Life Science Tools Market size was over USD 161 Billion in 2023 and is anticipated to exceed USD 697 Billion by the end of 2036, growing at over 13% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of life science tools is evaluated at USD 181 Billion.
The development of molecular diagnostics, rising R&D expenditures on drug discovery, the necessity for cost control in drug research, and technology improvements are all anticipated to
bring up the price of tools used in life science. Increased emphasis on companion diagnostics and precision medicine is also anticipated to fuel market expansion.
Furthermore, factors including longer life expectancies and a rise in pharmaceutical outsourcing are expected to offer market participants significant development prospects in the upcoming years. For instance, the spending of major pharmaceutical companies on research and development increased by 6 percent a year (2001–20200). Big Pharma has launched 251 new medicines, accounting for 46 % of all approvals from the FDA (2001–20200). The efficiency of Big Pharma's 20 years of research and development investment is $6.16 billion for new drugs 2001 to 2020.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
13% |
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Base Year Market Size (2023) |
USD 161 Billion |
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Forecast Year Market Size (2036) |
USD 697 Billion |
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Regional Scope |
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Technology (Genomic, Cell Biology, Proteomics, Lab supplies, Other Analytical & Sample Preparation Technology)
Cell biology segment is set to capture over 35% life science tools market share by 2036, also the market held a market value of around USD 64 million. The expansion of this segment can be attributed to the increasing funding for cell biology by the NIH and the importance of cell biology technologies in drug discovery. Additionally, the use of cell-based assays for drug discovery has increased as a result of advancements in liquid handling and flow cytometry.
Additionally, major industry participants have joined forces to conduct cooperative research projects aimed at reprogramming fetal stem cells from blood and umbilical cord tissue into Induced Pluripotent Stem Cells (iPSCs). EdiGene and Haihe Laboratory, for instance, announced a strategic partnership in January 2022 to develop platform technologies and stem cell regenerative medicines. The partnership seeks to investigate new indicators to enhance quality assurance in the generation of stem cells. Over the course of the forecast period, these partnerships are anticipated to boost the life science tools market.
Product Type (Cell Culture Systems & 3D Cell Culture, Liquid Chromatography, Mass Spectrometry, Flow Cytometry, cloning & Genome Engineering, Microscopy & Electron Microscopy, Next Generation Sequencing, PCR & qPCR, Nucleic Acid Preparation, Nucleic Acid Microarray, Sanger Sequencing, Transfection devices & Gene Delivery Technologies, NMR)
By 2036, cell culture & 3D cell culture segment is anticipated to dominate over 20% life science tools market share. Exploring the possibilities of cell biology & automated cell culture through research has produced significant breakthroughs that have increased profitability. A thorough understanding of cell biology has emerged as a valuable tool for laboratory workflows, creating new opportunities for market growth. It is anticipated that the segment will continue to grow as a result of scientists in the life science field being willing to adopt new and advanced instruments.
A number of important manufacturers have been inspired to diversify their instrument ranges by this industry trend. For example, a number of companies, including Cytiva, BioTek devices, Horizon Discovery, and Seahorse Bioscience, are working to introduce devices for imaging, cell biology, and analysis.
End-use (Government & Academic, Biopharmaceutical Company, Healthcare, Industrial Applications)
During 2024-2036, Healthcare segment in the life science tools market is anticipated to observe more than 9% CAGR, accounting for 32%. The expansion will continue to be fueled by an increase in the use of proteomic and genomic processes in hospitals for the diagnosis and treatment of various diseases.
Additionally, the life science tools market is anticipated to be driven by hospitals' increasing use of NGS and tissue diagnostic services. Presently, several clinics and hospitals offer sequencing services to their patients and are figuring out how to employ cutting-edge instruments and technology in day-to-day medical practice. One such hospital that offers sequencing services to patients with uncommon or undetected genetic conditions is Stanford Medicine.
One of the first hospital systems in the United States to provide public genetic sequencing, analysis, and interpretation services is Partners HealthCare. It is anticipated that genomic sequencing in a hospital or clinical context will reduce healthcare expenses and enhance patient care. As a result, the healthcare sector is expected to grow more rapidly over the coming years.
Our in-depth analysis of the market includes the following segments:
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Technology |
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Product Type |
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End-use |
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North America Market Statistics
By 2036, North American region in life science tools market is projected to account for around 38% revenue share. The market growth in the region is due to adoption of proteomics, oncology, and genomics, oncology, and diagnostic screening in the region.
In 2019, North America represented more than 40.0% of overall revenue in the proteomics market. The expansion of the market in the area may be attributed to the increasing use of genomic medicine, biopharmaceuticals, diagnostic techniques, and novel technologies for the diagnosis and treatment of clinical illnesses in the United States and Canada.
The area also benefits from the existence of numerous industry participants who are consistently working to produce cutting-edge instruments for life science research. Additionally, throughout the course of the forecast period, the market is anticipated to rise at a rapid pace due to the existence of a well-regulated environment for the approval and utilization of genomic and tissue diagnostic tests.
In 2023, the United States held a market share of more than 44.8% for life science tools worldwide. The market is driven by funds and investments intended for the development of advanced therapeutics as well as a steadfast need for cutting-edge medications and therapies. This demand is fuelled by the escalating prevalence of diseases like cancer, kidney and thyroid disorders, and diabetes. An estimated 1.9 million new instances of cancer will be identified in the US in 2021, and 608,570 people will die from cancer.
Moreover, there will probably be additional clinical trials for gene therapy as recombinant protein advances. For instance, as of 2020, the FDA expected to receive more than 200 applications annually for clinical trials of gene and cell therapies by 2029.
APAC Market Analysis
The APAC region will also encounter huge growth for the life science tools market during the forecast period. Growth will be stimulated by investments and efforts of world companies in this region to exploit the opportunities which exist, as well as increasing their presence there. For instance, in January 2022, it was revealed that FUJIFILM Corporation would pay USD 100 million to acquire the Atara Biotherapeutics T-Cell Operations and Manufacturing (ATOM) facility in order to produce CAR-T and T-cell immunotherapies, among other commercial and clinical treatments. Furthermore, this area provides reasonably priced manufacturing and operating units for research. The growth of life science instruments and technology in this area is anticipated to be significantly influenced by these variables.
Leading companies in the life science tools sector typically see 10% to 20% of their revenues come from Chinese acquisitions, which have contributed to their disproportionate growth.
A number of new projects are scheduled to be introduced by Japan's Ministry of Economy, Trade, and Industry (METI; Tokyo) to aid in the development of biodevices and research equipment for the life sciences industry.
Additionally, as the population ages and chronic diseases become more common, medical research efforts have increased, which has increased the demand for life science tools in disease knowledge and diagnostics. Additionally, the market is growing due to the strong demand for high-throughput sequencing and gene editing technologies created by South Korea's ambitious genomics and genetic research projects. It was predicted that in 2020, the CRISPR genome editing market in South Korea would reach a valuation of USD 70 million.
As life science tools are always developing and advancing technologically, there is intense competition in the global market for these tools. Furthermore, the industry participants employ cooperation, amalgamation, alliance, and additional inorganic expansion tactics to provide an extensive array of inventive and appealing resolutions to their clientele.
Author Credits: Radhika Pawar
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