by The life science tools market is estimated to be valued at US$ 111.28 billion in 2022 and is expected to exhibit a CAGR of 12.5% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The life science tools market covers a diverse range of research and laboratory equipment used across the pharmaceutical, biotechnology, CRO and CMO sectors. Key product segments include analytical instruments, lab equipment, consumables and reagents. Analytical instruments include PCR machines, DNA microarrays, gene amplifiers, sequencers, spectrometers and chromatography equipment. Lab equipment comprises laminar flow cabinets, refrigerators, incubators, centrifuges and robotic systems. Consumables include microplates, pipette tips, tubing, syringes and gloves. Consumables and reagents are consumable components and chemical substances used along with instruments and equipment across research activities. Life science tools find extensive application across genomics, proteomics, cell biology research and drug discovery and development processes.
Market Dynamics:
The life science tools market is driven by growing R&D investments biopharmaceutical companies and research institutions. Biopharmaceutical industry players are engaging in partnerships with academic institutes and increasing investments towards development of complex biologics including mAbs and cell & gene therapies. This will boost adoption of advanced life science tools over the forecast period. Furthermore, increasing prevalence of various diseases worldwide along with rising focus on personalized medicine is expected to promote life science research. Growing need for high-throughput screening for lead identification in drug discovery will benefit analytical instruments segment. However, high costs of analytical instruments and lack of skilled professionals may restrain market growth.
Segment Analysis
The life science tools market is segmented into equipment, reagents, consumables and others. The reagents segment currently dominates the market accounting for over 40% share. This is because reagents are required in high amounts for various applications such as next generation sequencing, PCR, cell and tissue analysis, western blots and others. They are used for various laboratory tests, research and diagnostic purposes.
PEST Analysis
Political: The government support for life sciences research through favorable funding policies is driving the market growth. For instance, the National Institutes of Health in the U.S. provides significant funding for research programs.
Economic: Rising investment in biotechnology and pharmaceutical industries coupled with growing R&D spending are boosting demand for advanced tools and equipment. The high economic growth in emerging Asian countries is another plus.
Social: Rising incidence of cancer and other chronic diseases is generating need for early detection through diagnoses. This is positively impacting the market. Also, increasing awareness about personalized medicines is fueling the demand.
Technological: Automation, miniaturization and integration are some of the emerging technologies gaining popularity. Tools and equipment with advanced features like artificial intelligence, robotics, cloud computing are enhancing productivity and driving market growth.
Key Takeaways
The Global Life Science Tools Market Size is expected to witness high growth, exhibiting CAGR of 12.5% over the forecast period 2022-2030, due to increasing R&D investments and growing demand for diagnostics. The market was valued at US$ 111.28 billion in 2022.
Asia Pacific is projected to grow at the highest CAGR during the analysis period due to rising pharmaceutical and biotechnology industry, increasing government spending on healthcare and improving medical infrastructure in emerging countries like China and India.
Key players operating in the life science tools market are Agilent Technologies, Inc., BD, F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Inc., Danaher, Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Merck KGaA, Shimadzu Corporation, Hitachi, Ltd., Bruker, Oxford Instruments, ZEISS International, Genome Medical, Inc., Hamilton Company, and Beckman Coulter, Inc. Key players are focusing on new product launches, partnerships and mergers & acquisitions to enhance their market presence. For instance, in July 2021, Thermo Fisher acquired PPD to strengthen its clinical research product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
