Life Science Tools Market Size to Hit USD 367.16 Bn by 2032

Life Science Tools Market Size, Trends and Developments Report

The global life science tools market size is estimated to grow from USD 111.28 billion in 2022 to surpass around USD 367.16 billion by 2032, registered at a CAGR of 13% between 2023 and 2032, as a result of the growing R&D and technology advancements.

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Report Highlights:

• North America dominated the life science tools market in 2022 with over 42.3% market share.
• Asia Pacific region is projected to grow at the fastest rate due to rising healthcare infrastructure and growing strategic alliances among market players.
• The COVID-19 pandemic has notably impacted the life science tools market.
• Advancements in R&D augment the demand for life science tools.

According to WHO, collaboration and digitalization have played critical roles in bringing COVID vaccines and therapies to market at an unprecedented rate, saving an estimated 750,000 lives in the United States and Europe alone, and raising demand in the global life sciences tools market.

Life sciences tools refer to various instruments, equipment, reagents, and software used in biological research, diagnostics, and drug discovery. These tools are essential for studying and manipulating biological systems at the molecular, cellular, and organism levels. Examples include DNA sequences, mass spectrometers, microscopes, gene editing tools, and various analytical instruments. Life sciences tools are crucial in advancing and understanding biology, enabling medical discoveries, and facilitating the development of new therapies and diagnostic methods.

The life sciences tools market has experienced growth due to advancements in technology, increased research activities, and rising demand for personalized medicine. Emerging fields like genomics, proteomics, and synthetic biology have driven the demand for sophisticated tools like next-generation sequencing and gene editing technologies. Additionally, the collaboration between academia and industry and government initiatives have fueled innovation, expanding the market for life sciences tools. Overall, the growing biological mechanisms and development of targeted therapies have contributed to the expansion of this market.

Life sciences tools encompass various technologies used to study living organisms. Critical applications include Genomics, Proteomics, Cell Biology, Bioinformatics, and Diagnostic Tools. The continuous advancement of life sciences tools enhances understanding of living systems and contributes to breakthroughs in medicine, agriculture, and environmental science.

Several key life science technologies contribute significantly to the market's growth. These technologies drive innovation, enhance research capabilities, and play a pivotal role in advancing our understanding of biological processes. Next-generation sequencing (NGS) technologies have revolutionized genomics research by enabling rapid and cost-effective DNA sequencing. This has led to breakthroughs in understanding genetic variations, identifying disease markers, and advancing personalized medicine. CRISPR-Cas9 has transformed molecular biology, allowing precise and targeted editing of genes. This technology has immense potential for understanding gene functions, developing therapeutic interventions, and creating genetically modified organisms for various applications.

Current Trends in the Life Science Tools Market

Digital Transformation in Life Sciences

Life sciences companies are increasingly integrating digital tools into their operations, yet they still trail behind other industries in digital maturity. Despite advancements, they struggle with fully leveraging digital capabilities due to misalignment of incentives and the need for agility.

Advancements in Research and Development Tools

The application of digital and analytics tools in research and development (R&D) is yielding significant benefits. These tools are helping to de-risk drug discovery, accelerate clinical trials, and enhance interactions with healthcare providers and patients. However, the full potential of these tools is still being realized.

Growth in Patents and Publications

There has been a surge in innovation within the life sciences sector, with the top 40 life sciences companies filing over 1,700 patents in 2021, surpassing major tech firms. Publications in digital and analytics tools for life sciences have also increased, indicating a growing focus on advancing research capabilities.

Venture Funding and Investments

Venture funding in digital health, which includes investments in life science tools, peaked during the COVID-19 pandemic and remains high. Investments have focused on tools and solutions for commercial applications, research, early development, and regulatory and safety processes. This influx of funding is driving innovation and development in life science tools.

The COVID-19 Pandemic has Notably Impacted the Life Sciences Tools Market

The COVID-19 pandemic has driven a surge in the life sciences tools market as the urgent need for diagnostics, research, and vaccine development intensified. Increased demand for molecular and immunoassay kits, digital solutions, and advanced life support machines has led to a growing market for companies providing these essential tools. The race to develop rapid diagnostics for the SARS-CoV-2 virus has prompted innovation, resulting in new products and technologies that contribute to expanding the life sciences tools market during these challenging times.

For Instance,

• In December 2021, Siemens Healthineers received Emergency Use Authorization from the Food and Drug Administration for their breakthrough COVID-19 rapid test.

Gene-based technologies, such as polymerase chain reaction (PCR), are widely employed for COVID-19 detection. In COVID-19, gene therapy may play a role in developing treatments or vaccines.

For Instance,

• The mRNA vaccines, like the ones developed by Pfizer-BioNTech and Moderna, utilize a form of gene therapy. These vaccines introduce a small piece of genetic material (mRNA) into cells to instruct them to produce a viral protein that triggers an immune response.

In addition, advancements in recombinant DNA technology are expected to expand the number of ongoing clinical trials for gene therapy.

For Instance,

• In 2020, the Food and Drug Administration found more than 200 applications annually for cell and gene therapy clinical trials.
• In October 2020, the National Institute of Health's database shows more than 3600 trials on COVID-19 that had been conducted around the world.

The pandemic has underscored the importance of advanced technologies and tools in responding to global health crises, leading to increased investments in life sciences research and development. This sustained healthcare and life sciences focus has propelled the market's growth.

For Instances,

• In 2021, The BIONDA biomarker database compiled detailed information on biomarker candidates from various PubMed articles without disease-specific limitations. It sources data from PubMed abstracts, UniProt, and Human Disease Ontology, utilizing automated text mining methods for regular updates.
• In 2021, DisGeNET is a discovery platform containing one of the most extensive publicly available collections of genes and variants associated with human diseases. The current version of DisGeNET (v7.0) includes 1,134,942 gene-disease associations between 21,671 genes, 30,170 diseases, disorders, traits, and 369,554 variant disease associations between 194,515 variant and 14,155 diseases, characteristics, and phenotypes.

Advancements in Research and Development Augment the Demand for Life Sciences Tools

Continuous R&D efforts lead to developing new and advanced life sciences tools with improved capabilities. Innovations in technologies such as genomics, proteomics, and molecular biology contribute to expanding the market by offering researchers more sophisticated and efficient tools for their work. R&D efforts often result in the creation of novel life sciences tools and instruments. The introduction of analytical devices and diagnostic tools attracts interest from researchers and institutions looking to enhance their capabilities, thereby driving market growth.

For Instances,

• In 2020, According to the National Science Board, a handful of countries dominated the global research and development spending landscape. The United States accounted for 27%, while China contributed 22%, representing nearly half of the worldwide R&D efforts.
• In 2021, IQVIA has planned 5,500 new clinical trials exceeding 2 million for the 1st time.
• In 2021, there has been a notable increase in venture capital deal activity and investment inflows in the United States. This surge is attributed to growing interest in the life sciences sector, resulting in over 2,000 deals and a total deal value of $47 billion.
• In 2022, the FDA approved most new drugs (72%), which accelerated the growth and emergency use authorization.
• In 2021, US-Digital Health Startups aimed at R and D in biopharm and medtech received $5.8 billion in funding. The COVID-accelerated adoption of objective world evidence and decentralized trials piqued investor interest. Overall,2021 was a record-breaking year for US-based digital health startups, with US$29.1 billion raised across 729 transactions—nearly double the previous record of US$14.9 billion raised in 2020. Nearly 23 exist via merger or acquisition per month, nearly double the monthly average of 12 in 2020.
• In 2021, Cell and gene therapies (CGTs) are changing how people treat genetic and intractable diseases and the entire pharmaceutical ecosystem. There were 2,261 ongoing global cell, gene, and tissue clinical trials, with 1,129 industry-sponsored and 1,132 academic/government-sponsored trials.

The Increasing Costs of Life Science Tools Serve as a Constraint to the Market Growth

The accessibility of these sophisticated life sciences tools becomes restricted due to their elevated costs. Smaller organizations, educational institutions, or research labs with constrained financial resources may need help to afford the equipment. This limitation in accessibility creates an uneven playing field within the scientific community, potentially impeding the pace of discoveries and advancements.

Additionally, the high costs associated with research and development efforts in life sciences contribute significantly to the financial burden. The need for constant innovation and the incorporation of advanced technologies in tools for genomics, proteomics, and other disciplines within life sciences requires substantial investments. This financial demand can hinder the progress of research initiatives, especially for smaller research institutions or companies with limited budgets.

Furthermore, the high costs can hinder the widespread adoption of life sciences tools across diverse sectors. Healthcare, agriculture, and environmental science industries benefit from life science research advancements. However, the financial barriers may prevent these sectors from fully embracing the latest tools, slowing down the application of life sciences innovations in practical settings.

The impact of the elevated costs is a constriction of the overall expansion of the life sciences tools market. It affects the pace of scientific breakthroughs and introduces challenges in achieving a more inclusive and widely applicable approach to utilizing advancements in life sciences across various domains. Addressing these cost-related constraints is crucial for fostering a more accessible and equitable landscape for life science advancements.

Advancement in Life Sciences Technology Opens Up New Opportunities for Growth and Innovation

In the dynamic landscape of the life sciences tools market, continuous innovation catalyzes growth and development. Novel technologies and advancements create avenues for researchers and industry professionals to discover groundbreaking solutions and address evolving challenges in the field. This ongoing innovation propels scientific discovery and presents new business opportunities, fostering competitiveness and driving progress within the life sciences sector.

In the life science industry, advancements in understanding drug interactions with patients' genetic makeup have spurred improvements in targeted therapies. Recent developments in predictive analytics and robust genetic profiling enhance the manufacturing of biological therapeutics, meeting the growing demand. The application of recombinant DNA technology in producing biologics is rising, driving market growth and positively impacting treatment outcomes while reducing drug development costs. The ongoing advancements in life sciences tools further amplify this growth trajectory.

These technologies are widely used in Life Sciences. It include,

• Automation: Laboratory process automation is becoming more common, reducing manual labor and increasing efficiency. This trend is especially important for high throughput experiments, where automation can significantly improve workflow and reduce errors.
• Data Analysis: To derive meaningful insights from the growing volume of data generated by life science experiments, advanced data analysis tools are required. This trend has resulted in the development of machine learning and artificial intelligence algorithms that can assist researchers in making sense of large amounts of data.
• Single-cell Analysis: Advances in single-cell analysis tools have enabled researchers to study individual cells, revealing insight previously hidden in bulk tissue analysis. This trend is especially important in fields like cancer research and development biology.
• CRISPR Technology: The development of CRISPR-Cas9 technology has transformed genome editing, allowing researchers to precisely modify genes in a variety of organisms. This technology has created new opportunities in gene therapy, drug development, and agricultural biotechnology.
• Multi-Omics Approaches: Multi-omics approaches analyze multiple types of biological data, including genomics, transcriptomics, proteomics and metabolomics.

For Instance,

• In 2021, half of the new drugs that will be launched in the U.S. had their original product patents filed by emerging biopharma companies (EBPs).

Collaborative research initiatives among significant market players involve converting newborn stem cells from umbilical cord tissue and blood into Induced Pluripotent Stem Cells (iPSCs), creating novel market opportunities in life sciences tools.

Mass Spectrometry Advancement Drive Lifesciences Tools Market Growth

The growth in the life sciences tools market, mainly attributed to mass spectrometry, signifies a pivotal role in advancing research, diagnostics and various applications within the life sciences field. Mass spectrometry is a powerful analytical technique that measures the mass-to-charge ratio of ions, providing detailed information about the composition, structure and characteristics of molecules, and it contributes to the growth of the life sciences market globally.

Mass spectrometry plays a vital role in drug discovery and development. It facilitates the analysis of drug metabolism, pharmacokinetics, and the identification of potential biomarkers, enhancing the efficiency of drug development. Ongoing advancements in mass spectrometry technologies, such as high-resolution and tandem mass spectrometry (MS/MS), contribute to improved sensitivity, accuracy, and throughput. This drives adoption across various life sciences applications. Automation and integration of mass spectrometry systems with other analytical techniques enhance workflow efficiency. This is particularly valuable in high-throughput screening, where large-scale analyses are more streamlined and time-efficient.

