Life Science Tools Market Size To Hit US$ 367.16 Bn By 2032

The global life science tools market size reached USD 111.28 billion in 2022 and it is projected to hit around USD 367.16 billion by 2032 with a significant CAGR of 13% from 2023 to 2032.

Table of Contents

Key Takeaway:

North America is estimated to account for the share of 43.3% in 2023 and is projected to reach 44.9% by 2032
Europe is estimated to account for the share of 25.6% in 2023 and is expected to reach 22.6% by 2032
By Technology, in 2022, cell biology technology has captured a revenue share of 34.5%.
The Proteomics technology segment is growing at the fastest CAGR over the forecast period.
By Product, in 2022, cell culture systems and the 3D cell culture segment have captured a revenue share of 18.4%.
Next-generation sequencing is growing at a CAGR of 7.8% from 2023 to 2032.
By End-use, the healthcare segment has generated a revenue share of around 33.8% in 2022.
The Asia Pacific region is growing at the highest CAGR over the projected period.
The China biotechnology market is growing at a CAGR of 7.9% over the forecast period.

Life science is a branch of science that deals with the study of microorganisms and organisms. It is an umbrella term for wide range of fields such as biotechnology, biomedicine, cell biology, molecular biology, genetics, and biochemistry. The global life sciences tools market includes reagents, consumables, instruments, and various other services. The growth of the healthcare industry, pharmaceutical industry, and the prominent rise in the research and development sector has significantly augmented the global life sciences tools market growth in the recent years.

Growth Factors

The availability of better instruments and improved reagents has speed up the research and development process of drug. Rising investments in the development of bleeding edge technologies that improves life science instruments expected to trigger the growth of life science tools during the analysis period. In addition, prevalence of cancer and other major diseases also fuel the need for genomic analysis to early diagnose and cure the disease. Increasing cases of genetic disorder and birth defects have also prominently triggers the demand for life science tools in the near future. World Health Organization (WHO) has also quoted that prevalence of single gene disease at the time of birth is approximately 10 out of 1000 across the world.

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Life Science Tools Market Scope

Report Highlights	Details
Market Size in 2023	USD 122.58 Billion
Market Size by 2032	USD 367.16 Billion
Growth Rate From 2023 To 2032	CAGR of 13%
Fastest Growing Market	Asia Pacific
Largest Market	North America
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Technology, Product, End User, Region

Report Highlights

In 2019, North America accounted for the maximum revenue share in 2019 due to local presence of major market leaders such as Thermo Fisher Scientific. Reputable informatics network along with well-regulated framework for approval and usage of genomic tests in the region again propel the growth of market.
The Asia Pacific poised to witness the fastest growth during the analysis period. This is attributed to the increasing penetration of leading market players in emerging Asian countries and rising investments for design of advanced diagnostic methods.
Cell biology technology dominated the global life science tools market in 2019 and followed by genomics technology in terms of revenue share. Besides this, proteomics application segment projected to register the highest growth over the forecast period. This is attributed to complete illustration provided by the proteome analysis related to structural and functional information of the cell as well as their response mechanisms against drugs and other outside factors.
Based on product, separation technologies accounted for the major market value share in 2019. However, nucleic acid microarray segment predicted to register the fastest growth over the forecast period.
The healthcare segment occupied maximum market value share in 2019 and expected to witness substantial growth over the forecast period. Rising adoption of proteomic and genomic workflow in hospitals to treat and diagnose various clinical abnormalities analyzed to fuel the market growth. However, biopharmaceutical companies expected to grow at a lucrative CAGR during the forecast period. These companies have initiated large number of genome sequencing projects by collaborating with academic medical centers and community health systems that account for its significant growth during the forecast period.

Regional Snapshots

North America led the global life science tools market with significant revenue share in 2019 due to prominent presence of major market leaders such as Thermo Fisher Scientific. Increasing investment for research & development in medical science contribute significantly for the market growth. In addition, the region is technologically advanced in terms of healthcare facilities as well as invests significantly on the development of hospitals and other medical centers that augment the growth of life science tools in the coming years.

On the other hand, the Asia Pacific seeks lucrative growth over the forecast period due to increasing expenditure on treatment coupled with emergence of the healthcare sector in the region projected to propel the growth of life science tools in the region.

Key Players & Strategies

The global life science tools market is dominated by the major market leaders such as Thermo Fisher Scientific and AgilentTechnologies. Thermo Fisher Scientific is among the largest suppliers of wide range of innovative solutions for life science tools and other solutions across the globe. Similarly, AgilentTechnologies is one of the market leaders in chromatography market that has strong foothold in the gas chromatography and high-performance liquid chromatography markets. Furthermore, biopharmaceutical companies are significantly collaborating and entering into partnership with medical research centers and health institutes to escalate the development of genomic science.

Some of the prominent players in the life science tools market include: