Key Highlights

• The market size of the worldwide Life Science Tools Industry surpassed USD XX Billion in 2023, and by 2034, it is projected to reach USD XX billion, boosting at a CAGR of XX%.

• The life science tool market is a substantially and rapidly expanding subsector. A wide range of equipment’s & instruments for screening system, software for data analysis in bioinformatics, reagents & consumables for various assay, services such as laboratories & contract research services, technologies for sequencing machines are referred to as life science tools, which are used in numerous research, testing, diagnostic End-users and commercialization of various pharmaceutical products. This market is essential to the growth of advancement of discovery, development of novel medications, scientific knowledge, clinical and diagnostic research. These life science tools are crucial for carrying out scientific studies and expanding our knowledge of illness and biological processes. The expansion of the life science tool market is attributed to various factors such as drug discovery and development, personalised medicine, growing markets, and technological advancements in the life sciences. The government provided funding for academic and scientific research, which aided in the development of the life science tools industry. As the biotechnology industry grew, the need for bio manufacturing equipment related to cell culture, fermentation, and bioprocessing has increased. The increasing corporate investors play a significant role in the ecosystem of life sciences and Biopharmaceutical Company.

• In March 2023, Apollo introduced its next-generation market insights technology platform with the goal of enabling rapid data collection and insights in the life science and Biopharmaceutical Company industries. Apollo is a well-known source provider of real-time global data and insights for life science & Biopharmaceutical Company sectors. The increasing artificial intelligence (AI) and machine learning (ML) platforms are contribution for the investments in its core technologies. 

• The growth in genetics and cell therapy and increasing demand for the same is expected to drive the market growth. As the demand for powerful treatments continues to grow, the company is working to develop effective gene therapies that target diseases at the genomic level. Gene therapy should have a healthy future with products approved by the FDA. Additionally, advances in DNA technology are expected to increase the number of ongoing clinical trials. For example, the FDA predicts that by 2020 there will be more than 200 people using cell phones and medications each year by 2029. The life sciences industry is now leveraging new innovations such as predictive analytics to develop biotherapeutic products to meet growing demand. This, combined with low cost and robust genetic testing, will improve treatment outcomes and help reduce Biopharmaceutical Company costs. As most of the biological products are produced with the help of recombinant DNA technology, the increasing demand for biological products is expected to lead to market growth. For example, 27 monoclonal antibodies have been approved to treat various types of cancer, according to a January 2021 article in mAbxience. Additionally, the approval of monoclonal antibodies by the FDA in the diagnosis and treatment of cancer increases the use of biological drugs. For example, in January 2022, the FDA approved the Tebentafusp-tebn monoclonal antibody to help treat metastatic uveal melanoma. Government support combined with increased demand for innovation will increase economic growth.

Scope of the Industry Profile

Segmentation

By Technology

• Genomic Technology

• Proteomics Technology

• Cell Biology Technology

• Others

By Product Type

• Products

• Services

By End-user

• Government & Academic

• Biopharmaceutical Company

• Healthcare

• Industrial Applications

• Others

Market Dynamics

Market Trends

• Rapid technological advances in hybrid technology, mass spectrometry, NMR, chromatographic techniques and other products by companies in the life sciences industry have supported the growth of the economy. Additionally, investors are making significant investments in R&D related to life science tools and services, which is expected to support the growth of the market by increasing the level of development and quality of contract. The life sciences and biopharmaceutical sectors saw a number of acquisitions in 2018, paving the way for growth in the sector in 2019 and beyond. Initially, only a few people working in the industry have systems in place to manage the full benefits of biomanufacturing. This situation has changed considerably in recent times and there are now many companies working in the market and involved in the development of biological products. The above factors supported the growth of the business.

Market Opportunity

• As technology advances, the use of tools such as sequencing, PCR and qPCR, flow cytometers, spectrometers, microscopes, chromatography, nucleic acid processing tools and handheld biology tools is increasing. The introduction of DNA testing in clinical settings has been influenced by advances in molecular diagnostics, such as digital droplet PCR, next-generation sequencing (NGS), and whole genome sequencing (accurate, timed, and vice versa). The best use of circulating nucleic acids in medical applications depends on the extraction process.

Key Players

• Agilent Technologies (U.S)

• Dickinson and Company (U.S)

• Hoffmann-La Roche Ltd. (Switzerland)

• Bio-Rad Laboratories, Inc. (U.S)

• Bruker Corporation (U.S)

• Danaher Corporation (U.S)

• GE Healthcare (U.S)

• Hitachi, Ltd. (Japan)

• Illumina, Inc. (U.S)

• Merck KGaA (Germany)

• Oxford Instruments plc (U.K)

• Qiagen N.V. (Netherlands)

• Shimadzu Corporation (Japan)

• Thermo Fisher Scientific, Inc. (U.S)

• ZEISS International (Germany)

Recent Development

• In January 2023, Agilent has acquired a company named Avida Biomed. The acquisition is expected to drive the market reach for clinical research and diagnostics markets. 

• In March 2023, Apollo introduced its next-generation market insights technology platform with the goal of enabling rapid data collection and insights in the life science and Biopharmaceutical Company industries. Apollo is a well-known source provider of real-time global data and insights for life science & Biopharmaceutical Company sectors. The increasing artificial intelligence (AI) and machine learning (ML) platforms are contribution for the investments in its core technologies. 

Segment Insights

By Technology

The Technology segment is segmented into Genomic Technology, Proteomics Technology, Cell Biology Technology, and Others. In 2023, cell biology technology will have the largest share with 34.2%. The impact of cellular technology in drug discovery and increased funding for cell biology from the National Institutes of Health (NIH) are supporting the growth of the segment. Additionally, innovations in flow cytometry and the use of liquids have led to advances in cell-based drug testing. In addition, major investors are involved in research to reprogram baby cells in tissue and blood into induced pluripotent stem cells (iPSCs). For example, in January 2022, Boyagen and Haihe Laboratories announced a partnership to develop platform technology and stem cell regeneration therapy. The collaboration aims to discover new biomarkers to improve regulation of stem cell production. These partnerships will drive the market for the foreseeable future. Genomics encompasses evolutionary, comparative, and functional aspects of genomes. The product pipeline for genomic analysis is rapidly expanding with the introduction of different technologies supporting genomic research. Thermo Fisher Scientific, QIAGEN, Illumina, and Pacific Biosciences of California, Inc. is a leading innovator in instrumentation for many genomic applications.

By Product Type

In 2023, the healthcare sector has the largest share with a share of more than 32.1%. Additionally, the increased use of tissue testing and NGS services in hospitals is expected to drive the market. Some hospitals and medical centers are now providing connected facilities to patients and analyzing the use of tools and technologies in modern medicine. Stanford University School of Medicine is one such hospital that provides a continuum of care to individuals with rare genetic diseases. Partners HealthCare in the United States was one of the first hospital systems to provide publicly available genome sequencing, analysis, and interpretation services. Genome sequencing in a hospital or clinic has the potential to improve patient care while reducing healthcare costs. For this reason, the medical sector should experience the fastest growth in the coming years. Biopharmaceutical companies are embarking on large-scale genome sequencing projects with life science tools in collaboration with public health systems and academic medical facilities. Bowl, Inc. is a new company that conducts research to investigate the genomic fingerprints of tumors that can be detected in the blood in order to detect cancer in its early stages. Increasing interest in genomics among biopharmaceutical companies is also expected to drive the market by generating significant revenue.

Regional Insights

North America will account for a significant revenue share of more than 38.7% in 2022 due to the rapid adoption of genomics, proteomics, oncology and diagnostics in the region. The use of genomics, biopharmaceuticals, diagnostic procedures, and new technologies in the diagnosis and treatment of diseases in the United States and Canada are responsible for economic growth in this region. The region also has many entrepreneurs who are constantly working on the development of advanced technology for life sciences. Additionally, a favorable regulatory environment for the approval and use of genomic and tissue diagnostics is expected to lead to market growth during the forecast period. Recently, in August 2021, Agilent Technologies implemented a severe COVID-19 diagnostic using the Agilent Cary 630 FTIR spectrometer. Asia Pacific will grow at the highest rate during the forecast period. Investments and efforts of international companies in the region to take advantage of unexplored opportunities and expand their reach will support growth. For example, in January 2022, Fujifilm announced the acquisition of Atara Biotherapeutics T cell operating and manufacturing (ATOM) for US$100 million to develop commercial and medical products, including CAR-T and T cell immunotherapy. There are also cheap production facilities in the area and we are working on research. These factors should play an important role in the spread of life science tools and technologies in the region.

What to Expect from Industry Profile

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Life Science Tools market in the world.

2. Use the PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Life Science Tools market.

3. Leading company profiles reveal details of key Life Science Tools market players’ global operations, strategies, financial performance & their recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Life Science Tools market with forecast for decade by both market share (%) & revenue (USD Million).