New Analysis from Global Industry Analysts Reveals Steady Growth for Life Science Tools, with the Market to Reach $169 Billion Worldwide by 2026

SAN FRANCISCO, March 28, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Life Science Tools - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 7; Released: March 2022
Executive Pool: 606
Companies: 308 - Players covered include Agilent Technologies; Becton, Dickinson and Company; Bio-Rad Laboratories, Inc.; Bruker Corporation; Danaher Corporation; GE Healthcare; Hitachi, Ltd.; Hoffmann-La Roche Ltd.; Illumina, Inc.; Merck KGaA; Oxford Instruments plc; Qiagen N.V.; Shimadzu Corporation; Thermo Fisher Scientific, Inc.; ZEISS International and Others.
Coverage: All major geographies and key segments
Segments: Technology (Cell Biology, Genomics, Proteomics, Other Technologies); End-Use (Healthcare, Biopharmaceutical Companies, Government & Academics, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-
Global Life Science Tools Market to Reach US$169 Billion by the Year 2026
Life sciences play a vital role in providing valuable insight into disease processes, thereby facilitating the development of advanced medical devices and novel therapeutics. In addition, life sciences allow researchers in gaining deeper insight to the environment as well as other living being on earth apart from humans. Such insights help in directing conservation efforts as well as aids in preserving the planet. Life sciences tools refer to different types of instruments, reagents, consumables, supplies, and services used in life sciences and offered to various research, scientific, academic, and medical professionals for performing a wide array of tasks, which could range from the movement of patients to the preparation of samples and performing X-rays. Some of the major applications of life science research include cellular and molecular biology, cancer research, drug discovery, gene editing /crispr, neurobiology, immunology, forensic entomology and animal care. A broad array of tools and equipment are used in life sciences. These include microscopes, spectrometers, centrifuges, thermocyclers, autoclaves, chromatography systems and lab freezers among others. Supplies include consumables, reagents, and chemicals such as assay kits, biomolecules, cell lines, media, and pipette tips among others.

Amid the COVID-19 crisis, the global market for Life Science Tools estimated at US$114.6 Billion in the year 2022, is projected to reach a revised size of US$169 Billion by 2026, growing at a CAGR of 10.8% over the analysis period. Cell Biology, one of the segments analyzed in the report, is projected to grow at a 9.9% CAGR to reach US$71.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Genomics segment is readjusted to a revised 10.9% CAGR for the next 7-year period. This segment currently accounts for a 20.6% share of the global Life Science Tools market.

Global demand for life science tools is significantly influenced by emerging trends in the life science domain, with majority of them being shaped by the COVID-19 pandemic and related lessons. The pandemic played an important role in expediting global adoption of sophisticated digital technologies to ensure continued operations and workflows. Various healthcare facilities embraced remote patient and site management approaches to ensure safety. In addition, major pharmaceutical companies engaged in drug discovery efforts implemented digital technologies for uninterrupted drug development programs. The pandemic disrupted standard approaches to clinical trials owing to stringent confinement measures across countries to mitigate the infection risk. These disruptions are prompting an increasing number of pharmaceutical companies to focus on decentralized clinical trials for novel drugs. The life science landscape is poised to be influenced by increasing significance of mRNA technology along with cell and gene therapies. The remarkable success of COVID-19 vaccines using the mRNA technology is anticipated to help the concept in garnering significant attention among companies to develop novel treatment options for a broad range of other indications. In addition, various companies are increasingly focusing on cell and gene therapies that are anticipated to account for a notable fraction of new drugs on the market. Furthermore, leading pharmaceutical players are investing in artificial intelligence for expediting drug discovery and development programs. These upcoming trends are bound to reshape the life science landscape and pave way for new applications of life science tools over the coming years.

