In terms of revenue, the Global Life Sciences Tools Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 11.1% from 2023 to 2030.
The invention, production, and distribution of tools and other equipment for use in various life science research and diagnostic applications make up the field of the global economy known as the market. are utilized by academic and research institutions, pharmaceutical and biotechnology companies, and clinical research organizations to support and enhance their scientific pursuits. The life sciences tool market is varied and includes many goods and innovations. Some examples include DNA sequencers, mass spectrometers, flow cytometers, microscopes, chromatography systems, and various other instruments and equipment used in genomics, proteomics, cell biology, drug discovery, and clinical diagnostics.
The pharmaceutical and biotechnology industries' increased R&D efforts, technological advancements, and the rising incidence of chronic diseases necessitating personalized medicine and targeted therapies have all contributed to the significant growth of the market over the years. Government funding for life sciences research, increasing investments in healthcare infrastructure, and the expanding application of in the healthcare sector have also contributed to market growth.
Key Highlights from the Report
- Based on Technology, the Cell Biology Technology segment dominates the Life Sciences Tools market owing to technological advancements, increasing demand for cell-based therapies and research, and rising investments in life sciences research.
- Based on Product, Cell Culture Systems & 3D Cell Culture segment accounted for the substantial growth of the market in 2022 due to the surge in need for personalized medicine & regenerative therapies, as well as the demand for cell-based assays & drug testing
- Based on the End-User segment, the Biopharmaceutical Company segment is predicted to flourish rapidly throughout the projected period. This is primarily owing to the increasing demands of the biopharmaceutical industry.
- Based on Region, North America holds the significant market share within the Life Sciences Tools market in 2022 owing to the rapid uptake of genomics, proteomics, oncology, and diagnostic screening in the region.
Enhanced comprehension of how drugs interact with patients' genetic profiles has resulted in advancements in targeted therapies. The life science industry is now harnessing innovative technologies such as predictive analytics to optimize the production of biological therapeutics and meet the escalating demand. Coupled with cost-effective and robust genetic profiling, these developments are poised to enhance treatment outcomes and reduce drug development expenses. The increasing demand for biologics is expected to drive market expansion, as a significant portion of biologics relies on recombinant DNA technology for manufacturing.
Furthermore, the field of cancer therapy is witnessing rapid evolution in monoclonal antibodies. For instance, as reported in an article, 27 monoclonal antibodies have received approval for treating various cancer types. Additionally, the growing FDA approvals of monoclonal antibodies for both diagnostics and cancer therapy are broadening the applications of biologics. For instance, in January 2022, the FDA approved Tebentafusp-tebn, a monoclonal antibody that aids in treating metastatic uveal melanoma. Government support and the rising demand for innovative therapeutics will drive market growth.
North America led the market in 2022. The biopharmaceutical sector in the United States has experienced substantial growth thanks to the introducing of innovative product categories like immunotherapeutic, nanoantibodies, synthetic vaccines, and others. The market's momentum is expected to be fuelled by heightened research and development investments in life science tools, academia, and pharmaceutical and biopharmaceutical industry research. For example, the United States' biopharmaceutical industry has garnered global recognition as a leader in pioneering new drug discoveries, as the Pharmaceutical Research and Manufacturers of America acknowledged. The pharmaceutical and biopharmaceutical sectors' combined research and development expenditure was projected to reach USD 91.1 billion in 2021, an increase from the approximately USD 83 billion invested in 2020.
The Global Life Sciences Tools Market is Segmented as follows
- Genomic Technology
- Proteomics Technology
- Cell Biology Technology
- Lab Supplies & Technologies
- Other Analytical & Sample Preparation Technology
- Cell Culture Systems & 3D Cell Culture
- Liquid Chromatography
- Mass Spectrometry
- Flow Cytometry
- Cloning & Genome Engineering
- Microscopy & Electron Microscopy
- Next Generation Sequencing
- PCR & qPCR
- Nucleic Acid Preparation
- Nucleic Acid Microarray
- Sanger Sequencing
- Transfection Devices & Gene Delivery Technologies
- Other Products
- Government & Academic
- Biopharmaceutical Company
- Industrial Applications
- Other End-Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Life Sciences Tools Market is
Agilent Technologies Inc. (U.S.), Becton Dickinson and Company (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Bio-Rad Laboratories Inc. (U.S.), Danaher Corporation (U.S.), Illumina Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V. (Hongkong), Merck KGaA, Shimadzu Corporation (Japan), Hitachi Ltd. (Japan), Bruker Corporation (U.S.), Oxford Instruments PLC (UK), Zeiss International (Germany)
The Global Life Sciences Tools Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|