WASHINGTON, Sept. 22, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Life Sciences Tools market has witnessed significant growth in recent years due to technological advancements and increasing investments in research and development activities. The market is driven by the rising incidence of chronic diseases, the increasing desire for personalized treatment, and the expanding emphasis on medication development.
According to Vantage Market Research, the Global Life Sciences Tools Market is estimated to be valued at USD 328.1 Billion by 2030 and is expected to exhibit a CAGR of 11.1% during the forecast period 2023 to 2030. The global Life Sciences Tools market grew to USD 143.2 billion in 2022.
The Life Sciences Tools market refers to the need for the instruments, equipment, and software used in research, analysis, and development in the field of life sciences. This market encompasses various tools and technologies in multiple applications, such as genomics, proteomics, cell biology, drug discovery, and diagnostics.
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Key Highlights
- By Technology, the Genomic Technology segment is anticipated to mention the market’s fastest growth during the forecast period.
- By Product, the Next Generation Sequencing segment is expected to witness maximum market growth over the projected period.
- By End-user, Biopharmaceutical Company is expected to lead the market during the projected period.
- North America commanded the market in 2022 with a 42.3% sales share.
- The Asia Pacific area is expected to witness maximum market growth during the forecast period.
The increase in revenue primarily results from the swift progress made by companies in the life science tools sector, particularly in sequencing, mass spectrometry (MS), chromatography, nuclear magnetic resonance (NMR), and various other product lines. Furthermore, substantial investments and funding dedicated to advancing therapeutic solutions, combined with the persistent demand for innovative medications and treatments driven by the escalating prevalence of diseases like cancer, kidney and thyroid disorders, and diabetes, are poised to propel market growth.
Top Companies in The Global Life Sciences Tools Market
- Agilent Technologies Inc. (U.S.)
- Becton Dickinson and Company (U.S.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Bio-Rad Laboratories Inc. (U.S.)
- Danaher Corporation (U.S.)
- Illumina Inc. (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- QIAGEN N.V. (Hongkong)
- Merck KGaA
- Shimadzu Corporation (Japan)
- Hitachi Ltd. (Japan)
- Bruker Corporation (U.S.)
- Oxford Instruments PLC (UK)
- Zeiss International (Germany)
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Factors Affecting the Growth of the Life Sciences Tools Industry
Several things may impact the development of the Life Sciences Tools sector. Some of these factors include:
- Increasing need for focused medicines and personalized medicine: The demand for Life Sciences Tools is driven by the increased emphasis on customized treatment, which entails adapting medical care to each patient's unique traits. These tools are essential for drug discovery and development, genomics research, and diagnostic testing.
- Advancements in genomics and proteomics research: Technological advancements in genomics and proteomics research have led to a better understanding of diseases and increased the demand for Life Sciences Tools. High-throughput sequencing technologies, next-generation sequencing, and mass spectrometry have revolutionized genomics and proteomics research, leading to increased adoption of related tools.
- Increasing research and development (R&D) activities: The Life Sciences Tools market is influenced by the level of R&D activities in the pharmaceutical, biotechnology, and academic research sectors. The continuous efforts in drug discovery, biomarker identification, and disease research contribute to the growth of this market.
- Increasing Incidence of Chronic Illnesses: The demand for Life Sciences Tools is fueled by the rising prevalence of chronic illnesses like cancer, cardiovascular disease, and neurological disorders. These tools are essential for diagnostics, biomarker identification, and understanding disease mechanisms.
- Growing investments in life sciences research: Governments, industry players, and research organizations are increasingly investing in life sciences research, which includes studying genetics, molecular biology, and disease mechanisms. These investments drive the demand for tools and equipment required for research purposes.
- Technological advancements in Life Sciences Tools: Ongoing advancements in Life Sciences Tools, such as the development of automated laboratory systems, the integration of artificial intelligence (AI) and machine learning (ML) capabilities, and the miniaturization of instruments, are driving market growth. These advancements offer improved accuracy, efficiency, and ease of use, which further propel the adoption of these tools.
Top Trends in Global Life Sciences Tools Market
One top market trend in the Life Sciences Tools Market is the increasing adoption of next-generation sequencing (NGS) technologies. NGS enables high-throughput sequencing of DNA and RNA and has revolutionized the field of genomics. It allows researchers to sequence entire genomes, identify genetic variations, and study gene expression patterns faster and more cost-effectively than traditional sequencing methods. For example, Illumina is a leading company in the NGS market, offering a range of NGS platforms and solutions widely used in research and clinical applications.
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Recent Development of the Global Life Sciences Tools Market
- April 2022: Sysmex Europe launched its Flow Cytometer XF-1600, which has received CE marking, indicating its compliance with the European IVD Regulation and IVD use.
- March 2022: Beckman Coulter Life Sciences launched a solution to manual sample preparation and data management bottlenecks in clinical flow cytometry: the CellMek SPS. This fully automated sample preparation system (SPS) offers on-demand processing for a multitude of sample types to help laboratories expand their capabilities.
- February 2022: Agilent Technologies, Inc. partnered with Biosciences, Inc. to integrate the AVITI System with SureSelect target enrichment panels for enhanced customer access to genomic tools.
Market Drivers
The market for life science instruments is anticipated to grow due to the rising need for biologics, which are frequently made utilizing recombinant DNA technology. The life science industry focuses on cutting-edge innovations such as predictive analytics to meet the growing need for biological treatments. These advancements, spanning Technology, laboratory processes, strategies, and operations, have the potential to establish biologics as a foundational component of the pharmaceutical industry, accounting for approximately 20% of the global pharmaceutical market during the forecast period. This heightened demand is attributed to the enhanced safety, efficacy, and curative potential of biopharmaceutical products, which can address medical conditions that were previously considered untreatable.
