Artificial Intelligence
Oxbridge Re Holdings Limited Reports Fiscal 2022 Results
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GRAND CAYMAN, Cayman Islands, March 30, 2023 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (NASDAQ: OXBR), (the “Company”), a provider of reinsurance solutions primarily to property and casualty insurers, reported its results for the three months and year ended December 31, 2022.
“By limiting our exposure to underwriting losses through reinsurance contracts in 2022, we significantly reduced the potential loss resulting from Hurricanes Ian and Nicole during the year,” commented Oxbridge Re Holdings President and Chief Executive Officer Jay Madhu.
“Earlier in 2023 we announced the creation of our new subsidiary SurancePlus Inc., offering an alternative investment opportunity leveraging key qualities of blockchain technology to create a well-designed digital security,” Mr. Madhu continued. “In other words, we are digitizing reinsurance securities leveraging blockchain technology via tokenized reinsurance securities. In addition we recently launched our capital raise for SurancePlus where investors in a loss-free period are expected to generate a return of approximately 196% in a three-year period.”
“Also subsequent to the year end, Oxbridge Acquisition Corp. (NASDAQ: OXAC), a Special Purpose Acquisition Company (“SPAC”) in which we have an indirect investment, filed its business combination agreement to merge with Jet Token Inc. (“Jet”), a private aviation and artificial intelligence company offering fractional aircraft ownership, jet card, aircraft brokerage and charter services. The SPAC also recently filed its registration statement on Form S-4 with the Securities and Exchange Commission.” Mr. Madhu concluded.
Financial Performance
For the three months ended December 31, 2022 the Company generated net income of $678,000 or $0.12 per basic and diluted earnings per share compared net income of $1.6 million or $0.27 per basic and diluted earnings per share in the fourth quarter of 2021. For the year ended December 31, 2022 the Company incurred a net loss of $1.8 million or ($0.31) per basic and diluted loss per share compared to net income of $8.6 million or $1.49 per basic and diluted earnings per share in the prior year. The decline in fiscal 2022 is primarily due to a decrease in unrealized gains on the Company’s investment in the SPAC and increased loss and loss adjustment expenses related to the impact of Hurricane Ian during the year.
Net premiums earned for the three months ended December 31, 2022 were nil compared to $210,000 in the same prior year period. For the year ended December 31, 2022 net premiums earned increased to $995,000 from $965,000 in the prior year. The increase in 2022 was due to the acceleration of premium recognition on two of the Company’s reinsurance contracts due to a limit loss suffered during year as well as higher rates on reinsurance contracts compared to the prior year.
Total expenses, including losses and loss adjustment expenses, policy acquisition costs and general and administrative expenses, were $363,000 and $2.6 million for the three months and year ended December 31, 2022, respectively, compared to $482,000 and $1.6 million, respectively, for the same periods in the prior year. The overall increase in 2022 was due to a limit loss incurred on two of the Company’s reinsurance contracts due to the impact of Hurricane Ian, as well as higher general and administrative expenses due to inflationary expense fluctuations and the hiring of an additional member of staff in 2022.
At December 31, 2022, cash and cash equivalents, and restricted cash and cash equivalents were $3.9 million compared to $5.4 million at December 31, 2021.
Financial Ratios
Loss Ratio. The loss ratio, which measures underwriting profitability, is the ratio of losses and loss adjustment expenses incurred to net premiums earned. The loss ratio increased to 107.8% for the year ended December 31, 2022 compared to 16.4% in the prior year due to the limit losses suffered on two of the Company’s reinsurance contracts as a result of Hurricanes Ian, partially offset by a higher denominator in net premiums earned, compared with the prior year.
Acquisition Cost Ratio. The acquisition cost ratio, which measures operational efficiency, compares policy acquisition costs with net premiums earned, remained consistent at 11.0% for the year ended December 31, 2022 compared to the prior year.
Expense Ratio. The expense ratio, which measures operating performance, compares policy acquisition costs and general and administrative expenses with net premiums earned. The expense ratio increased to 153.1% for the year ended December 31, 2022 from 146.2% for the prior year due to higher general and administrative expenses in 2022 compared to the prior year.
