According to Precedence Research, The global life science tools market was evaluated at US$ 122.57 billion in 2023 and is expected to attain around US$ 409.99 billion by 2033, growing at a CAGR of 13% from 2024 to 2033. The life sciences consist of a diverse range of disciplines, including biology, medicine, anthropology, and ecology, all focused on living organisms, their organization, and their interactions with each other and their environments.
Life Science Tools Market Overview
The life science tools market is experiencing rapid growth, driven by the increasing demand for instruments and consumables essential for basic research, genetic analysis, and biopharmaceutical discovery and development. These tools form the backbone of scientific exploration, providing the foundation for knowledge across various disciplines that impact healthcare, environmental issues, and debates on stem cell research and genetic testing.
Scientific instruments, utilized for indicating, measuring, and recording physical quantities, play a crucial role in both natural phenomena and theoretical research. The pervasive influence of life sciences in everyday life underscores the critical importance of these tools in advancing scientific understanding and innovation.
- In October 2023, Standard BioTools and SomaLogic combined in an all-stock merger, creating a diversified leader in life sciences tools.
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Key Insights
- North America has held the largest share of 43.28% in 2023.
- Europe is estimated to account for the share of 25.62% in 2023.
- Asia Pacific is growing at a CAGR 15% over the projected period 2024 to 2033.
- By technology, cell biology technology has accounted market share of 43.34% in 2023.
- By product, consumable segment has captured market share of 47.59% in 2023.
- By end-use, the biotechnology and pharmaceutical companies segment has accounted market share of 34.35% in 2023.
- By application, the drug discovery and development segment has accounted market share of 31.69% in 2023.
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Regional Stance
North America held the largest market share in the life sciences tools market, with the industry displaying measured optimism and returning to its long-term growth trajectory. A wave of recent activities, including robust initial public offerings and dynamic mergers and acquisitions, has revitalized the sector. In 2021, the biosciences industry had a substantial economic impact on the U.S. economy, with an overall output of $2.9 trillion.
The life sciences industry, encompassing biotechnology, pharmaceuticals, medical devices, and more, drives innovation that enhances human health and influences agriculture, energy, and environmental sectors. Mexico, as the fifth most biodiverse region globally, has seen a growing emphasis on life science research, further contributing to the region's prominence in the market.
- In May 2024, Novo Holdings acquired a majority share of Single Use Support to broaden its portfolio in life science tools and diagnostics.
- In November 2023, AstraZeneca introduced Evinova, a health-tech business aimed at accelerating innovation across the life sciences sector and enhancing the delivery of clinical trials and health outcomes.
The Asia Pacific region is poised to witness the fastest growth in the life sciences market during the analysis period, solidifying its status as a leading hub for innovation and a magnet for investment in healthcare and life sciences. Companies in the healthcare sector are actively seeking to expand their pipelines and drive growth in new technologies and products through strategic collaborations and licensing agreements. The region is home to nearly 600 AI Healthtech start-ups, predominantly located in Australia, China, Japan, and Singapore, underscoring Asia Pacific's pivotal role in advancing healthcare and life science innovations.
- In February 2024, FedEx reinforced its commitment to the clinical trial supply chain by launching the 'FedEx Life Science Center' in Mumbai.
- In March 2022, Everlife acquired Research Instruments Group and other laboratory suppliers to strengthen its presence in strategic life sciences and clinical diagnostics segments in South East Asia.
Report Highlights
By Technology
The cell biology technology segment currently dominates the global life science tools market, closely followed by genomics technology. Technological innovations are a key driver of progress in various research fields, including cell biology. The advancement of cell biology has been significantly propelled by innovations that enhance resolution and sensitivity, offer diverse methods for tracking and quantifying biological molecules, and provide ingenious tools for manipulating genes, molecules, organelles, and cells.
Similarly, genomic sequencing technology has revolutionized the ability to detect genetic variants that may lead to disease or increase the risk of disease development, even in asymptomatic individuals. These technological advancements are critical in pushing the boundaries of research and application in the life sciences.
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By Product
The next generation sequencing (NGS) segment held the largest share in the life science tools market in 2023. NGS technologies are advancing rapidly, offering unparalleled cost-effectiveness, sequencing speed, high resolution, and accuracy in genomic analysis. As a massively parallel sequencing technology, NGS provides ultra-high throughput, scalability, and speed, enabling the determination of nucleotide sequences in entire genomes or targeted DNA or RNA regions. This revolutionary technology has transformed the biological sciences, allowing laboratories to conduct a wide range of applications and analyze biological systems at unprecedented levels.
In clinical genetics, NGS has significantly enhanced the ability to analyze hundreds of genes with unmatched speed and at a lower cost compared to traditional Sanger sequencing, thereby driving innovation and efficiency in genomic research and diagnostics.
By End User
The healthcare segment, encompassing clinics, hospitals, community centers, diagnostic laboratories, and physician offices, occupied the maximum market value share and is expected to witness substantial growth over the forecast period. In the rapidly evolving global healthcare and life sciences landscape, technology plays an increasingly pivotal role in driving advancements. Innovations such as remote monitoring technologies enable the continuous monitoring of patients' vital signs, allowing trained professionals to manage patient care effectively outside of high-pressure environments. This technological integration enhances patient outcomes, optimizes resource allocation, and underscores the critical importance of technology in advancing healthcare services.
The biopharmaceutical companies segment is expected to grow at a lucrative CAGR during the forecast period. The pharmaceuticals industry, a key component of the life sciences sector, focuses on developing, creating, and distributing medications to enhance the health of living organisms. Within this sector, biotechnology or biotech serves as a critical subset. The broader life sciences industry encompasses companies in pharmaceuticals, biotechnology, medical devices, biomedical technologies, nutraceuticals, cosmeceuticals, food processing, and other fields dedicated to improving the lives of organisms. This diverse and innovative industry plays a vital role in advancing healthcare and quality of life through continuous product development and technological advancements.
