The life science tools market is estimated to be valued at USD 136.17 Bn in 2024, growing at a CAGR of 12.9% over the forecast period (2024-2031). Furthermore, rising investments in research and advancements in molecular biology, and increasing research and growing acceptance of analytical instruments in drug safety assessments and clinical diagnostics are also fueling the market growth.
Market Dynamics:
Key market players are focusing on the adoption of inorganic activities, such as partnerships for developing advanced services, and this is expected to drive the segment growth over the forecast period. For instance, In May, 2023, Trinity, a global life sciences commercialization solutions provider, and Whiz.ai, a leader in AI-powered analytics for life sciences and healthcare, announced a partnership that allows life sciences companies to quickly and easily generate and share AI-driven insights. The partnership allows whiz.ai unique conversational AI and visualization platform to be offered in conjunction with Trinity’s best-in-class data management solutions and advisory services.
Increasing Product Launches by Key Market Players is Driving the Market Growth
Increasing product launches by key market players are expected to drive the growth of the market over the forecast period. For instance, in January 2023, Takara Bio, a pharmaceutical company, announced a collaboration with BioExcel Diagnostics, a laboratory specialized in molecular diagnostics and clinical genomics, to develop and validate a new high-throughput and comprehensive method for detecting syndromic-based infectious diseases. The method employs real-time polymerase chain reaction (PCR) automation technology and reagents from Takara Bio to detect viruses, bacteria, fungi, and antimicrobial resistance genes specific to the contributing pathogen.
Stringent Regulatory Approvals
Stringent regulatory approvals are expected to hamper the growth of the global life science tools market over the forecast period. Life sciences tool developers go through a long and rigorous approval process to get their new tools approved for research and development in the biotechnology and pharmaceutical industries. Receiving regulatory clearances involves conducting extensive testing, clinical trials, and compiling voluminous documentation to prove the safety and efficacy of novel life sciences tools. This approval process can take several years and millions of dollars in investments for tool developers before commercialize their products.
Intense Pricing Pressure from Generic Manufacturers
Stiff price competition from generic and bio-similar tool makers also act as major growth barriers. As patents of many broadly used life science tools expire, local manufacturers in low and middle-income nations offer cost-effective alternatives. These products roughly mimic functionality at almost half the price. While addressing affordability issues, it eats into the revenue share and margins of prominent innovator companies. New entrants also emerge who develop similar tools with small modifications to avoid infringement claims. This intense pricing pressure makes it difficult for established brands to market newly launched advanced technologies at premium price points. It restrains overall spending in the life science tools area.
Increasing Facility Expansion by Key Players
Increasing facility expansion by the key players in the market are expected to provide lucrative growth opportunities for the global life science tools market growth. For instance, on October 6, 2023, Cytiva, a life science company, announced the opening of a new facility in Pune, India. The new facility will manufacture Cytiva’s bioprocessing equipment including tangential flow, virus filtration, and inactivation systems.
Growing Diagnostic Needs in Developing Markets
Rapid economic development and rise of middle-class in emerging Asian, Latin American, and African countries open up significant prospects. With growing affordability and healthcare awareness, the demand for diagnostic services is increasing at a fast pace in developing regions. This opens up opportunities for life science tools firms to establish presence through subsidiaries or partnerships with local diagnostic laboratories, hospitals, and research institutes. The introduction of portable, battery operated, and microfluidic-based tools will make advanced diagnostics accessible even in remote areas. This demand from developing markets will act as a counterbalance to slow growth seen in matured markets. Companies shifting focus to these high potential developing markets can gain a competitive advantage.
*Link: https://www.coherentmarketinsights.com/market-insight/life-science-tools-market-5357
Key Development
- In May 2023, Beckman Coulter, one of the global leaders in clinical diagnostics, announced the launch of DxI 9000 Access Immunoassay Analyzer, an immunoassay analyzer. Innovations within DxI 9000 Analyzer cater to the contemporary requirements for swiftness, dependability, consistency, excellence, and the broadening of its menu of capabilities. This platform has received independent validation, confirming its attainment of the highest level of performance evaluation as set by the European Federation of Clinical Chemistry and Laboratory Medicine (EFLM).
- In January 2023, Nautilus Biotechnology, Inc., a company pioneering a single-molecule protein analysis platform, and the Translational Genomics Research Institute (TGen), a part of City of Hope, a Phoenix, U.S.-based non-profit organization dedicated to conducting groundbreaking research, announced a partnership to explore the utility of the Nautilus platform by studying specific protein targets in diffuse intrinsic pontine glioma (DIPG), a rare and often fatal childhood cancer
- In January 2022, Alamar Biosciences (Alamar), a platform company focused on transforming the field of proteomics to enable the early detection of cancer and other diseases, partnered with Abcam, one of the global innovators in life science research tools, to drive the understanding of the human proteome and to accelerate proteomic research discovery
Key Players: Agilent Technologies, Inc., BD, F. Hoffmann-La Roche Ltd, Bruker, Danaher, GE Healthcare, Hitachi, Ltd., Illumina, Inc., Merck KGaA, Oxford Instruments, QIAGEN, Shimadzu Corporation, Thermo Fisher Scientific Inc., ZEISS Group, Bio-Rad Laboratories, and Hamilton Company
