July 13, 2024

Growing Online Platforms Is Anticipated To Open Up The New Avenue For Life Science Tools Market

Market Overview:

The life science tools industry provides instruments, consumables and software that are used for scientific research and development in the biotechnology, pharmaceutical and other life science sectors. Some key products in this industry include next generation sequencing platforms, flow cytometers, electrophoresis equipment, liquid handling systems, spectrometers and others. The applications of these tools include gene sequencing, drug discovery, bioengineering, agricultural sciences and clinical diagnosis. Growing R&D spending on pharma and biotech research along with increasing government initiatives to modernize healthcare infrastructure is supporting the growth of this market.

Market Dynamics:

The life science tools market is primarily driven by an increasing demand for biopharmaceuticals, pre and post approval services in pharmaceutical industry. Rapid advancement of technologies like omics and analytics and rising investments from both private and public sectors into life science research is also propelling the market growth. For example, in 2023, US National Institutes of Health funded around US$ 44.7 billion for biomedical and health research. Furthermore, growing prevalence of various chronic and infectious diseases is leading to increasing diagnostic testing which require life science tools. However, high costs associated with certain advanced technologies and lack of skilled professionals in developing nations are some of the factors hindering the market growth.

Segment Analysis

The life science tools market is dominated by the research segment, which accounts for over 60% share of the overall market. Factors such as increasing research funding from both public and private sectors, and growing collaborations between research laboratories and industries are driving the growth of this segment. The increased focus on developing new drugs, disease diagnostics, and therapeutics has propelled investments in both basic and applied research requiring advanced analytical tools.

PEST Analysis

Political: Governments across major markets have increased funding for life science research to promote innovations. For instance, the National Institutes of Health budget in the US grew to over $30 billion.

Economic: The global life science tools market size was valued at US$ 125.19 billion in 2023 and is expected to reach US$ 243.11 billion by 2030. Rise in research spending by pharmaceutical and biotech companies is fueling market growth.

Social: Increase in R&D activities driven by growing disease burden and demand for precision medicine is a key social factor supporting market expansion.

Technological: Adoption of advanced technologies like machine learning, artificial intelligence, and nanopore sequencing foster development of innovative multi-omics tools and drive efficiency gains.

Key Takeaways

The Global Life Science Tools Market Demand is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing investment in drug discovery, diagnostics, and genomics research.

North America dominates currently due to concentration of key market players and high research spending in the region. The Asia Pacific region is projected to be the fastest growing market during the forecast period owing to rising healthcare expenditure, expansion of pharmaceutical industry, and increased government funding for life science research in 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. These players are focusing on strategies like new product launches, acquisitions, and expansions to strengthen their market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it