The global Life Science Tools Market is estimated to be valued at Us$ 125.19 Mn in 2023 and is expected to exhibit a CAGR Of 12% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Life science tools play a vital role in research activities and diagnostics applications across different industries such as biotechnology, pharmaceutical, diagnostic, and academic & research organizations. Common tools include microarray equipment, chromatography instruments, lab automation equipment, PCR instruments, immunoassay analyzers, and flow cytometry. These tools help improve productivity by automating processes and enhancing accuracy of results.
Market key trends:
One of the major trends in the life science tools market is increasing adoption of data analytics. Growing generation of large amounts of biological and chemical data due to increased research activities has boosted demand for data analytics tools for storage, processing and interpretation of these large and complex data sets. Data analytics helps life science researchers gain insights through visualization, identification of patterns and associations that can help accelerate development of new therapies, diagnostics and preventive measures. It also helps predict outcomes more accurately and enhances research productivity. Growing digitization of research processes and increasing focus on data-driven decision making are some key factors fueling adoption of data analytics solutions among life science organizations.
Segment Analysis
The global life science tools market is broadly segmented into proteomics, genomics, epigenomics, drug discovery, and others. The proteomics segment dominated the global market in 2023 and is expected to maintain its dominance over the forecast period. This is attributed to increasing focus on protein based research for disease diagnosis and drug development. Advancing proteomics technologies are also supporting segment growth.
Key Takeaways
The Global Life Science Tools Market Demand was valued at US$ 125.19 Mn in 2023 and is expected to grow at a CAGR of 12% over the forecast period. Factors such as growing government funding for life science research and increasing demand for high-throughput screening techniques for early disease diagnosis are fueling market growth.
Regional analysis:
North America dominated the global market in 2023 and is expected to remain the largest market over the forecast period. Growing biotechnology and pharmaceutical industries and presence of major market players in the region are the key factors responsible for regional market dominance. Asia Pacific is expected to exhibit the highest CAGR during the forecast period owing to increasing government initiatives for development of medical research infrastructure and growing medical tourism in the region.
Key players:
Key players operating in the life science tools market are 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. These players are focusing on new product launches and expansion strategies to gain a competitive edge in the market.
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