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.
Life science tools are used in the research field of biotechnology, pharmaceuticals, agriculture and others. These tools allow the scientists and researchers to understand the molecular basis of different biological processes and diseases. Some of the widely used life science tools include flow cytometers, chromatography instruments, electrophoresis instruments, PCR instruments, spectrometers and others. The increasing applications of life science tools in drug discovery, personalized medicine and clinical diagnostics is driving the market growth.
Market key trends:
Integration of advanced technologies such as AI, analytics and cloud computing with life science tools is gaining popularity. The integration allows easier handling of large genomic and proteomic data sets and helps in streamlining drug discovery process. For instance, AI tools are being used with flow cytometry instruments for automated data analysis and reporting. Cloud computing also facilitates anytime, anywhere access to data stored in remote servers. Furthermore, growing demand for personalized medicine is augmenting demand for gene sequencing tools. Single cell analysis tools find wide applications in oncology research for precision diagnosis and treatment. Growing biopharmaceutical industry spending on R&D and clinical trials will continue to fuel the adoption of advanced life science tools over the forecast period.
Threat of new entrants: The development of new technologies and equipment require substantial upfront investments which deter new players to enter the market. Bargaining power of buyers: Individual buyers have low bargaining power compared to key players due to the diversified product portfolio offered by manufacturers. Bargaining power of suppliers: Suppliers have moderate bargaining power due presence of many component suppliers in the market. Threat of new substitutes: Substitutes are limited owing to technological complexities associated with life science tools. Competitive rivalry: Intense competition exists between key players to gain market share.
Strength: Wide range of innovative life science tools and diversified product portfolio. Weakness: High reliance on research spending and budget allocation cycles. Opportunity: Emerging markets offer lucrative growth opportunities. Threats: Stringent regulatory norms and protocols delay product approvals.
The Global Life Science Tools Market Size is expected to witness high growth, exhibiting CAGR of 12.5% over the forecast period, due to increasing research investments from pharmaceutical and biotechnology companies for drug discovery and development. North America dominates the market and is estimated to maintain its leading position during the forecast period owing to presence of major players and strong regional research ecosystem. Asia Pacific is projected to witness the fastest growth supplemented by rising healthcare expenditure, improving research infrastructure and increasing government funding for life science research in emerging countries such as 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. The players adopt strategies such as mergers, acquisitions and new product launches to strengthen their market position.