PUBLISHER: Grand View Research | PRODUCT CODE: 1233226
PUBLISHER: Grand View Research | PRODUCT CODE: 1233226
The global life science tools market size is expected to reach USD 330.69 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.8% from 2023 to 2030. This growth can be attributed to a rise in government funding for life science technologies, demand for cell and gene therapies, an increase in the adoption of biopharmaceuticals, and growing competition among prominent companies in the market.
The exponential rise of COVID-19 cases globally requires rapid diagnosis for containment of the spread of infectious disease, which boosted the demand for life science tools during the pandemic and had a positive impact on the market. Rapid diagnosis of the infection, effective treatments, and preventative plans are essential for the management of cases during the COVID-19 pandemic. The current race for the development of cost-effective point-of-contact test kits and efficient laboratory methodologies for confirmation of SARS-CoV-2 infection has driven a new frontier of diagnostic innovation. During this pandemic, the U.S. FDA granted Emergency Use Authorizations (EUAs) to several diagnostic tests to make them rapidly and easily available for use. For example, in May 2022, the U.S. FDA granted a EUA to ID NOW COVID-19 2.0, a rapid in-vitro diagnostic test by Abbott Diagnostics Scarborough, Inc. Moreover, a wide range of commercial COVID-19 tests is available in the marketplace, which will further add to revenue generation.
Additionally, the life science tools industry is expanding based on the increasing investments by the government for the advancement of research and technologies. Organizations such as The National Human Genome Research Institute (NHGRI) and the National Institutes of Health (NIH) are actively funding various life science projects. For instance, the NIH funded USD 25 million for the '4D Nucleome Program', which aims to understand gene regulation and cellular expression via the nuclear organization. Moreover, the U.S. government has funded several life sciences companies for R&D purposes. For instance, the Biomedical Advanced Research and Development Authority (BARDA) has planned to make awards worth USD 750,000 to facilitate the development of innovative technologies in the healthcare sector. Thus, the increase in government funding for life science research as well as technologies is expected to drive the market in the coming years.
Key players are also contributing to the growth of the market by providing advanced tools and techniques. Furthermore, companies are introducing new automated solutions in the market, which, in turn, provide lucrative opportunities for market growth. For instance, in February 2022, Covaris, LLC. announced the launch of truXTRAC FFPE Total NA Auto 96 Kit, a fully automated workflow comprising all necessary accessories, consumables, and reagents. This automated kit is powered by Adaptive Focused Acoustics (AFA) technology that allows both purification and extraction of RNA & DNA for FFPE (formalin fixed paraffin embedded) samples in 5 hours. The introduction of innovative solutions is expected to drive the market in the near future.