The growth in the market is expected to be primarily driven by rapid advancements in nuclear magnetic resonance (NMR), sequencing technologies, chromatography methods, and mass spectroscopy, coupled with the development of advanced products by leading players operating in the global life sciences tools market. These factors have significantly expanded the usage of these tools in research laboratories, diagnostic laboratories, and hospitals. In addition, rapid technological advancements and innovations in life sciences tools are anticipated to further boost the adoption of these tools among end-users in prominent markets, thus propelling growth in the market. Moreover, the recent rapid growth in the biopharmaceutical industry resulting in the increased penetration of advanced product types, including immunotherapeutics, immunoconjugates, soluble receptors, fusion proteins, synthetic vaccines, rDNA, and nanobodies, are anticipated to augment growth in the market over the next few years.

The U.S. Market is Estimated at $41.9 Billion in 2022, While China is Forecast to Reach $17.8 Billion by 2026
The Life Science Tools market in the U.S. is estimated at US$41.9 Billion in the year 2022. The country currently accounts for a 37.21% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$17.8 Billion in the year 2026 trailing a CAGR of 16.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.4% and 10.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10% CAGR while Rest of European market (as defined in the study) will reach US$20.3 Billion by the close of the analysis.

Increasing research and development investments by government as well as non-government entities in relation to academics and research in the field of life sciences is expected to bode well for the market growth in the coming years. The market growth is also likely to be fueled by the growing demand for diagnostic tests for various infectious diseases, which in turn would drive the development of various life sciences tools for diagnostic purposes. The benefits offered by life sciences tools in terms of diagnosing, deciphering, and monitoring disease progression is also likely to bolster growth in the market in the coming years. However, increased market competitiveness due to presence of an increased number of industry players continues to hamper the market growth. In addition, high investments in terms of infrastructure and research and development costs owing to the current high cost of these technologies are creating obstacles to growth in the global life sciences tools market. R&D spending in the industry is primarily led by biopharmaceutical sector. With the pharmaceutical sector exhibiting healthy growth, demand for laboratory equipment from the segment is expected to be healthy. The trend is likely to continue over the next few years, primarily due to rising living standards and improving healthcare access in emerging countries, such as Brazil, China, and India. The future growth is expected to be contributed by increased R&D funding in the near term. Some of the focus therapeutic areas of pharmaceuticals include oncology, diabetes, hypertension, mental health, pain management, and respiratory diseases. Long-term growth in the market is expected to be further stimulated by rapidly increasing aging population in various countries.

Proteomics Segment to Reach $42.8 Billion by 2026
The proteomics market is anticipated to gain from the pressing need to develop advanced therapeutic and diagnostic options in the wake of COVID-19. The ability of proteomics to help researchers in detecting several proteins in a single analysis is anticipated to make it a suitable weapon in the fight against the COVID-19 virus.
Proteomics represents a highly relevant technique in the battle against COVID-19 owing to the significance to understand the role played by proteins in the infection process as well as disease progression. These insights are critical to support preventative strategies and development of novel therapeutics. The use of mass spectrometry to detect COVID-19 virus' proteins and proteolytic peptides enables a rapid, simple virus detection assay. On the other hand, targeted proteomics allows detection of peptides of the virus' spike proteins and nucleocapsid with high specificity and sensitivity in clinical and research samples. The approach holds potential to make proteomics an effective option for diagnostic laboratories along with point-of-care testing as a cost-effective alternative to techniques based on nucleic acid. Proteomics can be potentially used to develop techniques to predict COVID-19 patients who may experience severe symptoms later. Various studies have revealed potential protein-based biomarkers expressed differently among certain COVID-19 patients, which can be used for predicting viral infection during earlier stages. The use of proteomics to understand humoral antibody response against virus' proteins has facilitated the development of specific antibody-based assays intended to support diagnostic or therapeutic objectives.

In the global Proteomics segment, USA, Canada, Japan, China and Europe will drive the 12.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$16.6 Billion will reach a projected size of US$37.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.7 Billion by the year 2026. More

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