Combined ratio. The combined ratio, which is used to measure underwriting performance, is the sum of the loss ratio and the expense ratio. The combined ratio increased to 260.9% for the year ended December 31, 2022 from 162.6% for the prior year. The increase is due to the increase in the loss ratio in 2022 as a result of a limit loss suffered under two of the Company’s reinsurance contracts and increased general administrative expenses compared to the prior year.
Subsequent Events
On February 28, 2023, the Company announced that Oxbridge Acquisition Corp. (“Oxbridge Acquisition”) filed a Current Report on Form 8-K with the Securities and Exchange Commission in connection with Oxbridge Acquisition’s business combination with Jet Token Inc. (“Jet”), a Delaware based company. Upon the closing of the transaction, the combined company will be named Jet.AI Inc. Jet offers fractional aircraft ownership, jet card, aircraft brokerage and charter service through its fleet of private aircraft and those of Jet’s Argus Platinum operating partner. Jet’s charter app enables travelers to look, book and fly. The funding and capital markets access from this transaction is expected to enable Jet to continue its growth strategy of AI software development and fleet expansion. The business combination is expected to be completed late in the second quarter of 2023.
The Company’s wholly-owned licensed reinsurance subsidiary, Oxbridge Reinsurance Limited (“Oxbridge Reinsurance”), is the lead investor in Oxbridge Acquisition’s sponsor and holds the equivalent of 1,426,180 Class B shares, which at closing of the business combination will have a value of $14,261,800. This does not include the value of the 3,094,999 private placement warrants that the Company beneficially holds in Oxbridge Acquisition.
On March 27th, 2023, Oxbridge Re Holdings Limited (the “Company”) and its indirect wholly-owned subsidiary SurancePlus Inc. (“SurancePlus”), a British Virgin Islands Business Company, announced the commencement of an offering by SurancePlus of up to $5.0 million (USD) of DeltaCat Re Tokens (the “Tokens”), which represent Series DeltaCat Preferred Shares of SurancePlus (“Preferred Shares”, and together with the Tokens, the “Securities”). Each Token, which will have a purchase price of $10.00 per Token, will represent one Preferred Share of SurancePlus.
The proceeds from the offer and sale of the Securities will be used by SurancePlus to purchase one or more participating notes of Oxbridge Re NS, a Cayman Islands licensed reinsurance subsidiary of the Company, and the proceeds from the sale of participating notes will be invested in collateralized reinsurance contracts to be underwritten by Oxbridge Re NS. The holders of the Securities will generally be entitled to proceeds from the payment of participating notes in the amount of a preferred return of $12.00 plus 80% of any proceeds in excess of the amount necessary to pay the preferred return. Assuming no casualty losses to properties reinsured by Oxbridge Re’s reinsurance subsidiaries, DeltaCat Re token investors are expected to receive a return on the original purchase price of the tokens of up to 196% after three years.
Conference Call
Management will host a conference call later today to discuss these financial results, followed by a question and answer session. President and Chief Executive Officer Jay Madhu and Chief Financial Officer Wrendon Timothy will host the call starting at 4:30 p.m. Eastern time. The live presentation can be accessed by dialing the number below or by clicking the webcast link available on the Investor Information section of the company’s website at www.oxbridgere.com.
Date: March 30 , 2023
Time: 4.30 p.m. Eastern time
Toll-free number: – 877-524-8416
International number: +1 412-902-1028
Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact InComm Conferencing at +1-201-493-6311
[email protected]
A replay of the call will be available by telephone after 4:30 p.m. Eastern time on the same day of the call and via the Investor Information section of Oxbridge’s website at www.oxbridgere.com until April 13, 2023.
