Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Life Science Tools market.
Trusted Business Insights presents an updated and Latest Study on Life Science Tools Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Life Science Tools market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Life Science Tools Market
The global life science tools market size was computed at USD 46.3 billion in 2020 and is projected to expand at a CAGR of 8.7% during the forecast period. The anticipated growth in revenue is attributed to rapid technological advancements adopted by the life science tools companies in mass spectrometry, sequencing technologies, chromatography methods, NMR, and other products. Technological advancements in different life science tools are expected to enhance their adoption among prominent end users of the market, thereby leading to market growth.
An increase in the investments by key players toward R&D related to life science tools and services coupled with the rise in the number of strategic deals and developments are expected to drive the market significantly. The field of biopharma and life sciences observed large acquisitions in 2018, which paved a way for industry growth in 2019 and the coming years.
This steady commercial success of biopharmaceuticals is expected to accelerate market growth over the forecast period 2021-2027. Initially, only a few players had the infrastructure to handle the entire value chain of biologic production. This has dramatically changed in recent years, as there are several firms in the market that are involved in the development of biologics.
Moreover, the biopharmaceutical industry has itself grown substantially in recent years to include novel product types including nanobodies, rDNA, synthetic vaccines, fusion proteins, soluble receptor, immunoconjugates, and immunotherapeutics. Rise in investments by government and non-government organizations for R&D related to life sciences tools research and academics are expected to drive the market.
For instance, The Federal Government in Germany clearly emphasizes on research and higher education via numerous initiatives and strategies across the country. A few of these strategies include the Excellence Initiative, the Excellence Strategy, the new High-Tech Strategy, and the Internationalisation Strategy. The German state and federal governments provide nearly 30% of the overall spending on R&D in the country. Moreover, the federal and state governments have also collaborated for funding projects of national significance.
Technology Insights: Life Science Tools Market
Cell biology technology occupied a major market share in 2019 and is closely followed by genomics technology. Traditional genome editing technologies have a limited capacity of maintaining pace with the fast-progressing genome modification era, owing to the fact that these technologies are time-consuming, inefficient, and labor-intensive.
The advent of CRISPR/Cas9 nuclease and ZFN facilitates easy and precise genome editing. In recent times, the genomics industry has witnessed a substantial number of advancements and expansion of the application of gene editing tools for the treatment of genetic diseases. This has significantly impacted the life science tools market growth.
The proteomics segment is expected to expand at a significant CAGR as proteome analysis can provide a complete depiction of functional and structural information of the cell and its response mechanisms against drugs and other foreign factors. Mass spectrometry is one of the key technologies employed during proteomic workflows. Therefore, technical advances in the field of mass spectrometry drive the capabilities for proteomic discovery.
Product Insights: Life Science Tools Market
Separation technologies accounted for the largest share in 2019, however, the nucleic acid microarray and next-generation sequencing segments are expected to register lucrative growth rates. Separation technologies include immunoprecipitation, automated purification systems, chromatography techniques, and other technologies that help elution of the analyte.
The advent of single-use chromatography represents one of the most significant inventions for the isolation and purification of biopharmaceuticals. The technology eliminates the need for large-scale columns, column packing, and storage of resin and packed columns. The technology also helps in the reduction of the use of chemicals and water for buffer up to 80%. This increases the productivity and efficiency of the overall manufacturing process, thus leading to higher adoption of separation technologies in industries.
The nucleic acid microarray segment is expected to expand at the fastest CAGR. Leading players have developed several advanced instruments for microarray analysis. This has increased the adoption of DNA microarrays among researchers and laboratories. For instance, ThermoFisher Scientific has developed the GeneChip Scanner that helps in the scanning of next-generation high-density arrays for all-exon arrays and transcription.
End-Use Insights: Life Science Tools Market
The health care segment lead the revenue share in 2019. This segment comprises of hospitals, clinics, diagnostic laboratories, community centers, and physician offices. Increasing adoption of genomic and proteomic workflows in hospitals to diagnose and treat several clinical abnormalities is expected to drive the market growth. In addition, efforts taken by hospitals and clinics to expand their genomics research gateway are also expected to enhance the growth of life science tools.
For instance, in August 2019, Brigham and Womens Hospital unveiled a new Preventive Genomics Clinic dedicated to performing genomic sequencing for healthy individuals. This is one of the first-ever programs to offer DNA sequencing services for adults as well as children. In the same year, Massachusetts General Hospital also planned to launch its clinic offering elective sequencing services.
In addition, owing to the rising demand for the diagnostic tests for Covid-19, a pandemic disease declared by the WHO, U.S. FDA has given emergency approval to a diagnostic, under which, test manufacturer Roche, received an Emergency Use Authorization (EUA). Such initiatives are expected to drive the life science tools used in the diagnostics sector.
Biopharmaceutical companies are initiating large-scale genome sequencing projects in collaboration with community health systems and academic medical centers. Grail, Inc. is conducting studies to detect genomic fingerprints from tumors that can be detected in a blood sample, intending to identify cancer at an early stage. Regeneron has collaborated with Pennsylvania-based Geisinger Health System, to enroll patients in the study. Hence, the growing interest of pharmaceutical and biotechnology companies in genomics is expected to drive the market.
Regional Insights: Life Science Tools Market
North America accounted for the largest share in 2019 owing to the factors such as the local presence of leading market players such as Thermo Fisher Scientific, reputable informatics network, and well-regulated framework for usage and approval of genomic tests in the region. In addition, a rise in the number of genomic procedures for academic and clinical use in the U.S. is expected to drive the North America market throughout the forecast period.
The Asia Pacific is poised to witness the fastest growth throughout the forecast period owing to the growing penetration of leading players in emerging Asian countries and investments for the design of advanced diagnostic methods. Asia Pacific is a lucrative destination for outsourcing pharmaceutical R&D as the region provides skilled professionals at a much lower cost than developed countries in North America and Europe. Therefore, global CROs have expanded their presence in the Asia Pacific owing to lucrative opportunities in several Asian countries.
Key Companies & Market Share Insights: Life Science Tools Market
Thermo Fisher Scientific is one of the largest suppliers of a wide range of innovative solutions for the life science community across the globe. The companys products are used by researchers and healthcare professionals globally. The companys portfolio includes nucleic acid purification solutions, flow cytometry instruments, sequencing solutions, thermal cyclers, and other laboratory supplies. In addition, Affymetrix Inc, a subsidiary of Thermo Fisher Scientific is the leading player in the nucleic acid microarrays market.
The chromatography market is lead by AgilentTechnologies with a strong foothold in the High-performance liquid chromatography and gas chromatography markets. Some of the prominent players in the life science tools market include:
Key companies Profiled: Life Science Tools Market Report
- Agilent Technologies
- Becton, Dickinson and Company
- F. 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.
- Â ZEISS International.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, Trusted Business Insights, Inc. has segmented the global life science tools market report on the basis of technology, products, end use, and region:
Technology Outlook (Revenue, USD Million, 2015 – 2026)
- Genomic Technology
- Proteomics Technology
- Cell Biology Technology
- Other Analytical & Sample Preparation Technology
- Lab Supplies & Technologies
Product Outlook (Revenue, USD Million, 2015 – 2026)
- Sanger Sequencing
- Nucleic Acid Preparation
- PCR & qPCR
- Nucleic Acid Microarray
- Flow Cytometry
- Separation Technologies
- Mass Spectrometry
- Electron Microscopy
End-Use Outlook (Revenue, USD Million, 2015 – 2026)
- Government & Academic
- Biopharmaceutical Company
- Health Care
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