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| Global Life Science Tools Market Size |
Life science tools help scientists and researchers perform experiments efficiently and yield accurate results. They include instruments, reagents, software, and other consumables and tools used in various life science domains like genomics, proteomics, cell biology research, drug discovery and clinical diagnostics. Some commonly used life science tools are microscopes, spectrophotometers, polymerase chain reaction machines, protein electrophoresis equipment and cell culture consumables.
The global
Life Science Tools Market is estimated to be valued at US$ 125.19 Mn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends: The rising biotechnology sector has been driving significant
growth in the life science tools market. Biotechnology companies are developing
novel drugs, diagnostic tools, therapeutic treatments and other biologics by
conducting extensive research. This has increased the demand for various life
science tools that assist researchers in expediting drug development and
commercialization processes. Life science tools help shorten research timelines
and lower costs for biotechnology firms by increasing efficiency and
automation. They allow researchers to analyze complex biological systems and
gain deeper insights. This has propelled investments in advanced life science
tools and contributed significantly to the market growth over the recent years.
Segment
Analysis
The global life science tools market is dominated by molecular spectroscopy sub
segment which holds around 30% of market share. Molecular spectroscopy provides
qualitative and quantitative analytical information about chemical composition
and structure of biological and non-biological materials. It plays a vital role
in life sciences research by enabling measurement and identification of
biological molecules like DNA, proteins etc. This led to its widespread
adoption across various sectors like biotechnology, pharmaceutical, healthcare
etc.
Key Takeaways
The Global
Life Science Tools Market Size is expected to witness high growth over
the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 34% during this period and
reach a size of US$ 125.19 Mn by
2030 from US$ 34.25 Mn in 2023.
Regional analysis
The North American region currently dominates the global market owing to
presence of major players and growing R&D spending on drug discovery and
healthcare in the US and Canada. It is estimated to maintain its leading
position over the forecast period as well. Asia Pacific region is expected to
be the fastest growing market for life science tools during 2023-2030 driven by
increasing government investments in life science research and expanding
biotechnology industry in major countries like China and India.
Key players
Key players operating in the life science tools market are Acacia Communications,
fSONA Networks, LightPointe Communications, Plaintree Systems Inc., Trimble
Hungary Kft. (Eos Positioning Systems), Wirepas Ltd., Aoptix Technologies Inc.,
NEC Corporation, Signify Holding (formerly Philips Lighting), Wireless
Excellence Limited (CableFree). These companies are focused on developing
advanced technological solutions and strengthening their presence through
partnerships and collaborations to strengthen market position.
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