Toll-free replay number: 877-660-6853
International replay number: +1-201-612-7415
Conference ID: 13737512
About Oxbridge Re Holdings Limited
Oxbridge Re (www.oxbridgere.com) is a Cayman Islands exempted company that was organized in April 2013 to provide reinsurance business solutions primarily to property and casualty insurers in the Gulf Coast region of the United States. Through Oxbridge Re’s licensed reinsurance subsidiaries, Oxbridge Reinsurance Limited and Oxbridge RE NS, it writes fully collateralized policies to cover property losses from specified catastrophes. Oxbridge Re specializes in underwriting medium frequency, high severity risks, where it believes sufficient data exists to analyze effectively the risk/return profile of reinsurance contracts and it makes investments that can contribute to the growth of capital and surplus in its licensed reinsurance subsidiaries over time. The company’s ordinary shares and warrants trade on the NASDAQ Capital Market under the symbols “OXBR” and “OXBRW,” respectively.
Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release or during the earnings call that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions. We base these forward-looking statements on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at such time. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our business, results of operations and financial condition and could cause actual results to differ materially from those expressed in the forward-looking statements. These statements are not guarantees of future performance or results. The forward-looking statements are subject to and involve risks, uncertainties and assumptions, and you should not place undue reliance on these forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the following: our significant indirect investment in Oxbridge Acquisition Corp., a blank check company commonly referred to as a special purpose acquisition company, whereby we will suffer the loss of all of our investment if the proposed business combination with Jet Token Inc. fails, or if Oxbridge Acquisition Corp. does not complete an acquisition by August 16, 2023; our use of fair value accounting of our indirect investment in Oxbridge Acquisition Corp. which would result in income statement volatility if a business combination is not completed; and the other important factors discussed under the caption “Risk Factors” in SurancePlus’ offering documents, and our Form 10-K filed with the U.S. Securities and Exchange Commission on March 30, 2023, as may be updated from time to time in subsequent filings. These cautionary statements should not be construed by you to be exhaustive and are made only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Company Contact:
Oxbridge Re Holdings Limited
Jay Madhu, CEO
345-749-7570
[email protected]
OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES
Consolidated Balance Sheets
(expressed in thousands of U.S. Dollars, except per share and share amounts)
| At December 31, 2022 | At December 31, 2021 | |||||||
| Assets | ||||||||
| Investments: | ||||||||
| Equity securities, at fair value (cost: $1,926 and $1,522) | $ | 642 | 577 | |||||
| Cash and cash equivalents | 1,207 | 3,527 | ||||||
| Restricted cash and cash equivalents | 2,721 | 1,891 | ||||||
| Premiums receivable | 282 | 284 | ||||||
| Other Investments | 11,423 | 11,173 | ||||||
| Due from related parties | 45 | 5 | ||||||
| Deferred policy acquisition costs | – | 38 | ||||||
| Operating lease right-of-use assets | 44 | 135 | ||||||
| Prepayment and other assets | 114 | 50 | ||||||
| Prepaid offering costs | 133 | – | ||||||
| Property and equipment, net | 5 | 9 | ||||||
| Total assets | $ | 16,616 | 17,689 | |||||
| Liabilities and Shareholders’ Equity | ||||||||
| Liabilities: | ||||||||
| Reserve for losses and loss adjustment expenses | 1,073 | – | ||||||
| Notes payable to noteholders | 216 | 216 | ||||||
| Unearned premiums reserve | – | 350 | ||||||
| Operating lease liabilities | 44 | 135 | ||||||
| Accounts payable and other liabilities | 294 | 337 | ||||||
| Total liabilities | 1,627 | 1,038 | ||||||
| Shareholders’ equity: | ||||||||
| Ordinary share capital, (par value $0.001, 50,000,000 shares authorized; 5,769,587 and 5,749,587 shares issued and outstanding) | 6 | 6 | ||||||
| Additional paid-in capital | 32,482 | 32,355 | ||||||
| Accumulated Deficit | (17,499 | ) | (15,710 | ) | ||||
