The global life science tools market is estimated to be valued at US$ 111.28 billion in 2022 and is expected to exhibit a CAGR of 12.5% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
The life science tools market includes various analytical instruments, consumables, reagents and lab equipment used in drug discovery, genomics, cell biology research and other life science R&D activities. Some key products in this market include DNA sequencing equipment, cell counters, microarrays, spectrometers, electrophoresis units, immunoassay analyzers, flow cytometry, liquid handling equipment, purification systems and chromatographs. These tools are critical for life science research in areas such as proteomics, genomic, drug discovery, stem cell research and clinical diagnostics.
Market key trends:
One of the major trends in the life science tools market is the rising adoption of single-cell analysis tools by researchers. Single-cell analysis allows scientists to examine individual cells to understand biochemistry, physiology and gene expression at single-cell resolution. This helps gain insights into cellular heterogeneity, disease mechanisms, development and evolutionary processes. Many companies are launching new single-cell analysis systems using techniques such as flow cytometry, mass cytometry and microfluidics which is driving the growth of the market. Another key trend is the increasing investments in bioinformatics and cloud computing solutions by life sciences tools companies to integrate big data analytics into their research platforms. This is expected to revolutionize research by enabling advanced data mining, machine learning and artificial intelligence capabilities.
Threat of new entrants: Low barriers to enter the market such as relatively low capital requirements and low switching costs makes threat of new entrants moderate in the life science tools market.
Bargaining power of buyers: Large buyers such as academic and research institutions have significant bargaining power due to bulk purchasing ability. However, switching costs are relatively low.
Bargaining power of suppliers: Key suppliers in the life science tools market include component manufactures and OEM suppliers. Their bargaining power is moderate due to differentiated products and supply-demand balance.
Threat of new substitutes: Threat of substitutes is low as life science tools have limited substitutes for research and development applications in pharmaceutical and biotech industries.
Competitive rivalry: The life science tools market is a highly fragmented and competitive market with the presence of several global and regional players. Intense competition exists based on product quality, pricing and service.
The Global Life Science Tools Market Size is expected to witness high growth, exhibiting CAGR of 12.5% over the forecast period, due to increasing R&D investments in pharmaceutical and biotech industries. The market size is estimated at US$ 111.28 billion in 2022.
Regionally, North America dominated the global market in 2022 with over 35% revenue share owing to strong biomedical research funding and increasing government focus on precision medicine and healthcare. Asia Pacific is expected to witness fastest growth during the forecast period driven by growing pharma industry, improving healthcare infrastructure and rising life science research adoption in China and India.
Key players operating in the life science tools market include Agilent Technologies, Inc., BD, F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Inc., Danaher, Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Merck KGaA, Shimadzu Corporation, Hitachi, Ltd., Bruker, Oxford Instruments, ZEISS International, Genome Medical, Inc., Hamilton Company, and Beckman Coulter, Inc. Major players are focusing on new product launches, partnerships and mergers & acquisitions to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it