Market Dynamics
Driver
Rising Demand for Genetic Applications
The life sciences industry has historically utilized various conventional instruments, with liquid chromatographs being among the most common for analyzing specific components in biological matrices. The completion of the human genome in the early 21st century has heightened the importance of high-throughput DNA sequencers for sequence variation studies and sequencing across numerous species. The ongoing demand for improved throughput and reduced labor costs necessitates sophisticated autosamplers, while smaller DNA sequencers are becoming crucial for genetic application researchers. the increasing request for specialized instruments like DNA sequencers and the trend towards routine application rather than basic research are significant drivers contributing to the growth of the life science tools market.
Restraint
Regulatory Compliance
The design and production of complex scientific instruments, measuring equipment, and medical devices with low-to-medium volume manufacturing runs face significant restraints due to the stringent regulatory requirements. Each design and development project must adhere to these regulations, spanning from the sourcing of raw materials from suppliers to the manufacturing process, distribution, and supply chain management. Compliance throughout the product development lifecycle poses challenges that can impede the growth of the life science tools market, as companies navigate the complexities of ensuring adherence to regulatory standards while striving for innovation and efficiency.
Opportunity
Leveraging AI
The integration of AI-based tools across various areas, including research, diagnosis, drug discovery, and treatment, presents a significant opportunity for advancement in the life sciences sector. While challenges like the lack of generalization across patient populations exist, AI remains a powerful tool for research spanning all biological scales, from molecular to population levels. As AI continues to fast-track scientific discovery, it creates opportunities for innovation and growth in the life science tools market. By leveraging AI technologies effectively, companies can enhance their products and services, driving forward progress in healthcare and life sciences.
Recent Developments
- In September 2022, ValitaCell joined Beckman Coulter Life Sciences.
- In September 2022, Infosys completed its acquisition of BASE life science, enhancing its capabilities in the life sciences consulting and technology realm.
- In March 2024, Blackstone Life Sciences announced a collaboration to support Moderna’s influenza program.
- In April 2024, IQVIA and Salesforce expanded their global partnership to accelerate the development of the Life Sciences Cloud.
Agilent Technologies, Inc. Company Overview
Agilent Technologies, Inc. offers services in the life sciences, diagnostics, and applied chemical markets. The company’s full range of solutions include instruments, software, and services. The company operates worldwide through its three business segments, life sciences and applied markets, diagnostics and genomics, and Agilent cross lab.
Acquisition
- For instance, on March 9, 2023, Agilent Technologies Inc. announced the acquisition of e-MSion, an early-stage company behind the innovative Electron Capture Dissociation (ECD) technology known as ExD cell. The acquisition complements Agilent Technologies Inc.’s growing biopharma solutions including new oligonucleotide analysis software for biopharma research, broader offerings for GPC/SEC polymer analysis, the AssayMAP Bravo Protein Sample Prep Workbench 4.0, and investments in therapeutic oligonucleotide manufacturing.
- Moreover, in February 2022, Agilent Technologies, Inc. announced that it had acquired advanced Artificial Intelligence (AI) technology developed by Virtual Control, an Artificial Intelligence (AI) and machine learning software developer. Agilent will integrate the software, known as ACIES, into its industry-leading Gas Chromatography and Mass Spectrometry (GS/MS) platforms to improve the productivity, efficiency, and accuracy of high-throughput labs the company serves around the world.
BD Company Overview
BD also known as Becton, Dickinson and Company, is a multinational medical technology company that manufactures and sells medical devices, instrument systems, and reagents. The company operates in three segments i.e. interventional, medical, and life sciences. BD offers a wide variety of product categories including anesthesia delivery biopsy, biosurgery, cervical cancer screening, diabetes care, drainage, gastrointestinal care, etc.
On January 11, BD introduced a new, robotic track system for the BD Kiestra microbiology laboratory solution that automates lab specimen processing, which may help reduce manual labor and wait time for results. These solutions are designed to enhance laboratory outcomes, increase financial efficiencies, and advance laboratory operations.
In April, BD announced the launch of a new family of reagents that enables researchers to gain improved data resolution and greater insights from samples compared to traditional fluorochromes. The launch of BD Horizon RealYellow 586 Reagents marks the first fluorochrome in a series from the new BD Horizon RealYellow and RealBlue Reagents product family. These reagents are a significant breakthrough in flow cytometry and have the potential to accelerate discovery and drug development in many diseases.
Key Players in the Life Science Tools Market
- Agilent Technologies
- Becton, Dickinson and Company
- Hoffmann-La Roche Ltd.
- Bio-Rad Laboratories, Inc.
- Bruker Corporation
- Danaher Corporation
- GE Healthcare
- Hitachi, Ltd.
- Illumina, Inc.
- Merck KGaA
- Oxford Instruments plc
- Qiagen N.V.
- Shimadzu Corporation
- Thermo Fisher Scientific, Inc.
- ZEISS International
Market Segmentation
By Technology
- Genomics
- Cell Biology
- Proteomics
- Stem Cell Research
- Immunology
By Product
- Consumables
- Instruments
- Services
By Application
- Drug Discovery and Development
- Clinical Diagnostics
- Genomic and Proteomic Research
- Cell Biology Research
- Others
By End-User
- Academic and Research Institutions
- Biotechnology and Pharmaceutical Companies
- Hospitals and Diagnostic Laboratories
- Contract Research Organizations (CROs)
- Government and Regulatory Agencies
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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