| Total shareholders’ equity | 14,989 | 16,651 | ||||||
| Total liabilities and shareholders’ equity | $ | 16,616 | 17,689 | |||||
OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARY
Consolidated Statements of Income
(expressed in thousands of U.S. Dollars, except per share and share amounts)
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Revenue | ||||||||||||||||
| Assumed premiums | $ | – | – | 705 | 904 | |||||||||||
| Premiums ceded | – | – | (60 | ) | – | |||||||||||
| Change in unearned premiums reserve | – | 210 | 350 | 61 | ||||||||||||
| Net premiums earned | – | 210 | 995 | 965 | ||||||||||||
| Net investment and other income | 73 | 34 | 201 | 99 | ||||||||||||
| Net realized investment gains | – | – | 27 | 755 | ||||||||||||
| Unrealized gain (loss) on other investment | 951 | 2,027 | (35 | ) | 9,173 | |||||||||||
| Change in fair value of equity securities | 17 | (202 | ) | (338 | ) | (767 | ) | |||||||||
| Total revenue | 1,041 | 2,069 | 850 | 10,225 | ||||||||||||
| Expenses | ||||||||||||||||
| Losses and loss adjustment expenses | – | – | 1,073 | 158 | ||||||||||||
| Policy acquisition costs and underwriting expenses | – | 23 | 110 | 106 | ||||||||||||
| General and administrative expenses | 363 | 459 | 1,413 | 1,305 | ||||||||||||
| Total expenses | 363 | 482 | 2,596 | 1,569 | ||||||||||||
| Income (loss) before income attributable to noteholders | 678 | 1,587 | (1,746 | ) | 8,656 | |||||||||||
| Income attributable to noteholders | – | (26 | ) | (43 | ) | (91 | ) | |||||||||
| Net income (loss) | $ | 678 | 1,561 | (1,789 | ) | 8,565 | ||||||||||
| Earnings (loss) per share | ||||||||||||||||
| Basic and Diluted | $ | 0.12 | 0.27 | (0.31 | ) | 1.49 | ||||||||||
| Weighted-average shares outstanding | ||||||||||||||||
| Basic and Diluted | 5,775,006 | 5,733,587 | 5,772,396 | 5,735,779 | ||||||||||||
| Performance ratios to net premiums earned: | ||||||||||||||||
| Loss ratio | 0.0 | % | 0.0 | % | 107.8 | % | 16.4 | % | ||||||||
| Acquisition cost ratio | 0.0 | % | 11.0 | % | 11.1 | % | 11.0 | % | ||||||||
| Expense ratio | 0.0 | % | 229.5 | % | 153.1 | % | 146.2 | % | ||||||||
| Combined ratio | 0.0 | % | 229.5 | % | 260.9 | % | 162.6 | % | ||||||||
Artificial Intelligence
Loyalty Juggernaut Receives US Patent for Innovative Technology Enabling Individualized Experiences at Scale
3rd Patent Award Adds to Growing IP Portfolio and Reinforces Commitment to Innovation
CHICAGO, May 20, 2024 /PRNewswire/ — CRMC Show – Loyalty Juggernaut, Inc. (LJI), the loyalty industry’s first cloud-native technology platform for Loyalty Programs, Loyalty Ecosystems, and Digital Marketing, today announced at CRMC that the United States Patent and Trademark Office has awarded a patent (#11978082) for LJI’s groundbreaking use of AI. This patented technology enables brands to deliver individualized offers to program members at scale.
“This transformative feature allows a single loyalty campaign to be personalized and tailored across an entire member base, effortlessly achieving what we call ‘mass individualization,’ which is the stated mission and #1 priority of loyalty programs globally,” said Shyam Shah, CEO and Co-Founder of Loyalty Juggernaut. “This patent marks a significant milestone for us and reinforces our vision of how loyalty programs engage customers by delivering experiences that are 1:1 personalized.”
This marks the third patent for LJI, making their GRAVTY® platform the only loyalty technology globally with patents for three essential capabilities required to future-proof today’s loyalty programs and ecosystems. The other two patents are for:
1.GRAVTY Visual Rules (GVR): The only patented “no-code” rules engine in the loyalty technology industry, empowering loyalty professionals by combining extreme sophistication with extraordinary simplicity (watch GVR in action here).
2. Multi-dimensional Behavior (1st party data) Tracking: This feature is particularly significant in today’s age of cookie-less consumers, as the reliance on high-quality first-party data grows in driving individualized customer experiences and maximizing the effectiveness of digital marketing and data-driven initiatives.
“Loyalty marketers are always looking for ways to engage customers 1:1 at scale. This innovation is groundbreaking in its use of AI to drive mass personalization, the holy grail of loyalty programs,” said Bill Hanifin, Chief Executive Officer, Wise Marketer Group.
