Life Science Tools Market Size

Life Science Tools Market size was valued at USD 178.49 billion in 2024 and is set to exceed USD 726.31 billion by 2037, registering over 11.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of life science tools is evaluated at USD 194.77 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.