New analysis from Frost & Sullivan (http://www.testandmeasurement.frost.com), Indian Laboratory Analytical Instruments Markets, finds that the market earned revenues of over 7.89 billion rupees in 2007 and estimates this to reach 18.07 billion rupees in 2011.
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"The increasing trend toward contract research and contract manufacturing, which has resulted in significant outsourcing of research and manufacturing in the pharma industry, is seen as influencing growth in the laboratory analytical instruments market in India," says Frost & Sullivan Program Manager Deepa Doraiswamy.
Support from the government and huge investments have helped accelerate the pace of development and mitigate potential bottlenecks, enabling the country to become the hub of biotechnology R&D activity. Also witnessed is a growing emphasis on preservation of the ecosystem through total environmental conservation. Laboratory analytical instruments being critical in these sectors, their growth is expected to remain unscathed in the future.
The Indian laboratory analytical instruments market is highly price sensitive. End users such as the government, research institutes, and the pharma industry are very focused on their needs, procuring only the best of equipment with all features enabled at a highly competitive price. There is a distinct movement toward the procurement of value-enhanced products, but a reluctance to pay a higher price for such devices is also evident.
"Being a highly competitive market with numerous suppliers in the fray, this extreme price consciousness of buyers forces suppliers to keep a tab on the prices of their equipment," observes Doraiswamy. "To remain competitive in the market, foreign suppliers are forced to shed a portion of their margins to enable them maintain prices at acceptable levels."
Efforts are being directed toward inspiring sales through brand equity image. The best way forward for foreign suppliers is to either set up joint ventures with local manufacturers or go the whole hog and establish their own manufacturing facilities in India.
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