Media Contact: [email protected]
About Loyalty Juggernaut
Headquartered in Silicon Valley, Loyalty Juggernaut, Inc. is the next-gen customer engagement and loyalty solutions enterprise helping brands transform their loyalty programs into data-led businesses to maximize customer value and compete at scale. LJI’s GRAVTY® platform powers over 40 loyalty ecosystems globally, involving 4,000+ participating brands across 12 industries including Retail, CPG, Hospitality, Airline, BFSI, Telco, and multi-brand diversified business conglomerates. Customers include Majid Al Futtaim, Liverpool, Global Hotel Alliance, Deutsche Telekom, Viva Aerobus.
#loyaltymarketing #loyaltyprograms #customerengagement #CX #individualization #personalization
Follow us on LinkedIn. More at www.lji.io
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Artificial Intelligence
Vantiva Powers New Vodafone Fiber Router and Wi-Fi 6 Mesh Extender to Enhance In-Home Broadband Experience
CPE leverages Vantiva’s Wi-Fi antenna expertise to connect more than 100 smart devices at ultra-high speeds
PARIS, May 20, 2024 /PRNewswire/ — Vantiva (Euronext Paris: VANTI), a global technology leader enabling Network Service Providers (NSPs) to connect consumers around the world, today announced that it has strengthened its longstanding partnership with Vodafone UK, the largest full fiber provider in the UK, with the introduction of the Wi-Fi 6 enabled Power Hub router and Super Wi-Fi 6 Booster. The customer premises equipment (CPE) leverages Vantiva’s Wi-Fi antenna expertise to offer intelligent Wi-Fi auto-optimization that automatically provides the fastest connectivity across all devices. The router and booster are designed to cost-effectively deliver a superior whole-home Wi-Fi experience to end-users with the ability to seamlessly connect more than 100 smart devices at speeds up to 910 Mbps.
“The introduction of the Power Hub router and Super Wi-Fi 6 Booster are the latest examples Vodafone UK’s continued leadership in bringing advanced connectivity solutions to its customers,” said Mercedes Pastor, Senior Vice-President of the Customer Unit, Eurasia. “This is a step forward in our long-time partnership delivering cutting edge solutions in this market. The outstanding Wi-Fi performance leverages all of Vantiva’s expertise from antenna design to unique testing environments to offer the best in-home wireless experience.”
Vodafone UK’s new Power Hub router is built for fiber-to-the-home network configuration and is easily adaptable for current and future in-home connectivity demands. The Super Wi-Fi 6 Booster works seamlessly with the Power Hub to give reliable coverage throughout the home and is compatible with both existing and previous versions of Vodafone gateways. The extender’s mesh Wi-Fi capability adapts the connectivity to give customers comprehensive Wi-Fi coverage.
As part of Vantiva’s commitment to developing eco-friendly products with low-carbon intensity, the device housing for these products was made from 95% recycled plastic. The packaging was designed using 85% recycled paper, printed with soy ink and uses no plastics.
Vantiva and Vodafone UK have been collaboratively bringing innovative solutions to market in multiple product platforms since 2018 and in fiber since 2022, when the two organizations introduced the first Wi-Fi 6E gateway in the UK, bringing high speed connectivity to homes across the country.
The Vodafone Power Hub Wi-Fi 6 router and Super Wi-Fi 6 Booster are the latest strategic milestones in Vantiva’s ongoing commitment to providing open and innovative technologies for NSPs and Pay TV operators. Vantiva’s goal is to bring seamless connectivity and premium entertainment experiences to consumers by creating best-in-class CPE and partnering with the most innovative companies in the connected home ecosystem.
Contact: Vantiva Press RelationsThatcher+Co. for [email protected]
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Artificial Intelligence
Life Science Equipment Market to be Worth $97.96 Billion by 2031 – Exclusive Report by Meticulous Research®
REDDING, Calif., May 20, 2024 /PRNewswire/ — According to a new market research report titled, ‘Life Science Equipment Market Size, Share, Forecast, & Trends Analysis By Technology (Spectroscopy, Microscopy, Chromatography (HPLC, GC, TLC), PCR, Immunoassay, Sequencing, Flow Cytometry, Microarray, Centrifuge) End User – Global Forecast to 2031,’ published by Meticulous Research®, the life science equipment market is projected to reach $97.96 billion by 2031, at a CAGR of 6.3% from 2024 to 2031.
