According to Precedence Research, the global life science tools market size was valued USD 49.82 billion in 2019 and expected to reach over USD 95.68 billion by 2027, poised to grow at a noteworthy CAGR of 8.5% from 2020 to 2027.
Rapid technological advancements adopted by the companies operating in the life science tools market in the field of sequencing technologies, mass spectrometry, NMR, chromatography methods, and other products significantly drives the market growth. Further, market players invest significantly towards research & development related to life science tools and services along with increase in the developments and number of strategic deals predicted to fuel the market growth prominently. The field of life sciences and biopharma witnessed large number of acquisitions in the year 2018 that paved a way for flourishing industry growth in 2019 and in the coming years. Initially, only few industry participants were having infrastructure to deal with the entire value chain of biological production. This has dramatically changed in the recent past, presently there are several firms operating in the market and are involved in the development of biologics. The aforementioned factor significantly drives the market growth.
Cell biology technology dominated the global life science tools market in 2019 and followed by genomics technology. Traditional genome editing technologies have limited capacity to maintain pace with rapidly growing genome modification era as these technologies require time, are inefficient, and also require in-depth work. The introduction of CRISPR/Cas9 nuclease and ZFN provides precise and easy genome editing. Presently, the genomic industry has witnessed substantial growth in the number of advancements and prominent expansion in the application gene-editing tools to treat genetic disease. The aforementioned factor prominently drives the market growth for cell biology in the forthcoming years.
Besides this, proteomics application segment projected to register the highest growth over the forecast period. This is attributed to complete illustration provided by the proteome analysis related to structural and functional information of the cell as well as their response mechanisms against drugs and other outside factors. Mass spectrometry is the key technology used during proteomic analysis. Technological advancements in the field of mass spectrometry expected to drive the capabilities of proteomic analysis.
The healthcare segment occupied maximum market value share in 2019 and expected to witness substantial growth over the forecast period. The segment comprises of clinics, hospitals, community centers, diagnostic laboratories, and physician offices. Rising adoption of proteomic and genomic workflow in hospitals to treat and diagnose various clinical abnormalities analyzed to fuel the market growth. In addition, efforts taken by the clinics and hospitals to expand their research gateway in the field of genomics also projected as the major factor to propel the market growth of life science tools.
However, biopharmaceutical companies expected to grow at a lucrative CAGR during the forecast period. These companies have initiated large number of genome sequencing projects by collaborating with academic medical centers and community health systems. For instance, Grail, Inc. has conducted studies for detecting genomic fingerprints from tumors using blood sample, with an intention to identify cancer at their early stage. Regeneron collaborated with Geisinger Health System, a Pennsylvania-based company to enroll patients in the study. Therefore, increasing interest of biopharmaceutical companies in genomics predicted to trigger the market growth.
In terms of revenue, North America accounted for the maximum revenue share in 2019 due to local presence of major market leaders such as Thermo Fisher Scientific. Reputable informatics network along with well-regulated framework for approval and usage of genomic tests in the region again propel the growth of market. In addition, significant rise in the number of genomic procedures for clinical and academic application in the United States expected to fuel the North America market throughout the forecast period.
On the other hand, the Asia Pacific poised to witness the fastest growth during the analysis period. This is attributed to the increasing penetration of leading market players in emerging Asian countries and rising investments for design of advanced diagnostic methods.
Key Companies & Market Share Insights
The global life science tools market is highly competitive due to rapid advancements and on-going technological development in the life sciences tools. In addition, the market players adopt collaboration, merger, partnership, and other inorganic growth strategies to offer wide range of innovative and attractive solutions to their customers. Market leader are significantly investing in genomic research to provide early diagnosis solutions for major diseases such as cancer.
Some of the prominent players in the life science tools market include:
Report Scope of the Life Science Tools Market
|Market Size||USD 95.68 Billion by 2027|
|Growth Rate||CAGR of 8.5% from 2021 to 2027|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2021 to 2027|
|Segments Covered||Technology, Product, End User, Region|
|Companies Mentioned||Agilent Technologies, Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Inc., Bruker Corporation, Danaher Corporation, GE Healthcare, Hitachi, Ltd., Illumina, Inc., Merck KGaA, Oxford Instruments plc, Qiagen N.V.|
Segments Covered in the Report
This research study encompasses comprehensive assessment of the marketplace revenue with the help of prevalent quantitative and qualitative intelligences, and prognoses of the market. This report presents breakdown of market into major and niche segments. Furthermore, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This report comprises market division and its revenue valuation by categorizing it depending on technology, product, end-use, and region:
By Regional Outlook
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