Market Size of Life Science Tools Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Life Science Tools Market Analysis
The life science tools market is expected to record a CAGR of 7.5% during the forecast period.
Globally, the COVID-19 pandemic positively impacted the growth of the life science tools market with the rapid development of diagnostics, fast-tracked regulatory clearances, and increased distribution in various countries to help curb the spread of the virus. Various diagnostic procedures have always been essential in the detection of infectious diseases. Currently, several molecular assays and immunoassays are in place to detect COVID-19. However, in the aftermath of the pandemic, there has been increased research in the life sciences industry to prepare for any unexpected global pandemic burden. For instance, in September 2022, the WHO issued a guidance framework for the responsible use of life science tools. The Framework calls on leaders and other stakeholders to mitigate risks and safely govern dual-use research, which has a clear benefit but can be misused to harm humans, other animals, agriculture, and the environment. Hence, with the increasing focus on life science, the market studied is expected to grow significantly in the coming years.
Genomic technologies are increasingly being used globally to understand and contribute to developing new diagnostic tests or procedures for various diseases, boosting the market's growth. For instance, in September 2022, Becton, Dickinson, and Company (BD) and CerTest Biotec commercially launched their new molecular polymerase chain reaction (PCR) assay for the monkeypox virus for the US and global markets. The company has stated that this PCR assay will only be available for research purposes. With such new launches, the market is expected to witness strong growth over the forecast period.
Furthermore, technological advancements associated with sequencing technologies, chromatography methods, mass spectrometry, and other products led to the increasing adoption of these tools in hospitals, research labs, and diagnostic laboratories. According to the WHO 2021 Factsheet, 680,000 people died from HIV-related causes, and 1.5 million people acquired HIV. Thus, a high patient population will boost the demand for treatment and further increase the use of life sciences tools for identifying, diagnosing, and monitoring the progression of several infectious diseases.
Furthermore, the rising demand for diagnostic tests for a variety of infectious diseases will spur the development of life science tools for diagnosing the target population, propelling overall market growth over the forecast period.