Download Sample Report Now- https://www.meticulousresearch.com/download-sample-report/cp_id=3937
Life sciences encompass a wide range of fields, including biology, biochemistry, genetics, pharmacology, and many more. Laboratory equipment plays a critical role in conducting experiments, collecting data, and analyzing samples to further scientific research and advance our understanding of living organisms and their underlying mechanisms. Equipment is also necessary for quality checks and validation of manufactured drugs and biologics in the life sciences industry. The growth of the life sciences industry is driving the adoption of life sciences and laboratory equipment.
The growth of this market is attributed to several factors, including increasing pharmaceutical and biotech R&D expenditures, government initiatives supporting life sciences R&D, the increasing prevalence of chronic and infectious diseases, and growth in initiatives to control environmental pollution. Additionally, the growth in genomics and proteomics, the increasing awareness and growing adoption of personalized medicines, increasing automation and digitalization in the life sciences industry, and the increasing focus on food safety and quality are expected to provide significant opportunities for players operating in the market.
The report offers a competitive landscape based on an extensive assessment of the leading players’ product portfolios and geographic presence and the key growth strategies adopted by them in the last three to four years. In recent years, the life science equipment market witnessed several product launches, product enhancements, product approvals, partnerships, agreements, & collaborations, acquisitions, and expansions.
The key players operating in the life science equipment market are Agilent Technologies, Inc. (U.S.), Becton, Dickinson, and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann LA-Roche AG (Switzerland), PerkinElmer, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Waters Corporation (U.S.), Bruker Corporation (U.S.), Shimadzu Corporation (Japan), Siemens Healthineers AG (Germany), Eppendorf SE (Germany), Sartorius AG (Germany), and QIAGEN N.V. (Netherlands).
Get a Glimpse Inside: Request Sample Pages- https://www.meticulousresearch.com/request-sample-report/cp_id=3937
Growing Awareness and Adoption of Personalized Medicine to Offer Opportunities for Players Operating in the Life Science Equipment Market
Personalized medicine, also known as precision medicine, is an emerging approach to patient care. Physicians choose a treatment method based on the patient’s genetic makeup (also considering genetic changes resulting from a disease) and lifestyle habits. It is an emerging disease treatment and prevention approach that considers individual variability in genes, environment, and lifestyle.
Precision medicine can remove the need for guesswork, variable diagnostic ability, and treatment strategies based on generalized demographics. Moreover, precision medicine enables a more holistic view of an individual patient. Precision medicine for clinical workflows helps facilitate more predictive and preventive care by bringing targeted therapies. There has been an increase in the adoption of personalized medicine in recent years. For instance, according to the Personalized Medicine Coalition, the share of personalized medicine has increased steadily in the total drugs approved in the U.S. by the FDA, from 28% in 2015 to 35% in 2021. The increasing awareness and adoption of personalized medicine are driving the demand for specialized laboratory equipment and technologies that enable precise and accurate genetic and molecular analysis.
Personalized medicine heavily relies on genetic testing, sequencing, analysis of genetic, genomic, and proteomic information, and biomarker identification and validation. This necessitates the use of advanced laboratory equipment, such as DNA sequencers, gene sequencers, PCR machines, real-time PCR systems, next-generation sequencers, mass spectrometers, immunoassay analyzers, and chromatography systems, to accurately derive the necessary results.
The life science equipment market is segmented by Technology [Spectroscopy, Microscopy, Chromatography, Lab Automation, Immunoassay Analyzers, PCR, Sequencing, Flow Cytometry, Incubators, Microarray, Centrifuges, Electrophoresis, and Other Equipment], End User [Pharmaceutical and Biotechnology Industry, Academic & Research Institutes, Hospitals and Diagnostic Laboratories, Analytical Testing Laboratories, Agriculture and Food Industry, Forensic Laboratories, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets. (Note: Apart from primary segmentation, Spectroscopy, Microscopy, Chromatography, Lab Automation, Immunoassay Analyzer, PCR, Sequencing, Flow Cytometry, Microarray, Centrifuges, and Electrophoresis have further level segmentation).
