As per Precedence Research, the global life science tools market is poised to grow at a CAGR of 8.5% from 2020 to 2027 and to reach valuation US$ 95.68 billion by 2027.
As per Precedence Research, the global life science tools market is poised to grow at a CAGR of 8.5% from 2020 to 2027 and to reach valuation US$ 95.68 billion by 2027.
Growth Factors
By applied to medicine, health, pharmaceutical, food science, as well as agriculture industries, life science discoveries assist to enhance the quality and standard of living. The gadgets, instruments, and apparatuses utilized in biological research are known as tools. The microscopes, pipettes, and centrifuges are few examples of life science tools. The life science tools market expansion is related to rapid technological improvements in sequencing technologies, mass spectrometry, chromatography methods, and other products by life science tools market. The technological improvements in various life science tools are likely to boost their adoption among major industry end users, leading in life science tools market expansion.
The biopharmaceutical industry’s consistent commercial success, which includes novel product categories such as synthetic vaccines, nanobodies, soluble receptor, fusion proteins, and immunotherapeutic, is likely to drive the life science tools market growth over the projection period. The life science tools market is likely to be driven by an increase in research and development investments by government and non-government entities in life science tools research institutes.
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The majority of life science and analytical technologies are utilized to study DNA in order to develop new pharmaceutical medications and determine food quality. The key market players are heavily investing in this area in order to expand the life science tools market. The development of new products will enhance the ability to accurately diagnose samples. It will assist in the targeting of treatment for a specific patient.
The gradual increase in the number of scientific publications is one of the important reasons driving the growth of the global life science tools market. The developing nations’ increasing demand for high quality molecules and chemicals as well as the global growth of the life science tools market. The number of new product releases and growth plans by important market players has increased. Government actions to promote biotechnology products are predicted to continue to be a major trend in the future.
Report Highlights:
- Based on the technology, the cell biology technology segment dominated the global life science tools market in 2020 with highest market share. Genomic technology is constantly following this segment. The traditional genome editing tools, which are time consuming, labor intensive, and inefficient have a restricted capacity to keep up with the fast-moving genome modification era.
- Based on the end use, the healthcare segment dominated the global life science tools market in 2020 with highest market share. The life science tools market is projected to be driven by the growing use of genomic and proteomic processes in hospitals to detect and treat a variety of clinical problems.
- North America is the largest segment for life science tools market in terms of region. The growing number of genomic operations, the existence of a large number of significant market players, rising research and development investment, technological improvements, and increased adoption among biological and pharmaceutical firms are all driving the life science tools market expansion in North America.
- Asia-Pacific region is the fastest growing region in the life science tools market. This is due to increased penetration of major companies in rising Asian countries and investments in the development of improved diagnostic methods.
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Future of Life Science Tools Market
The availability of better tools and materials has accelerated the pace of medication research and development. The expansion of life science tools is projected to be driven by increased investments in the development of cutting-edge technologies that enhances life science tools. The global life science tools market has a bright future, with prospects in government and academic institutions, healthcare, and biopharmaceutical companies.
COVID-19 Impact Analysis:
- The COVID-19 epidemic had a favorable impact on the global life science tools market. The outbreak of COVID-19 in 2020 has resulted in a larger patient pool, which has prompted a rise in research and development.
- The expansion of the separation technologies is likely to be fueled by increasing spending in drug discovery. This is creating positive outlook for the growth of the global life science tools market.
Key Developments in the Marketplace:
- Sysmex Corporation submitted an application for marketing and manufacturing permission for a COVID-19 antigen detection reagent in September 2020. The company’s expansion was aided by the launch of these new products.
- In June 2020, Air Force Research Laboratory scientists collaborated with the Intelligence Advanced Research Projects Activity and University of Michigan researchers to develop a chemical sensing device based on a gas chromatograph that can detect acute respiratory disease syndrome linked to COVID-19.
Market Segmentation
By Technology
- Genomic Technology
- Cell Biology Technology
- Proteomics Technology
- Lab Supplies & Technologies
- Other Analytical & Sample Preparation Technology
By Product
- NGS
- Sanger Sequencing
- Nucleic Acid Preparation
- Nucleic Acid Microarray
- PCR & qPCR
- Flow Cytometry
- Mass Spectrometry
- Separation Technologies
- Electron Microscopy
- NMR
- Others
By End-User
- Biopharmaceutical Company
- Government & Academic
- Industry
- Health Care
- Others
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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