LIFE SCIENCE TOOLS MARKET ANALYSIS

Life Science Tools Market, By Product (Consumables, Instruments, Services), By Technology (Genomics, Proteomics, Cell Biology, Stem Cell Research, Immunology), By Application (Drug Discovery and Development, Clinical Diagnostics, Genomic and Proteomic Research, Cell Biology Research, Others), By End User (Academic and Research Institutions, Biotechnology and Pharmaceutical Companies, Hospitals and Diagnostic Laboratories, Contract Research Organizations, Government and Regulatory Agencies), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Apr 2024
Code : CMI5357
Pages :190
Formats :
Excel and PDF
Industry : Medical Devices

Market Challenges – High Cost of Life Science Tools

The high cost of life science tools is one of the major factors restraining the growth of the global life science tools market over the forecast period. The tools and equipment used in life sciences research and development, such as DNA sequencers, incubators, centrifuges, PCR equipment, mass spectrometer, and others, are highly complex and advanced in nature. For instance, in August 2022, according to the data published by Excedr, a provider of scientific equipment leasing and comprehensive service coverage plans intended to assist laboratories and scientists, mass spectrometers instruments can range in price from under USD 10,000 for more basic models to nearly USD 100,000 for advanced and specialized units.

Market Opportunities – Rise of Chronic Diseases

The growing global population and rise of chronic diseases is driving the demand for new diagnostic tools and therapies. This presents opportunities for life science tool companies who can help enable new discoveries. Companies developing tools focused on precision medicine and personalized healthcare will be positioned for growth. There is also a need for multi-omics tools that combine different types of data, from genomics to proteomics.