Life Science Tools Market

Global Life Science Tools Market Size (2024 to 2029)

The global life science tools market is expected to be valued at USD 252.5 billion by 2029 from USD 176.05 billion in 2024, growing at a CAGR of 7.48% from 2024 to 2029.

MARKET DRIVERS

Y-o-Y growth in the patient population suffering from chronic diseases worldwide is a major factor driving the life science tools market growth.

The increasing prevalence of diseases such as cancer, cardiovascular diseases, and diabetes worldwide has created a demand for tools and technologies that aid in disease diagnosis, prognosis, and treatment monitoring. The life science tools market is significantly influenced by the progress made in life science research, particularly in the areas of genomics, proteomics, and cell biology. The advancement of next-generation sequencing (NGS) technologies has significantly transformed genomics research by facilitating the sequencing of DNA and RNA in a high-throughput manner. These developments have resulted in significant advancements in comprehending genetic variances, the underlying causes of illnesses, and individualized medical treatments.

The rising emphasis on personalized medicine is a noteworthy factor that propels the market forward.

The field of personalized medicine endeavors to customize medical interventions by considering an individual's genetic makeup, environmental factors, and lifestyle choices. The trend towards personalized medicine has resulted in a significant need for life science tools. The continuous efforts in drug discovery and development contribute to the increasing demand for life science tools and fuel the market’s growth rate. The quest for novel drugs and therapies for diverse diseases is an ongoing pursuit of pharmaceutical companies. The use of life science tools, which include high-throughput screening systems, drug target identification tools, and lead optimization platforms, is essential in drug discovery.

MARKET RESTRAINTS

Life science tools typically entail advanced technologies and require significant investments in research institutions and laboratories. It has been observed that the expensive nature of these tools can pose a challenge for smaller research facilities and organizations that operate on limited budgets. The market for life science tools is governed by rigorous regulations and quality standards that are in place to guarantee precision, dependability, and safety. Compliance with regulatory requirements, such as FDA approvals and ISO certifications, can result in increased costs and potential delays in product launches for companies. This can be a time-consuming and expensive process.

REPORT COVERAGE 

SEGMENTAL ANALYSIS

Global Life Science Tools Market Analysis By Technology

The genomics segment is expected to witness the highest CAGR over the forecast period. Genomics is a fast-evolving subject that includes the study of genes, DNA sequencing, gene expression analysis, and the identification of genetic variations. Technological improvements, increased applications in personalized medicine, and rising demand for genetic testing and precision healthcare are driving the segmental growth. The use of next-generation sequencing (NGS) technology has driven the genomics segment forward tremendously. NGS technologies' reducing costs and increasing efficiency have contributed to their extensive use in research, diagnostics, and medication development. Additionally, genomics is important in fields such as cancer genomics, pharmacogenomics, agricultural genomics, and rare illness studies.

The lab supplies and technologies segment is expected to account for a notable share of the global market during the forecast period. Constant need for laboratory supplies, including reagents, pipettes, and consumables in research and testing laboratories, is one of the major factors propelling the segmental growth. The rapid adoption of routine lab technologies, such as centrifuges and microscopes, in various life science disciplines and an increasing number of research and development activities across pharmaceutical, biotechnology, and academic institutions further boost the growth rate of the lab supplies and technologies segment in the global market.

Global Life Science Tools Market Analysis By Product

The NGS segment is predicted to capture the largest share of the global market during the forecast period. Factors such as advancements in NGS technologies that reduce sequencing costs and increasing accessibility to researchers, rising demand for genomics research and personalized medicine applications contributes to the growth of the NGS segment in the global market. NGS applications in oncology, rare disease diagnosis, and infectious disease research are driving its widespread adoption and contributing to segmental growth.

The PCR and qPCR segment is anticipated to witness a healthy CAGR in the coming years. The growing usage of PCR and qPCR in molecular diagnostics, including COVID-19 testing and disease screening applications, is one of the major factors propelling the growth of the PCR and qPCR segment in the global market. Continuous advancements in PCR technology, such as real-time qPCR, that enhance their sensitivity and specificity and increase demand for PCR-based applications in genotyping, gene expression analysis, and infectious disease research further fuel the growth rate of the PCR and qPCR segment in the global market.

