Life Science Tools Market

Global Life Science Tools Market Size (2023 to 2028)

The global life science tools market is expected to be valued at USD 234.9 billion by 2028 from USD 163.8 billion in 2023, growing at a CAGR of 7.48% from 2023 to 2028.

Global Life Science Tools Market Share Insights:

• Based on technology, the genomics segment had the major share of the global market in 2022.
• Based on product, the NGS segment held the largest share of the global market in 2022.
• Based on end-user, the healthcare segment dominated the market in 2022.
• Based on region, North America led the market in 2022.

Impact of COVID-19 on the global life science tools market:

The COVID-19 pandemic profoundly impacted the global market for life science tools. The COVID-19 pandemic positively influenced the growth of the life science tools market globally due to the rapid development of diagnostics, expedited regulatory clearances, and increased distribution in many nations to curb the spread of the virus. The need for COVID-19 testing led to a surge in demand for diagnostic tools, including PCR kits, sample preparation instruments, and sequencing platforms. The COVID-19 pandemic highlighted the importance of collaboration and knowledge sharing among life science companies, research institutions, and governments. Many companies formed alliances to accelerate COVID-19 solution development, share knowledge, and pool resources. As a result, the importance of digital developments was accentuated as industries raced to meet the demand for novel tests, vaccines, and therapies to combat the COVID-19 pandemic.

Besides that, the pandemic had a negative impact on the market because it disrupted the global supply chain, including manufacturing, distribution, and transportation. Lockdowns, travel restrictions, and restricted worker availability hampered the timely delivery of life science devices and raw materials, posing supply chain issues for many businesses. Moreover, the COVID-19 pandemic shifted research attention to COVID-19-related investigations. As a result, research efforts in other fields may have been delayed or underfunded.

MARKET DRIVERS:

The growing patient population suffering from chronic diseases worldwide is a major factor driving the need for life science tools and propelling the market growth. The increasing prevalence of diseases such as cancer, cardiovascular diseases, and diabetes worldwide has created a demand for tools and technologies that aid in disease diagnosis, prognosis, and treatment monitoring. The life science tools market is significantly influenced by the progress made in life science research, particularly in the areas of genomics, proteomics, and cell biology. The advancement of next-generation sequencing (NGS) technologies has significantly transformed genomics research by facilitating the sequencing of DNA and RNA in a high-throughput manner. These developments have resulted in significant advancements in comprehending genetic variances, the underlying causes of illnesses, and individualised medical treatments.

The rising emphasis on personalised medicine is a noteworthy factor that propels the market forward. The field of personalised medicine endeavours to customise medical interventions by considering an individual's genetic makeup, environmental factors, and lifestyle choices. The trend towards personalised medicine has resulted in a significant need for life science tools.

The continuous efforts in drug discovery and development contributes to the increasing demand for life science tools and fuels the market’s growth rate. The quest for novel drugs and therapies for diverse diseases is an ongoing pursuit of pharmaceutical companies. The use of life science tools which include high-throughput screening systems, drug target identification tools, and lead optimisation platforms, is essential in drug discovery.

MARKET RESTRAINTS:

Life science tools typically entail advanced technologies and require significant investments in research institutions and laboratories. It has been observed that the expensive nature of these tools can pose a challenge for smaller research facilities and organisations that operate on limited budgets. The market for life science tools is governed by rigorous regulations and quality standards that are in place to guarantee precision, dependability, and safety. Compliance with regulatory requirements, such as FDA approvals and ISO certifications, can result in increased costs and potential delays in product launches for companies. This can be a time-consuming and expensive process.

REPORT COVERAGE: 

This research report on global life science tools market has been segmented and sub-segmented based on the following categories.

Global Life Science Tools Market – By Technology:

• Genomics
• Cell Biology
• Proteomics
• Lab Supplies & Technologies
• Other Analytical & Sample Preparation Technology

Based on technology, the genomics segment is expected to witness the highest CAGR over the forecast period. Genomics is a fast-evolving subject that includes the study of genes, DNA sequencing, gene expression analysis, and the identification of genetic variations. Technological improvements, increased applications in personalized medicine, and rising demand for genetic testing and precision healthcare are driving the segmental growth. The use of next-generation sequencing (NGS) technology has driven the genomics segment forward tremendously. NGS technologies' reducing costs and increasing efficiency have contributed to their extensive use in research, diagnostics, and medication development. Additionally, genomics is important in fields such as cancer genomics, pharmacogenomics, agricultural genomics, and rare illness studies.

