Emerging and Digital Technologies are fastest growing segment fueling the growth of Life Science Tools market
The global Life science tools market is estimated to be valued at US$ 111.28 billion in 2022 and is expected to exhibit a CAGR of 12.5% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The life science tools market comprises analytical instruments, consumables, software, and services used to study biological processes and diseases at the cellular and molecular level. Companies in this market develop tools such as microarrays, electrophoresis, PCR instruments, DNA/protein sequencers, spectrometers, and chromatography that enable researchers to analyze samples for accelerated drug discovery and clinical diagnostics.
Market key trends:
Emerging and digital technologies such as big data analytics, AI, machine learning, next generation sequencing, 3D cell cultures, and IoT are generating new opportunities in life science R&D. Biopharma companies are leveraging these technologies to improve productivity in drug discovery and development. Advanced technologies enable screening of larger compound libraries against disease targets in shorter timeframes. They also help analyze complex datasets from preclinical and clinical studies to better understand disease mechanisms and identify new biomarkers. This is expected to drive demand for advanced life science tools that integrate emerging technologies.
Segment Analysis
The global life science tools market is segmented into proteomics, genomics, protein engineering, drug discovery & development, cell biology and others. The genomics segment dominated the market in 2021 and is expected to continue its dominancy during the forecast period. With the declining costs of DNA sequencing, sequencing is being integrated into diverse areas of biology and medicine. Genomics research also allows to understand the molecular basis of diseases which is driving the growth of this segment.
Key Takeaways
The Global Life Science Tools Market Size is expected to witness high growth, exhibiting CAGR of 12.5% over the forecast period, due to increasing research investments from pharmaceutical and biotechnology companies for drug discovery and development. North America dominates the market and is estimated to maintain its leading position during the forecast period owing to presence of major players and strong regional research ecosystem. Asia Pacific is projected to witness the fastest growth supplemented by rising healthcare expenditure, improving research infrastructure and increasing government funding for life science research in emerging countries such as China and India.
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. The players adopt strategies such as mergers, acquisitions and new product launches to strengthen their market position.
Read more: https://journaljourney32.weebly.com/life-science-tools-market
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