Market Restraints
One significant restraint of the Life Sciences Tools Market is the high cost of tools and equipment. Life Sciences Tools are technologically advanced and sophisticated, often requiring substantial investments for research and development, manufacturing, and distribution. The cost of these tools can be prohibitive for small and medium-sized enterprises (SMEs) or emerging economies, limiting their ability to access and adopt these tools. This restricts market growth as it narrows down the potential customer base. Another restraint is the stringent regulatory environment. The life sciences industry is highly regulated due to safety concerns and ethical considerations surrounding the use of these tools in medical research and clinical trials. The complex and ever-evolving regulatory landscape challenges market players regarding compliance, validation, and gaining approvals for their products. This can slow down market expansion by causing delays in introducing new products or even rejecting applications.
Market Opportunities
The uptake of various tools, encompassing next-generation sequencers, PCR and qPCR machines, flow cytometers, spectrometers, microscopes, chromatography columns, nucleic acid processing equipment, and cell biology instruments, is rising due to technological advancements. Enhancements have significantly influenced the integration of DNA assays into clinical settings in molecular diagnostic techniques like digital droplet PCR, Next-Generation Sequencing (NGS), and genome-wide sequencing, improving accuracy, speed, and reproducibility. Achieving optimal utilization of circulating nucleic acids for therapeutic purposes hinges on the effectiveness of the extraction process.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Life Sciences Tools Market Forecast Report (2023-2030).
Report Segmentation of the Global Life Sciences Tools Market
Technology Analysis
Genomic Technology is expected to lead the market during the forecast period. Genomics encompasses the examination of genomes through evolutionary, comparative, and functional studies. The range of products available for conducting genomic analysis has experienced rapid expansion thanks to the introduction of diverse technologies that facilitate genomic research. Thermo Fisher Scientific, QIAGEN, Illumina, and Pacific Biosciences of California, Inc. are pioneers in developing the essential instruments for various genomic applications.
Product Analysis
Next Generation Sequencing is anticipated to grow at the highest CAGR over the projected period. Next-generation sequencing (NGS) systems enable the highly parallel sequencing of genome samples, allowing for the simultaneous analysis of many sequencing reactions. These systems are known for their efficiency in handling many sequencing processes concurrently. Furthermore, streamlining NGS workflows and ongoing reductions in the costs of instruments and reagents are expected to drive the adoption of this life science technology. Additionally, as bioinformatics continues to advance, the utilization of NGS will likely expand in high-throughput and low-throughput research settings. As an illustration, in February 2022, Beckman Coulter Life Sciences entered into an application development agreement with Illumina, Inc. for the Biomek NGeniuS Next Generation Library Preparation System.
End-user Analysis
The Biopharmaceutical Company segment is predicted to be the fastest-growing segment during the forecast period. Biopharmaceutical companies are embarking on extensive genome sequencing initiatives through partnerships with community health systems and academic medical centers within the life science tools sector. An emerging company, Grail, Inc., is actively researching to identify genomic signatures from tumors in blood samples, aiming for early cancer detection. The heightened enthusiasm of biopharmaceutical companies for genomics contributes significantly to revenue generation and is, therefore, poised to be a driving force behind market growth.
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Market Segmentation
By Technology
- Genomic Technology
- Proteomics Technology
- Cell Biology Technology
- Lab Supplies & Technologies
- Other Analytical & Sample Preparation Technology
By Product
- Cell Culture Systems & 3D Cell Culture
- Liquid Chromatography
- Mass Spectrometry
- Flow Cytometry
- Cloning & Genome Engineering
- Microscopy & Electron Microscopy
- Next Generation Sequencing
- PCR & qPCR
- Nucleic Acid Preparation
- Nucleic Acid Microarray
- Sanger Sequencing
- Transfection Devices & Gene Delivery Technologies
- NMR
- Other Products
By End-User
- Government & Academic
- Biopharmaceutical Company
- Healthcare
- Industrial Applications
- Other End Users
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 143.2 Billion |
| Revenue Forecast by 2030 | USD 328.1 Billion |
| CAGR | 11.1% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Agilent Technologies Inc., Becton Dickinson and Company, F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories Inc., Danaher Corporation, Illumina Inc., Thermo Fisher Scientific Inc., QIAGEN N.V., Merck KGaA, Shimadzu Corporation, Hitachi Ltd., Bruker Corporation, Oxford Instruments PLC, Zeiss International |
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Regional Analysis
North America led the Life Sciences Tools market growth in 2022. Market growth in North America is underpinned by several critical factors, including the increasing prevalence of genomic procedures, a rising commitment to research and development spending, the presence of a robust roster of significant industry players, growing adoption within biopharmaceutical firms, ongoing product launches, and continuous technological advancements. The biopharmaceutical sector in the United States has experienced significant expansion, with the introduction of novel product categories such as synthetic vaccines, nanoantibodies, recombinant DNA (rDNA), fusion proteins, immunoconjugates, soluble receptors, and immunotherapeutic.
The augmented research and development investments made by the pharmaceutical and biopharmaceutical industries in life science tools, research, and academia are expected to drive market growth. For example, as the Pharmaceutical Research and Manufacturers of America (PhRMA) reported, the United States' biopharmaceutical industry stands as a global leader in pioneering new drug development. In 2021, the combined biopharmaceutical and pharmaceutical sectors invested an estimated USD 91.1 billion in research and development (R&D), marking a notable increase compared to the approximately USD 83 billion allocated for R&D in the preceding year.
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