The lab supplies and technologies segment is expected to account for a notable share of the global market during the forecast period Constant need for laboratory supplies, including reagents, pipettes, and consumables in research and testing laboratories is one of the major factors propelling the segmental growth. The rapid adoption of routine lab technologies, such as centrifuges and microscopes, in various life science disciplines and increasing number of research and development activities across pharmaceutical, biotechnology and academic institutions further boost the growth rate of the lab supplies and technologies segment in the global market.

Global Life Science Tools Market – By Product:

• NGS
• Sanger Sequencing
• Nucleic Acid Preparation
• Nucleic Acid Microarray
• PCR & qPCR
• Flow Cytometry
• Mass Spectrometry
• Separation Technologies
• Electron Microscopy
• NMR
• Others

Based on the product, the NGS segment is predicted to capture the largest share of the global market during the forecast period. Factors such as advancements in NGS technologies that reduce sequencing costs and increasing accessibility to researchers, rising demand for genomics research and personalized medicine applications contributes to the growth of the NGS segment in the global market. NGS applications in oncology, rare disease diagnosis, and infectious disease research are driving its widespread adoption and contributing to the segmental growth.

The PCR and qPCR segment is anticipated to witness a healthy CAGR in the coming years. The growing usage of PCR and qPCR in molecular diagnostics, including COVID-19 testing, and disease screening applications is one of the major factors propelling the growth of the PCR and qPCR segment in the global market. Continuous advancements in PCR technology, such as real-time qPCR that enhance their sensitivity and specificity and increasing demand for PCR-based applications in genotyping, gene expression analysis, and infectious disease research further fuel the growth rate of the PCR and qPCR segment in the global market.

Global Life Science Tools Market – By End-User:

• Pharmaceutical & Biotechnology companies
• Government and Academic Research Institutions
• Healthcare
• Industrial
• Others

Based on end-user, the healthcare segment dominated the life science tools market and accounted for the major share of the global market in 2022 and the domination of the healthcare segment is likely to continue throughout the forecast period. The rise in the adoption of proteomic and genomic workflows in hospitals for the purpose of diagnosing and treating various diseases drive the growth of the healthcare segment in the global market. There has been increased utilisation of tissue diagnostic and NGS services as well in healthcare facilities. Numerous healthcare facilities presently offer sequencing services to their patients, such as genomic sequencing, which enhances patient care and reduces healthcare costs. The growing integration of cutting-edge tools and technology into routine medical practice is expected to propel the segment’s growth in the foreseeable future.

On the other hand, the biopharmaceutical companies segment is also expected to post a healthy CAGR in the coming years owing to the increasing focus of biopharmaceutical companies on genomics. Large-scale genome sequencing projects are being initiated by these companies in collaboration with community health systems and academic medical centres within the life science tools sector.

Global Life Science Tools Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

North America dominated the global life science market in 2022 and the lead of the North American region is anticipated to continue during the forecast period. The rise in the adoption of genomic medicine, biopharmaceuticals, diagnostic procedures, and innovative technologies for diagnosing and treating clinical disorders is responsible for the region's market growth. Additionally, the region benefits from the presence of many major market players who are continually engaged in the development of innovative instruments for life science research. In addition, the presence of a well-regulated environment for approvals and utilisation of genomic and tissue diagnostic tests is anticipated to drive market growth over the forecast period.

However, the Asia Pacific region is anticipated to grow at the highest rate during the forecast period. The expansion will be fueled by global companies' investments and efforts to exploit latent opportunities and expand their presence in this region. In addition, this region offers relatively affordable manufacturing and operating units for research. These factors are anticipated to play a significant role in the growth of life science instruments and technologies in this region.

KEY MARKET PLAYERS: