Market Research Future (MRFR) has published a cooked research report on the “Global Life Science Tools Market” that contains information from 2018 to 2032. The life science tools market is estimated to register a CAGR of 11.30% during the forecast period of 2023 to 2032.
The global life science tools market is accounted to register a CAGR of 11.30% during the forecast period and is estimated to reach USD 370.076 billion by 2032.
The rapid development of life science tool firms in fields like sequencing, chromatography, MS, NMR, and other related goods is the main factor behind the increase in income. Furthermore, it is anticipated that the market will advance due to investments and funding for the creation of improved therapies as well as the rising need for new drugs and treatments as a result of the prevalence of diseases including diabetes, kidney and thyroid disorders, cancer, and renal and thyroid disorders. In addition, factors including rising government funding for life science research are likely to contribute to the global life science tools market's growth over the next few years.
MRFR recognizes the following companies as the key players in the global life science tools market - Agilent Technologies, Becton, Dickinson and Company, Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Inc., Bruker Corporation, Oxford Instruments plc, Danaher Corporation, Merck KgaA, Qiagen N.V., Shimadzu Corporation, GE Healthcare, Hitachi, Ltd., Illumina, Inc, Thermo Fisher Scientific, Inc. and ZEISS International.
The global life science tools market has been segmented based end-user, product and technology.
On the basis of end-user, the market is segmented into Biopharmaceutical Company, Government & Academic Industry, Health Care and Others. The health care segment was attributed to holding the largest market share in 2022. The market is anticipated to develop as hospitals and diagnostic labs employ more genomic and proteomic workflows to identify and treat a variety of clinical problems.
Based on product, the global life science tools market has been segmented into NGS, Sanger Sequencing, Nucleic Acid Preparation, Nucleic Acid Microarray, PCR & qPCR, Flow Cytometry, Mass Spectrometry, Separation Technologies, Electron Microscopy, NMR, and Others. The separation technologies segment was expected to hold the largest market share in 2022. Separation technologies are being utilized more broadly by different industries, which results in a rise in both production productivity and efficiency.
On the basis of technology, the life science tools market is segmented into Genomic Technology, Cell Biology Technology, Proteomics Technology, Lab Supplies & Technologies and Others. The cell biology technology segment was attributed to holding the largest market share in 2022. Developments in cellular analysis techniques including microscopy, high content analysis, and cytometry are all having a significant influence on the disciplines of stem cells, cancer research, immunology, and drug discovery.
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The global life science tools market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe life science tools market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The life science tools market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World life science tools market comprises of Middle East, Africa, and Latin America.
The largest market share for life science tools was maintained by the North American regional sector. The market's expansion in North America is attributable to elements including increased investments in the pharmaceutical and biopharmaceutical sectors, the introduction of new products, and the existence of significant market players.
Moreover, the Europe market has been persistently growing over the forecast period because genomics, proteomics, oncology, and diagnostic screening have spread quickly in the area. Global businesses' investments and efforts to expand their presence and take advantage of unexplored opportunities in this region will be the growth engine.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. This is due to expanding market player penetration in developing Asian nations and rising funding for the development of cutting-edge diagnostic techniques. Additionally, this area provides reasonably priced manufacturing and operating facilities for carrying out research.
Furthermore, the rest of the world's life science tools market is divided into the Middle East, Africa, and Latin America. The growth of the market in the rest of the world is primarily being driven by factors such as an increase in genomic procedures, rising R&D spending, the presence of many significant players, growing adoption in biopharmaceutical firms, technological advancements and product launches.
Key Findings of the Study