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Among the technologies included in the report, in 2024, the spectroscopy segment is expected to account for the largest share of 22% of the life science equipment market. The spectroscopy segment is further sub-segmented into molecular spectroscopy, atomic spectroscopy, mass spectrometry, and software. In 2024, the molecular spectroscopy segment is expected to account for the largest share of the spectroscopy market. Molecular spectroscopy is used to determine the composition of a material in an unknown chemical composition. It is used in various applications across food & beverage, environmental screening, pharmaceutical, and biotech industries. Therefore, the wide range of applications of molecular spectroscopy coupled with the growth of the life sciences industry, especially the pharmaceutical and biotech sectors, contribute to the large market share of this segment.
Among the end users included in the report, in 2024, the pharmaceutical and biotechnology industry segment is expected to account for the largest share of 32% of the life science equipment market. The largest share is contributed by several factors, including the increased demand for new drugs and therapies leading to extensive research and development activities, the need for technologically advanced equipment in the pharmaceutical and biotech industries, the rise in funding and investments in the pharmaceutical and biotech industry, and increased healthcare expenditure.
Among the geographies included in the report, in 2024, North America is expected to account for the largest share of 41% of the life science equipment market. North America’s major market share is attributed to the presence of key players, its well-established life science industry, and substantial spending on R&D activities by pharmaceutical and biotech companies. The U.S. is home to global top-ranking pharmaceutical companies. Companies like Johnson & Johnson, Pfizer, AbbVie Inc., Merck, and Bristol Myers Squibb are headquartered in the U.S. These companies have high R&D expenditure at increasing at a high rate each year. For example, Johnson & Johnson spent USD 14.7 billion on research and development in 2021, with a 21% increase over 2020.
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Scope of the Report:
Life Science Equipment Market Assessment—by Technology
SpectroscopyMolecular SpectroscopyUV/Vis SpectroscopyNuclear Magnetic Resonance (NMR)Near-Infrared (NIR) SpectroscopyInfrared (IR) SpectroscopyRaman SpectroscopyPolarimeters and RefractometersFluorescence & Luminescence SpectroscopyOther Molecular Spectroscopy TechnologiesNote: Other molecular spectroscopy technologies segment includes Raman spectroscopy, ellipsometry, and color measurement
Mass SpectrometryQuadrupole LC/MSTime of Flight LC/MS (Q-TOF & LC-TOF)Gas Chromatography-Mass Spectrometry (GC/MS)Fourier Transform Mass Spectrometry (FT/MS)Matrix-Assisted Laser Desorption/Ionization-Time of Flight Mass Spectroscopy (MALDI-TOF MS)Portable and In-Field Mass SpectroscopyTandem Mass Spectroscopy (MS/MS)Ion Trap Mass Spectroscopy (LC/MS)Atomic SpectroscopyAtomic Absorbance Spectroscopy (AAS)X-Ray Fluorescence (XRF) SpectroscopyX-Ray Diffraction (XRD) SpectroscopyOther Atomic Spectroscopy TechnologiesNote: Other atomic spectroscopy technologies segment includes inductively coupled plasma (ICP) spectroscopy, glow discharge spectroscopy, and arc/spark optical emission spectroscopy
