Global Life Science Tools Market to Reach US$ 229.07 Billion by 2028, Propelled by Extensive Biomedical Research and Development (R&D) Activities

May 23, 2023 | Healthcare IT

According to the latest report by IMARC Group, titled “Life Science Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global life science tools market size reached US$ 142.13 Billion in 2022. Life science tools refer to a diverse range of instruments, equipment, and techniques that are specifically designed to study living organisms, their components, and their functions. They are characterized by their high precision, accuracy, scalability, and compatibility with numerous biological samples. These tools function by detecting and measuring biological molecules, analyzing cellular functions, manipulating genetic material to facilitate various experiments under controlled conditions. As a result, they are extensively utilized in specific biotechnological applications including DNA sequencing, protein analysis, cell culture, microscopy, and gene editing. Some of the advantages offered by life science tools include better understanding of disease mechanisms, identification of treatment targets, development of personalized medicine approaches, and accelerated scientific discovery and experiment efficiency.

Global Life Science Tools Market Trends:

The global market is majorly driven by the growing number of biomedical research and development (R&D) activities focusing on drug discovery, genomics and proteomics. This can be attributed to the rising prevalence of various chronic and infectious diseases resulting in an increased demand for improved disease diagnosis, monitoring, and treatment. In line with this, continual developments in life science technologies, including next-generation sequencing (NGS), gene editing, and high-throughput screening, are providing an impetus to the market. Moreover, the paradigm shift towards personalized medicine is leading to a higher uptake of biomarker analysis kits, diagnostic tests, and genomic profiling instruments, which in turn is propelling the market. The market is further fueled by the increasing need for biopharmaceutical drugs, including recombinant proteins, monoclonal antibodies, and vaccines. Apart from this, the growing adoption of precision agriculture practices to facilitate optimized crop production is creating lucrative opportunities in the market. Some of the other factors contributing to the market include favorable government initiatives promoting life sciences research, improvements in healthcare infrastructure, an enhanced focus on preventive healthcare and self-monitoring, and inflating disposable income levels. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 229.07 Billion by 2028, exhibiting a CAGR of 8.12% during 2023-2028.

Market Summary:

  • Based on the type, the market has been segmented into instruments, consumables, and services. Among these, instruments represent the largest market segment. 
  • On the basis of the technology, the market has been divided into cell culture systems and 3D cell culture, PCR and qPCR, sanger sequencing, separation technologies, flow cytometry, nucleic acid microarray, mass spectrometry, and others. Among these, cell culture systems and 3D cell culture account for the dominant market share. 
  • Based on the application, the market has been classified into proteomics, genomic, cell biology technology and others, wherein cell biology technology exhibited a clear dominance in the market.
  • On the basis of the end user, the market has been segregated into government and academic, biopharmaceutical company, healthcare, industrial applications, and others. At present, healthcare accounted for the largest market share.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. At present, North America holds the leading position in the market. 
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Agilent Technologies Inc., Becton Dickinson and Company, Bio-Rad Laboratories Inc., Bruker Corporation, Danaher Corporation, F. Hoffmann-La Roche AG, Illumina Inc., Merck KGaA, Oxford Instruments plc, Qiagen N.V., Shimadzu Corporation, and Thermo Fisher Scientific Inc.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Types Covered Instruments, Consumables, Services
Technologies Covered Cell Culture Systems and 3D Cell Culture, PCR and qPCR, Sanger Sequencing, Separation Technologies, Flow Cytometry, Nucleic Acid Microarray, Mass Spectrometry, Others
Applications Covered Proteomics Technology, Genomic Technology, Cell Biology Technology, Others
End Users Covered Government and Academic, Biopharmaceutical Company, Healthcare, Industrial Applications, Others
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Agilent Technologies Inc., Becton Dickinson and Company, Bio-Rad Laboratories Inc., Bruker Corporation, Danaher Corporation, F. Hoffmann-La Roche AG, Illumina Inc., Merck KGaA, Oxford Instruments plc, Qiagen N.V., Shimadzu Corporation, Thermo Fisher Scientific Inc., etc.
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Global Life Science Tools Market to Reach US$ 229.07 Billion by 2028, Propelled by Extensive Biomedical Research and Development (R&D) Activities
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