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Life Science Tools Market Expected To Witness A Substantial Growth Of $330.69 Billion By 2030: Grand View Research Inc.

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Mrudula Karmarkar
Life Science Tools Market Expected To Witness A Substantial Growth Of $330.69 Billion By 2030: Grand View Research Inc.

San Francisco, 25 April 2024: The Report Life Science Tools Market Size, Share & Trends Analysis Report By Technology (Cell Biology, Proteomics), By Product, By End-use (Government & Academic, Healthcare), By Region, And Segment Forecasts, 2023 - 2030

The global life science tools market size is expected to reach USD 330.69 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.8% from 2023 to 2030. This growth can be attributed to a rise in government funding for life science technologies, demand for cell and gene therapies, an increase in the adoption of biopharmaceuticals, and growing competition among prominent companies in the market.

The exponential rise of COVID-19 cases globally requires rapid diagnosis for containment of the spread of infectious disease, which boosted the demand for life science tools during the pandemic and had a positive impact on the market. Rapid diagnosis of the infection, effective treatments, and preventative plans are essential for the management of cases during the COVID-19 pandemic. The current race for the development of cost-effective point-of-contact test kits and efficient laboratory methodologies for confirmation of SARS-CoV-2 infection has driven a new frontier of diagnostic innovation. During this pandemic, the U.S. FDA granted Emergency Use Authorizations (EUAs) to several diagnostic tests to make them rapidly and easily available for use. For example, in May 2022, the U.S. FDA granted a EUA to ID NOW COVID-19 2.0, a rapid in-vitro diagnostic test by Abbott Diagnostics Scarborough, Inc. Moreover, a wide range of commercial COVID-19 tests is available in the marketplace, which will further add to revenue generation.

Additionally, the life science tools industry is expanding based on the increasing investments by the government for the advancement of research and technologies. Organizations such as The National Human Genome Research Institute (NHGRI) and the National Institutes of Health (NIH) are actively funding various life science projects. For instance, the NIH funded USD 25 million for the ‘4D Nucleome Program’, which aims to understand gene regulation and cellular expression via the nuclear organization. Moreover, the U.S. government has funded several life sciences companies for R&D purposes. For instance, the Biomedical Advanced Research and Development Authority (BARDA) has planned to make awards worth USD 750,000 to facilitate the development of innovative technologies in the healthcare sector. Thus, the increase in government funding for life science research as well as technologies is expected to drive the market in the coming years.

Key players are also contributing to the growth of the market by providing advanced tools and techniques. Furthermore, companies are introducing new automated solutions in the market, which, in turn, provide lucrative opportunities for market growth. For instance, in February 2022, Covaris, LLC. announced the launch of truXTRAC FFPE Total NA Auto 96 Kit, a fully automated workflow comprising all necessary accessories, consumables, and reagents. This automated kit is powered by Adaptive Focused Acoustics (AFA) technology that allows both purification and extraction of RNA & DNA for FFPE (formalin fixed paraffin embedded) samples in 5 hours. The introduction of innovative solutions is expected to drive the market in the near future.

The growth in revenue is mainly due to rapid advancements by the life science tools companies in sequencing, MS, chromatography, NMR, and other various products. Moreover, investments and funding for the development of advanced therapeutics along with continuous demand for novel medicine and treatments due to rising incidence of diseases such as cancer, kidney and thyroid disorders, and diabetes will drive the market. The COVID-19 pandemic has impacted several industries and the associated supply chains across the globe. This is due to disruption in the supply of key materials such as scarcity of raw materials and labor. In addition, the transportation of raw materials across regions had been put on hold. These factors have led to a shortage of medical supplies, such as molecular and immunoassay kits, digital solutions, life-support machines, and drugs in different regions of the globe.