Spectroscopy SoftwareMicroscopyElectron MicroscopyOptical MicroscopyScanning Probe MicroscopyOther MicroscopyMicroscopy SoftwareChromatographyHigh-Performance Liquid Chromatography (HPLC)Gas Chromatography (GC)Low Pressure Liquid Chromatography (LPLC)Flash ChromatographyThin Layer Chromatography (TLC)Ion ChromatographySupercritical Fluid Chromatography (SFC)Chromatography SoftwareLab AutomationAutomated WorkstationsRobotic SystemsAutomated Storage and Retrieval Systems (ASRS)Lab Automation SoftwareImmunoassay AnalyzersChemiluminescence ImmunoassayFluorescence ImmunoassayRadioimmunoassay (RIA)Colorimetric ImmunoassayOther Immunoassay AnalyzersImmunoassay SoftwarePCRRT-PCRConventional PCRDigital PCRPCR SoftwareSequencingFlow CytometryCell-Based Flow CytometersBead-Based Flow CytometersFlow Cytometry SoftwareIncubatorsMicroarrayDNA MicroarraysProtein MicroarrayTissue ArrayOther MicroarraysMicroarray SoftwareNote: Other microarrays segment includes glycan microarray, carbohydrate microarray, and chemical compounds microarrays
CentrifugesCentrifuges, by TypeDevicesMultipurpose CentrifugesMicrocentrifugesMini centrifugesUltracentrifugesOther CentrifugesCentrifuge AccessoriesCentrifuges, by ModelBenchtop CentrifugesFloor-standing CentrifugesCentrifuges, by ApplicationResearch ApplicationsGenomicsMicrobiologyCellomics ProteomicsClinical ApplicationsDiagnosticsBlood Processing and ScreeningOther ApplicationsElectrophoresisGel ElectrophoresisCapillary ElectrophoresisGel Documentation Systems and SoftwareOther EquipmentNote: Other equipment segment includes autoclaves, stirrers & shakers, mixers, baths, hot plates, ovens & furnaces, and balances
Life Science Equipment Market Assessment —by End User
Pharmaceutical and Biotechnology IndustryAcademic & Research InstitutesHospitals and Diagnostic LaboratoriesAnalytical Testing LaboratoriesAgriculture and Food IndustryForensic LaboratoriesOther End UsersNote: Other end users include blood banks and industries, such as cosmetics, chemicals, oil & gas, electronics & semiconductors, automotive, aerospace, ceramics, plastics, rubber, and paints & coatings
Life Science Equipment Market Assessment —by Geography
North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainSwitzerlandRest of Europe (RoE)Asia-Pacific (APAC)ChinaJapanIndiaSouth KoreaRest of APAC (RoAPAC)Latin AmericaBrazilMexicoRest of LATAM (RoLATAM)Middle East & AfricaSaudi ArabiaUAERest of Middle East & Africa (RoMEA)Unlock Opportunities: Buy Now- https://www.meticulousresearch.com/Checkout/26911858
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Genomics Market by Offering (Systems, Consumables, Software, Services), Technology (Sequencing, Microarray, PCR), Application (Diagnostics, Life Science Research), End User (Pharmaceutical Companies, Hospitals, Academic Institutes, CRO) – Global Forecast to 2030
NGS Automation Market by Product (Platform, Consumables), Sequencing Type (Whole Genome, Exome, Targeted), Application (Drug Discovery, Diagnostics), End User (Hospitals, Diagnostic Laboratories, Pharmaceutical, Academic) – Global Forecast to 2029
Liquid Handling Systems Market by Type (Automated, Electronic, Manual), Product (Pipette, Consumables, Burette, Software, Microplate), Application (Drug Discovery, Cancer & Genomics, Clinical), End User (Hospital, Diagnostic Lab) – Global Forecast to 2029
High-Performance Liquid Chromatography (HPLC) Market by Product (Instruments [Systems, Detectors], Consumables [Columns, Tubes], Accessories, Software), Application (Forensics, Diagnostics), End User (Research, Pharmaceuticals) – Global Forecast to 2030
Next Generation Sequencing Market by Type (Consumables, NGS Platform, Software), Sequencing Type (Whole Genome, Targeted), Technology (Sequencing by Synthesis, Sequencing by Ligation), Application (Clinical, Research), End User – Global Forecasts to 2030
Chromatography Reagents Market by Type (GC, LC, TLC), Product (Solvents, Buffers, Reagents), Separation (Adsorption, Partition, Affinity), Application (Pharma, Forensic, Environmental, Cosmeceuticals, Diagnostics, QC), End User – Global Forecast to 2030
Related Blogs:
Top 10 Companies in Life Science Equipment Market
Life Science Equipment: The Role of Various Technologies
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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