Global Life Science Tools Market Analysis By End-User

The healthcare segment dominated the life science tools market and accounted for the major share of the global market in 2023 and the domination of the healthcare segment is likely to continue throughout the forecast period. The rise in the adoption of proteomic and genomic workflows in hospitals for the purpose of diagnosing and treating various diseases drives the growth of the healthcare segment in the global market. There has been increased utilisation of tissue diagnostic and NGS services as well in healthcare facilities. Numerous healthcare facilities presently offer sequencing services to their patients, such as genomic sequencing, which enhances patient care and reduces healthcare costs. The growing integration of cutting-edge tools and technology into routine medical practice is expected to propel the segment’s growth in the foreseeable future.

On the other hand, the biopharmaceutical companies segment is also expected to post a healthy CAGR in the coming years owing to the increasing focus of biopharmaceutical companies on genomics. Large-scale genome sequencing projects are being initiated by these companies in collaboration with community health systems and academic medical centres within the life science tools sector.

REGIONAL ANALYSIS

North America dominated the global life science market in 2023 and the lead of the North American region is anticipated to continue during the forecast period. The rise in the adoption of genomic medicine, biopharmaceuticals, diagnostic procedures, and innovative technologies for diagnosing and treating clinical disorders is responsible for the region's market growth. Additionally, the region benefits from the presence of many major market players who are continually engaged in the development of innovative instruments for life science research. In addition, the presence of a well-regulated environment for approvals and utilization of genomic and tissue diagnostic tests is anticipated to drive market growth over the forecast period.

However, the Asia Pacific region is anticipated to grow at the highest rate during the forecast period. The expansion will be fueled by global companies' investments and efforts to exploit latent opportunities and expand their presence in this region. In addition, this region offers relatively affordable manufacturing and operating units for research. These factors are anticipated to play a significant role in the growth of life science instruments and technologies in this region.

KEY PLAYERS IN THE GLOBAL LIFE SCIENCE TOOLS MARKET

Companies that play a notable role in the global life science tools market are Thermo Fisher Scientific, Agilent Technologies, Illumina, Inc., Merck KGaA, PerkinElmer, Inc., Bio-Rad Laboratories, Inc., Qiagen N.V., Bruker Corporation, Waters Corporation, F. Hoffmann-La Roche AG, Danaher Corporation, GE Healthcare, BD (Becton, Dickinson and Company), Promega Corporation, Beckman Coulter, Inc., Lonza Group Ltd., Charles River Laboratories International, Inc., BioTek Instruments, Inc., Fluidigm Corporation, Sartorius AG, Shimadzu Corporation, Hitachi, Ltd., Oxford Instruments plc and Zeiss International.

RECENT HAPPENINGS IN THE MARKET

• In June 2023, MGI Tech Co. Ltd. ("MGI"), a company dedicated to establishing core tools and technology to lead life science, announced a comprehensive collaboration with Stockholm-based AddLife AB, one of Europe's major distributors of clinical testing and laboratory equipment. This partnership aims to improve MGI product distribution in the Nordic region, leverage AddLife AB's Triolab Group subsidiaries' expertise and market presence and expand downstream applications into innovative fields like POCT and remote ultrasound.

DETAILED SEGMENTATION OF THE GLOBAL LIFE SCIENCE TOOLS MARKET INCLUDED IN THIS REPORT

This research report on global life science tools market has been segmented and sub-segmented based on the following categories.

By Technology

• Genomics
• Cell Biology
• Proteomics
• Lab Supplies & Technologies
• Other Analytical & Sample Preparation Technology

By Product

• NGS
• Sanger Sequencing
• Nucleic Acid Preparation
• Nucleic Acid Microarray
• PCR & qPCR
• Flow Cytometry
• Mass Spectrometry
• Separation Technologies
• Electron Microscopy
• NMR
• Others

By End-User

• Pharmaceutical & Biotechnology companies
• Government and Academic Research Institutions
• Healthcare
• Industrial
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa