Market Overview:

Life science tools include equipment, consumables, and reagents that are essential for life science research and development. Some common life science tools include microscopes, spectrophotometers, centrifuges, flow cytometers, cell culture consumables, chromatography instruments, and electrophoresis equipment. These tools help in conducting research activities across proteomics, genomics, and drug discovery. They enable cell and gene sequencing, isolation and purification of biomolecules, disease diagnosis, and analysis of cells and tissues at molecular level. Rising focus on precision medicine and need for improved diagnostic techniques has propelled adoption of life science tools in recent years.

Market key trends:

One of the key trends in the life science tools market is the increasing integration of automated workflow solutions. Automation integration allows streamlining of various research activities such as sample preparation and analysis. This significantly reduces processing time and potential errors. Growing demand for high-throughput screening solutions from pharmaceutical companies and research organizations is also driving the automation trend. Other notable trends include advancements in cell biology research tools such as microfluidics technology and 3D cell culture equipment. Adoption of refurbished and renting models for high-cost tools is another trend being observed to control capital expenditure in the industry. Growing applications of bionanotechnology and systems biology approaches are further expanding the scope of life science research and fueling innovation in tools development.

Porter’s Analysis

Threat of new entrants: The life science tools market requires high R&D investments and established distribution channels. This poses challenges for new companies to enter the market.

Bargaining power of buyers: Buyers in this market include research organizations, pharmaceutical companies, and biotechnology companies. The bargaining power of these buyers is moderate as there exist many established manufacturers.

Bargaining power of suppliers: Major raw material suppliers include electronic component manufacturers. The bargaining power of these suppliers is moderate since raw materials can be sourced from multiple suppliers.

Threat of new substitutes: There exists a low threat of substitutes since life science research requires specialized instruments and tools that have no close substitutes.
Competitive rivalry: Many large multinational companies dominate the market. Competition is based on new product development and expansions to other application areas.

Key Takeaways

The Global Life Science Tools Market Demand is expected to witness high growth, exhibiting a CAGR of 12.% over the forecast period, due to increasing investments in biotechnology and pharmaceutical R&D. The market size for 2023 is projected to be US$ 125.19 Mn.

Regional analysis:

North America is the largest and fastest growing market for life science tools owing to presence of major manufacturers and strong government support for biomedical research in the US. Asia Pacific is expected to exhibit highest growth during the forecast period driven by increasing investments from 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.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it