PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182888
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182888
The Life Science Tools Market size was valued at USD 129,104.9 Million in 2021, expanding at a CAGR of 7.22% from 2022 to 2028.
Life Sciences Tools in the Health Care Sector include enterprises that provide analytical tools, instruments, consumables and supplies, clinical trial services, and contract research services in the drug discovery, technology development, and production type.
It is projected that the need for gene and cell therapies will increase, driving the market's growth. Companies have concentrated their efforts on accelerating their R&D for efficient gene treatments that address the etiology of disease at the genetic level in response to the rising need for effective disease treatment methods. In the near future, gene treatments are predicted to have a positive outlook owing to an increase in the number of FDA-approved products. Furthermore, it is anticipated that improvements in recombinant DNA technology would increase the number of active clinical trials for gene therapy. For instance, by 2029, the FDA anticipated receiving more than 200 applications per year for clinical trials involving cell and gene therapy.
Additionally, the increasing number of product recalls by regulatory agencies like the U.S. Food and Drug Administration will impede market expansion. For instance, the U.S. Food and Drug Administration recalled a class I flow cytometer in November 2018 that was made by diagnostic system manufacturer Beckman Coulter, Inc. Due to an electrical circuit problem, the flow cytometers were recalled because they provided incorrect assessments of cells obtained from patients with blood malignancies, HIV, and other severe hematological disorders.
The Global Life Science Tools Market is segmented based on Technology, Product, End-Use, and Region.
Based on technology, the market is bifurcated into genomic technology, proteomics technology, cell biology technology, other analytical and sample preparation technology, and lab supplies & technologies. Cell biology technology held the largest market share in 2021 and is expected to continue the same pattern during the forecast period. The segment is expanding as a result of the increasing NIH funding for cell biology and the application of cell biology technology in drug discovery. Additionally, the use of cell-based assays for drug discovery has increased as a result of advancements in flow cytometry and liquid handling. Moreover, significant market participants have also collaborated on research projects to convert blood and umbilical cord tissue stem cells from newborns into induced pluripotent stem cells (iPSCs). For instance, EdiGene and Haihe Laboratory declared a strategic partnership to create platform technologies and stem cell regenerative treatments in January 2022. The cooperation intends to investigate cutting-edge biomarkers to improve stem cell production quality control. Throughout the forecast, these partnerships are anticipated to dominate the market.
Regionally, the market is segmented into North America, Europe, Asia Pacific, Latin America, and The Middle East and Africa. North America is expected to hold the largest market share during the forecast period owing to the fast adoption of genomics, proteomics, oncology, and diagnostic screening. The expansion of the market in the region is attributable to the increase in the use of genomic medicine, biopharmaceuticals, diagnostic techniques, and novel technologies in the United States and Canada for the diagnosis and treatment of clinical disorders. The region also benefits from the presence of numerous market participants who are consistently working to create cutting-edge tools for life science research.
In March 2022, The CellMek SPS was introduced by Beckman Coulter Life Sciences as a remedy for the manual sample preparation and data management constraints in clinical flow cytometry. To assist laboratories to increase their capacities, this completely automated sample preparation system (SPS) provides on-demand processing for a wide variety of sample types.
The scope of this report covers the market by its major segments, which include as follows: