LONDON, Nov. 9, 2016 /PRNewswire/ -- The global life science instrumentation market is estimated to grow at a CAGR of 6.8% from 2016 to 2021, to reach USD 64.52 billion by 2021. Factors such as increasing spending on pharmaceutical R&D, growing food safety concerns, availability of public and private funding for life science research, and continuous technological advancements in analytical instruments are fueling the growth of life science instrumentation market. On the other hand, presence of alternative analytical technologies, high cost of instruments, and dearth of skilled professionals are some of the key factors limiting the growth of the global life science instrumentation market. Based on the type of technology, the spectroscopy technology segment is expected to account for the largest share of the global life science instrumentation market in 2016. The increasing use of spectroscopy instruments in the drug safety process is stimulating the growth of the spectroscopy market. In addition, the increasing use of spectroscopy in combination with other technologies, such as chromatography, in various applications is also driving the growth of this market. Geographically, North America commands the largest share of the global life science instrumentation market in 2016, followed by Europe. The life science instrumentation market in North America is primarily driven by the stringent drug development regulations; public and private funding for life science research activities; growing number of metabolomics research studies in the U.S.; and a significant number of conferences, symposia, and seminars held in this region related to analytical technologies.