polymer industry. Other Asia Pacific countries will also provide above average opportunities.
This finding was further confirmed in our recent survey of scientists that included over 300 Asian respondents. Less than 30% told us they planned to defer their purchase of capital equipment in 2017, compared to 59% of US respondents who are holding off on purchasing instrumentation this year.
Despite current uncertainties regarding the new administration in the US, the US and Canada should post solid growth of 5.0%. In contrast, European growth is expected to lag behind the global average. The situation in Japan continues to slowly improve, but currency effects are expected to erode gains, holding the country to growth of 2.5%. Latin America and the Rest of World are forecast to experience positive, albeit lackluster, growth.