Life science tools help scientists and researchers perform experiments efficiently and yield accurate results. They include instruments, reagents, software, and other consumables and tools used in various life science domains like genomics, proteomics, cell biology research, drug discovery and clinical diagnostics. Some commonly used life science tools are microscopes, spectrophotometers, polymerase chain reaction machines, protein electrophoresis equipment and cell culture consumables.
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 34% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The rising biotechnology sector has been driving significant growth in the life science tools market. Biotechnology companies are developing novel drugs, diagnostic tools, therapeutic treatments and other biologics by conducting extensive research. This has increased the demand for various life science tools that assist researchers in expediting drug development and commercialization processes. Life science tools help shorten research timelines and lower costs for biotechnology firms by increasing efficiency and automation. They allow researchers to analyze complex biological systems and gain deeper insights. This has propelled investments in advanced life science tools and contributed significantly to the market growth over the recent years.
Segment Analysis
The global life science tools market is dominated by molecular spectroscopy sub segment which holds around 30% of market share. Molecular spectroscopy provides qualitative and quantitative analytical information about chemical composition and structure of biological and non-biological materials. It plays a vital role in life sciences research by enabling measurement and identification of biological molecules like DNA, proteins etc. This led to its widespread adoption across various sectors like biotechnology, pharmaceutical, healthcare etc.
Key Takeaways
The Global Life Science Tools Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 34% during this period and reach a size of US$ 125.19 Mn by 2030 from US$ 34.25 Mn in 2023.
Regional analysis
The North American region currently dominates the global market owing to presence of major players and growing R&D spending on drug discovery and healthcare in the US and Canada. It is estimated to maintain its leading position over the forecast period as well. Asia Pacific region is expected to be the fastest growing market for life science tools during 2023-2030 driven by increasing government investments in life science research and expanding biotechnology industry in major countries like China and India.
Key players
Key players operating in the life science tools market are Acacia Communications, fSONA Networks, LightPointe Communications, Plaintree Systems Inc., Trimble Hungary Kft. (Eos Positioning Systems), Wirepas Ltd., Aoptix Technologies Inc., NEC Corporation, Signify Holding (formerly Philips Lighting), Wireless Excellence Limited (CableFree). These companies are focused on developing advanced technological solutions and strengthening their presence through partnerships and collaborations to strengthen market position.
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