by The life science tools market encompasses a wide range of products that are utilized to conduct research activities in various life science domains such as genomics, proteomics, drug discovery and development, molecular diagnostics and many more. Some of the key products include next-generation sequencing platforms, cell culture consumables, molecular spectroscopy equipment, flow cytometers, electrophoresis units and more. These tools assist researchers in applications like gene sequencing & mapping, cell line development, biopharmaceutical production and clinical diagnostics. The global life science market is mainly driven by increasing R&D expenditure on drug development, rising incidence of cancer and mounting focus on personalized medicine. Furthermore, growing adoption of cloud computing in the life sciences sector is anticipated to offer lucrative opportunities for market growth over the forecast period.
The global life science tools market is estimated to be valued at US$ 125.19 Mn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of life science tools market is the increasing adoption of cloud computing in the life sciences sector. Cloud computing allows storing, managing, and processing huge volumes of genomic and other complex biological data sets generated during research activities. It offers scalability, accessibility and affordability for the life sciences sector. Cloud-based bioinformatics platforms allow researchers to perform complex genomic analyses which were not possible earlier due to limitations of on-premise infrastructure. This is augmenting demand for life science tools with advanced data analytics and cloud computing capabilities. Another major driver for this market is rising investment by pharmaceutical companies in R&D for developing novel biologics and precision medicines. Biopharmaceutical manufacturers are investing heavily on tools and technologies focused on drug target identification, validation and development which requires multidisciplinary approaches involving genomics, proteomics and other Omics technologies. This is fueling revenue growth of life science tools market.
Segment Analysis
The life science tools market is dominated by the healthcare segment. It holds around 60% share of the total market as the demand for various diagnostic tools, imaging equipment and surgical instruments is rising in the healthcare sector. The growing geriatric population, increasing prevalence of chronic diseases and technological advancements in medical devices are contributing to the growth of this segment. The academic & research segment is another major segment and accounts for over 25% share. Rising R&D spending on drug discovery and life science research by pharmaceutical & biotechnology companies and research institutes is driving demand from this segment.
PEST Analysis
Political: Governments around the world are investing heavily in developing healthcare infrastructure and funding for medical research. Favorable regulations are encouraging adoption of advanced life science tools.
Economic: Rising per capita income, growing healthcare expenditure and economic growth is increasing the affordability of life science tools. The Covid-19 pandemic has further boosted investments in this sector.
Social: Changing demographics with increasing elderly population, lifestyle diseases and awareness about early disease diagnosis are driving social need for these tools.
Technological: Continuous advancement in areas of genomics, drug delivery systems, molecular & cellular imaging techniques are enabling development of more advanced life science tools. AI and IoT integration is further enhancing capabilities.
Key Takeaways
The Global Life Science Tools Market Size is expected to witness high growth in the forecast period supported by rising research funding, growing demand from pharmaceutical and biotechnology industry and technological innovations. The global life science tools market is estimated to be valued at US$ 125.19 Mn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030.
The North America region currently dominates the market owing to presence of major players, high healthcare spending and advanced research infrastructure. The Asia Pacific region is expected to experience fastest growth in the coming years led by China, India and other emerging economies.
Key players operating in the life science tools market are Acacia Communications, fSONA Networks, LightPointe Communications, Plaintree Systems Inc., Trimble Hungary Kft. (Eos Positioning Systems), Wirepas Ltd., Aoptix Technologies Inc., NEC Corporation, Signify Holding (formerly Philips Lighting), Wireless Excellence Limited (CableFree). These companies are focusing on developing novel technologies and solutions through collaborations as well as mergers and acquisitions for gaining foothold in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