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Besides this, the pandemic had a positive impact on the market as the race for developing rapid diagnostics for the SARS-CoV-2 virus led manufacturers to provide innovative breakthroughs. Some of these tests detect the SARS-CoV-2 nucleic material using the PCR technique or via nucleic acid hybridization-related methods or while others are serological and immunological assays that detect antibodies produced in response to the virus. For example, in December 2021, Siemens Healthineers received Emergency Use Authorization from the U.S. FDA for its COVID-19 rapid test, CLINITEST Rapid COVID-19 Antigen Self-Test that can be used for self-testing by individuals aged 14 and above. The pandemic-related new developments, government funding, product approvals, and continuous launches will drive the market.

Life Science Tools Market Report Highlights

  • By technology, cell biology technology accounted for the largest share in 2022. The introduction of novel technologies for the usage and adoption of stem cells, CAR T-cells, TCR T-cells, NK T-cells, and other cell therapies is expected to boost revenue generation in this segment
  • By product, the cell culture systems and 3D cell culture segment held the largest share in 2022. Cell biology is gaining popularity across multiple aspects in the life science industry, which is contributing significantly to the revenue generated by this segment
  • By end-use, the healthcare segment generated the highest revenue in 2022. The rise in adoption of proteomic and genomic workflows in clinics, hospitals, and diagnostic laboratories for the treatment and diagnosis of several clinically presented abnormalities is anticipated to drive the market
  • North America accounted for the largest revenue share in 2022. The rapid adoption of genomics, proteomics, oncology, and diagnostic screening in the region has contributed to regional growth. In addition, a number of major market players are continuously engaged in the development of advanced tools for life science research in this region
  • Asia Pacific is expected to grow at the highest rate over the projected period. Investments by global companies in this region to utilize the untapped avenue and lucrative opportunities will drive the regional market

The growth of gene and cell therapies and their rising demand is anticipated to boost market growth. With the growing demand for robust disease treatment therapies, companies have focused their efforts to accelerate their R&D for effective gene therapies that target the cause of disease at the genomic level. With a rise in the number of FDA-approved products, a healthy outlook for gene therapies is expected in the near future. In addition, advancements in recombinant DNA technology are expected to expand the number of ongoing clinical trials for gene therapy. For instance, in 2020, FDA expected more than 200 applications annually for cell and gene therapy clinical trials by 2029.

The increased understanding of drug interaction with the genetic makeup of patients has led to improvements in targeted therapies. The life science industry is now capitalizing on novel innovations such as predictive analytics to enhance the manufacturing of biological therapeutics to meet the growing demand. This combined with low-cost and robust genetic profiling will improve treatment outcomes and help reduce the drug development cost. The rise in demand for biologics is expected to propel market growth as most biologics are manufactured with the help of recombinant DNA technology.

Life Science Tools Market Report Scope

Report Attribute Details

Market size value in 2023 USD 161.57 billion

Revenue forecast in 2030 USD 330.69 billion

Growth rate CAGR of 10.8% from 2023 to 2030

Base year for estimation 2022

Historical data 2018 - 2021

Forecast period 2023 - 2030

Furthermore, monoclonal antibodies are rapidly evolving in the field of cancer therapy. For instance, according to an article published in January 2021, by mAbxience, 27 monoclonal antibodies have been approved for treating different types of cancer. Moreover, FDA approvals of monoclonal antibodies in diagnostics and cancer therapy are increasing the applications of biologics. For instance, in January 2022, FDA approved Tebentafusp-tebn monoclonal antibody that aids in the treatment of metastatic uveal melanoma. Government support coupled with rising demand for novel therapeutics will boost the growth of the market.

List of Key Players of Life Science Tools Market

  • Agilent Technologies, Inc.
  • Becton, Dickinson and Company
  • F. Hoffmann-La Roche Ltd.
  • Bio-Rad Laboratories, Inc.
  • Danaher Corporation
  • Illumina, Inc.
  • Thermo Fisher Scientific, Inc.
  • QIAGEN N.V.
  • Merck KGaA
  • Shimadzu Corporation
  • Hitachi, Ltd.

 

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