The Global Life Science Tools Market Size is valued at 151.59 billion in 2022 and is predicted to reach 338.21 billion by the year 2031 at a 9.57% CAGR during the forecast period for 2023-2031.
Over the projection period, market growth is anticipated to pick up due to the biopharmaceutical industry's consistent commercial success, which includes novel product categories, including Nanobodies, rDNA, synthetic vaccines, fusion proteins, soluble receptors, immunoconjugates, and immunotherapeutics. The market is expected to be driven by the increase in funding for R&D linked to academics and life sciences tools research by government and non-government organisations. The development of life science instruments for diagnosing the target population will also be stimulated by the increased need for diagnostic tests for numerous infectious diseases, driving market growth overall throughout the projection period.
In addition, mass spectrometry, chromatography techniques, sequencing technologies, and other items have seen increased use in medical facilities, academic research facilities, and diagnostic labs. The market development of life science tools is expected to be boosted by rapid innovation in scientific tools and technical advancement in the healthcare industry. The elevation of instruments used in life science, such as NMR, sequencing advances, chromatography methods, and tools for rapid diagnostics, is a priority of businesses like Bio-Rad Research Centers.
Recent Developments:
- In Jan 2023, Agilent Technologies Inc. unveiled its recent purchase of Avida Biomed, an early-stage life sciences company that produces high-performance target enrichment workflows with unique capabilities for clinical researchers applying next-generation sequencing (NGS) approaches to investigate cancer. The acquisition enhances Agilent's strategy to expand into the high-growth clinical research and diagnostics markets.
- In June 2022, Bio-Rad Laboratories, Inc. announced the introduction of EconoFit Low-Pressure Prepacked Chromatography Column Packs to aid in developing protein purification workflows by facilitating resin screening experiments. Bio-Rad's EconoFit Columns provide a vast array of prepackaged resins, allowing customers to evaluate resins easily and choose the optimal chemistry for various target molecules.
- In Feb 2022, BD has acquired Cytognos. (Becton, Dickinson and Company). BD's portfolio of diagnostic and research solutions for certain cancers, such as lymphoma, leukemia, and multiple myeloma, for which flow cytometry is the primary means of discovery, diagnosis, and comprehension, has been expanded by Cytognos' main products.
Competitive Landscape:
Some of the Life Science Tools market players are:
- Agilent Technologies, Inc.;
- Becton, Dickinson and Company
- Bio-Rad Laboratories, Inc.;
- Bruker Corporation
- Danaher Corporation
- Hoffmann-La Roche Ltd.;
- GE Healthcare
- Genome Medical, Inc.
- Hamilton Company
- Hitachi Ltd.
- Hoffmann-La Roche Ltd.
- Illumina, Inc.
- Merck KGaA
- Oxford Instruments plc
- Qiagen N.V.
- Shimadzu Corporation
- Thermo Fisher Scientific, Inc.
- ZEISS International
Market Segmentation:
The Life Science Tools market is segmented on the basis of technology, product, and end-user. Based on technology, the market is segmented as Genomic Technology, Proteomics Technology, Cell Biology Technology, Other Analytical & Sample Preparation Technology, and Lab Supplies & Technologies. By product, the market is segmented into Cell Culture Systems & 3D Cell Culture, Liquid Chromatography, Mass Spectrometry, Flow Cytometry, Microscopy & Electron Microscopy, Next Generation Sequencing, PCR & qPCR, Nucleic Acid Preparation, Nucleic Acid Microarray, Sanger Sequencing, Transfection Devices & Gene Delivery Technologies, Other Separation Technologies, and Other Products & Services. By end user, the market is segmented into Government & Academic, Biopharmaceutical Companies, Healthcare, Industrial Applications, and Others.
Based On Technology, The Cell Biology Technology Segment Is Accounted As A Major Contributor To The Life Science Tools Market
The biggest portion was attributed to cell biology technologies. The segment is expanding as a result of the increasing NIH funding for cell biology and the application of cell biology technology in drug discovery. Likewise, the use of cell-based assays for drug discovery has increased as a result of advancements in flow cytometry and liquid handling. Important market participants have also collaborated on research projects to convert blood and umbilical cord tissue stem cells from newborns into induced pluripotent stem cells (iPSCs). For instance, EdiGene and Haihe Laboratory declared a strategic partnership to create platform technologies and stem regenerative cell treatments in January 2022. The cooperation intends to investigate cutting-edge biomarkers to improve stem cell production quality control. These partnerships are anticipated to boost industry growth.
Next-Generation Sequencing Witness Growth At A Rapid Rate
From 2023 to 2030, next-generation sequencing is expected to grow at the fastest rate, 21.2%. Massively parallel genome sample sequencing is possible with next-generation sequencing (NGS) equipment. The systems are effective at simultaneously analysing a lot of sequencing reactions. The usage of this life science technology is also projected to increase due to the NGS workflow's simplification and ongoing instrument and reagent cost decreases. Moreover, with enhancement in bioinformatics, the adoption of NGS is likely to grow in high- and even low-throughput research. For example, in February 2022, Beckman Coulter Life Sciences signed an application development agreement with Illumina, Inc. for the Biomek NGeniuS Next Generation Library Preparation System.
The North American Life Science Tools Market Holds A Significant Revenue Share In The Region
Due to the region's rapid adoption of genomics, proteomics, oncology, and diagnostic screening, North America accounted for the lion's share of the revenue. The U.S. and Canada are driving market expansion in the area with the increased use of genetic medicine, biopharmaceuticals, diagnostic techniques, and inventive technologies for diagnosing and treating clinical illnesses. Numerous market participants consistently working to provide cutting-edge equipment for life science research is another advantage the region enjoys. Also, a well-regulated environment for the approval and use of genomic and tissue diagnostic tests is anticipated to fuel the market's expansion throughout the course of the projected period.
Life Science Tools Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 151.59 Bn |
|
Revenue forecast in 2031 |
USD 338.21 Bn |
|
Growth rate CAGR |
CAGR of 9.57 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Technology, Product, And End-User |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Agilent Technologies, Inc.; Becton; Dickinson and Company; F. Hoffmann-La Roche Ltd.; Bio-Rad Laboratories, Inc.; Danaher Corporation; Illumina, Inc.; Thermo Fisher Scientific, Inc; QIAGEN N.V.; Merck KGaA; Shimadzu Corporation; Hitachi Ltd.; Bruker Corporation; Oxford Instruments plc; Zeiss International. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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