Life science includes different study such as molecular biology, cell biology, genetics, and biochemistry. Life science tools include instruments, reagents, and consumables. All of them play a key role to diagnose, and monitor the progress made by a disease in the body. Discoveries in life sciences tools help to improve the quality and standard of living by being applied to health, medicine, agriculture, as well as pharmaceutical and food science industries. Moreover, the study of life science provides guidance related to the disease processes and aids in the development of novel therapeutics for improving human health.
The global life science tools market is estimated to be valued at US$ 111,276.0 million in 2022 and is expected to exhibit a CAGR of 12.5% during the forecast period (2022-2030).
Figure 1. Global Life Science Tools Market Share (%), by Technology, 2022
Global Life Science Tools Market - Driver
Increasing strategies adopted by key market players such as product launches, is expected to boost growth of the global life science tools market. For instance, in December 2021, F. Hoffmann-La Roche Ltd., a healthcare company, announced that they had launched the cobas 5800 system, a new molecular diagnostic instrument to expand access for testing and improving patient care. It will provide efficiency, simplicity and timely results to laboratories of all sizes that help clinicians to determine the best treatment strategies for their patients.
|Base Year:||2021||Market Size in 2022:||US$ 111,276.0 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||12.5%||2030 Value Projection:||US$ 286,502.0 Mn|
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.
|Restraints & Challenges:||
Figure 2. Global Life Science Tools Market Share (US$ Million), by Region, 2022
Global Life Science Tools Market – Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.
COVID-19 can affect the economy in three main ways: by directly affecting production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, are facing problems with regards to the transportation of drugs from one place to another.
However, the COVID-19 pandemic had a positive impact on the global life science tools market growth due to increasing technological advancements of products by key market players. For instance, in March 2020, Hamilton Company, a biotechnology company, announced the launch of two automated assay ready workstations to battle the COVID-19 pandemic. The MagEx STARlet is a fully automated solution for magnetic bead-based nucleic acid extraction and the PCR Prep STARlet automates high-throughput sample preparation of biological samples, and is especially well-suited for COVID-19 detection. Moreover, the MagEx STARlet and the PCR Prep STARlet are the two new automated assay ready workstations that enable high-throughput diagnostic and research-based testing of COVID-19.
Global Life Science Tools Market: Key Developments
Adoption of inorganic growth strategies such as product launch is expected to drive the global life science tools market. For instance, in September 2022, F. Hoffmann-La Roche Ltd., announced that they had launched the Digital LightCycler System (DLS), a digital polymerase chain reaction (PCR) system, which is designed to aid in diagnostics for cancer, genetic disease, and infection. It detects the disease and accurately evaluate trace amounts of specific DNA and RNA targets that are not typically detectable by conventional PCR methods.
Global Life Science Tools Market: Restraint
Increasing number of product recalls by regulatory authorities such as the U.S. Food and Drug Administration is expected to hinder the market growth. For instance, in November 2018, the U.S. Food and Drug Administration recalled a class I flow cytometers, which is manufactured by Beckman Coulter, Inc., a manufacturer of diagnostic systems. The flow cytometers was recalled due to electrical circuit error that deliver inaccurate assessments of cells taken from patients with blood cancers, HIV and other serious hematological diseases.
Global Life Science Tools Market - Key Players
Major players operating in the global 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.
Life science refers to the study of living organisms including microbes, human beings, animals, fungi, and plants. Life science tools covers various fields within the biomedical sector that includes biological data analytics, bioinformatics, bioelectronics, advances in biomaterials, and biomedical engineering and neuroscience sector. Life science tools are used to study the various areas of biotechnology, genetics, molecular biology, and cell biology. There are many disciplines include in the life sciences such as botany, zoology, human anatomy, marine biology, cell biology and neuroscience etc.
Adoption of organic strategies such as technological infrastructure by key market players is expected to drive the global life science tools market over the forecast period. For instance, in April 2021, Genome Medical, Inc., a genomic technology company, announced the expansion of its technology infrastructure to accelerate delivery of virtual genomic medicine. This technological infrastructure will provide the patient efficient clinical care during their genomic health diagnosis.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.