The Life Science Tools Market Is Estimated To Witness High Growth Owing To Increasing Demand For Drug Discovery And Development
The 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:
The life science tools market covers a broad range of products that are used in drug discovery and development. This includes genetic analysis, cell line analysis and characterization, molecular analysis, scientific workflow management, and others. Technologies such as next generation sequencing, DNA microarrays, liquid handling systems, polymerase chain reaction, automated high-throughput systems have streamlined the drug development process. The development of target-specific and personalized therapeutics has augmented the demand for life science tools.
Market Dynamics:
The growth of the market is attributed to rising incidence of chronic and infectious diseases. According to the World Health Organization, chronic diseases accounted for 63% of total deaths in 2020 worldwide, majorly driven by cardiovascular diseases, cancers, respiratory diseases and diabetes. The development of targeted and precision medicine has created lucrative opportunities for life science tool providers. Additionally, increasing R&D investment by biopharmaceutical companies and academic & research institutions is fueling the adoption of technologically advanced tools. However, high costs involved and lack of adequate infrastructure and skilled professionals in developing countries may restrain the market growth.
SWOT Analysis
Strength: The life science tools market offer various techniques for biological research. Modern tools allow for precise and accurate experiments. Advance tools help gain in-depth insight into diseases and their causes.
Weakness: High costs associated with life science tools restricts its adoption. Require skilled professionals for operation of advanced tools. Rapid changing technological advancement makes some tools obsolete.
Opportunity: Growing biotechnology and pharmaceutical industry pose ample opportunities. Increasing R&D expenditure by industry players aids market growth. Rising prevalence of diseases drives demand for innovative diagnostic and treatment methods.
Threats: Stringent regulations associated with approval and commercialization of tools. Intense competition among existing players
Key Takeaways
The Global Life Science Tools Market Demand is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing investments in R&D by biotech and pharma companies. Concerns regarding epidemics and pandemics has also fueled the adoption of tools in clinical research.
Regional analysis
North America dominates the global life science tools market holding over 35% share, owing to presence of major players and availability of funding for research in the region. Asia Pacific exhibits fastest growth attributed to growing investments by governments to strengthen medical research infrastructure in the region. Countries like China and India are emerging as key markets.
Key players
Key players operating in the 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. These players are focusing on new product launches and strategic collaborative initiatives to enhance their market reach.
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