In clinical settings, mass spectrometry is used for diagnostic purposes, such as detecting and quantifying disease-related biomarkers. It enhances the precision and reliability of diagnostic tests, contributing to personalized medicine approaches. Mass spectrometry continues to find new applications, ranging from lipidomics to glycomics, expanding its utility in studying different classes of biomolecules. This versatility attracts researchers across diverse scientific disciplines.

The technique's versatility, coupled with its applications in diverse scientific domains, positions it as a cornerstone technology driving advancements in research, diagnostics and drug development within the life sciences industry.

Geographical Landscape

The rapid adoption of genomics, proteomics, oncology, and diagnostic screening primarily drives North America's dominating market of life sciences tools. The robust growth is attributed to the increasing utilization of genomic medicine, biopharmaceuticals and novel technologies for diagnosing and treating clinical disorders in the United States and Canada. The well-regulated environment in North America facilitates the approval and utilization of genomic and tissue-related technologies, further contributing to its dominance in the life sciences tools market.

For Instance,

• In 2023, Avida Biomed developed high-performance target enrichment workflows with unique features for clinical researchers. The acquired firm employs next-generation sequencing methods to investigate cancer.

The UK, a prominent hub for life sciences research, emphasizes the crucial role of science funding for transformative innovations benefiting patients and the public. Collaboration between academia, industry, and individuals with lived experiences is essential to address healthcare challenges like mental health, addiction, and obesity. These complex conditions necessitate life sciences innovations. This collective ingenuity significantly contributes to driving the growth of the life sciences tools market.

The projected period anticipates the Asia Pacific region to experience the highest growth, driven by global companies' investments and endeavours to leverage untapped opportunities and expand their influence. Additionally, the region's cost-effective manufacturing and research-friendly environment are poised to significantly contribute to expanding life science tools and technologies.

For Instance,

• In 2022, FUJIFILM Corporation announced the acquisition of the Atara Biotherapeutics T-Cell Operations and Manufacturing (ATOM) facility. This strategic move aims to produce commercial and clinical treatment, including Tcell immunotherapies.

Competitive Landscape

The competitive landscape of the life sciences tools market is dynamic and diverse, characterized by numerous key players and emerging companies. This Landscape is also influenced by ongoing technological advancements, strategic collaborations, mergers and acquisitions, and a constant emphasis on innovation to stay ahead in this rapidly evolving sector. Regional players and startups focusing on niche markets contribute to the diversity and competitiveness within the life sciences tools industry.

Recent Developments

• In 2023, QIAGEN established a strategic agreement with California-based population genomics company Helix to diagnose genetic disorders.
• In 2022, Tebentafusp-tebn got approval from the FDA to treat metastatic uveal melanoma with monoclonal antibodies.
• In 2021, mAbxience got approval from the FDA for monoclonal antibodies treating different types of cancer. FDA approvals of monoclonal antibodies for the treatment and diagnosis of cancer.

Life Science Tools Market Companies

• Illumina
• Agilant Technology
• Thermo Fisher Scientific
• Bio-Rad Laboratories
• Becton, Dickinson and Company(BD)
• PerkinElmer
• Merck KAaA
• Waters Corporation
• Bruker Corporation
• Quigen

Life Science Tools Market Segments

By Technology

• Genomic Technology
• Cell Biology Technology
• Proteomics Technology
• Lab Supplies & Technologies
• Other Analytical & Sample Preparation Technology

By Product

• NGS
• Sanger Sequencing
• Nucleic Acid Preparation
• Nucleic Acid Microarray
• PCR & qPCR
• Flow Cytometry
• Mass Spectrometry
• Separation Technologies
• Electron Microscopy
• NMR
• Others

By End User

• Biopharmaceutical Companies
• Government & Academic Institutes
• Industrial Applications
• Healthcare
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa