SAN FRANCISCO, May 14, 2020 /PRNewswire/ -- The global life science tools market size is expected to reach USD 84.4 billion by 2026, expanding at a CAGR of 8.7% over the forecast period, according to a new report by Grand View Research, Inc. Technological advancements in different life science tools are expected to enhance their adoption among prominent end users of the market, thereby leading to the market growth. For instance, improvements in quantitative accuracy, MS resolution, and information sciences have enhanced the accuracy and utility of mass spectrometry-based methods in the field of proteomics.
Key suggestions from the report:
- Cell biology accounted for the largest share in technology segment in 2019 and is projected to maintain its dominance throughout the forecast period
- The proteomics technology segment is expected to expand at the fastest CAGR throughout the forecast period owing to a rise in demand for precision medicine
- Researchers suggest that combined genomics and proteomics data can potentially be used for neurodegenerative, neuromuscular, and other chronic disorders; thereby enhancing the life science tools market growth
- Separation technologies was the largest revenue-generating product segment in 2019 and is estimated to remain so throughout the forecast period
- The nucleic acid microarray segment is expected to expand at the fastest CAGR throughout the forecast period owing to the evolution of GeneChip technologies for detection of DNA variation and monitoring of gene expression
- Health care accounted for the highest share in end-users segment owing to the utility of life science tools in hospitals, clinics, diagnostic laboratories, community centers, and physician offices
- Lucrative opportunities offered by emerging nations has attracted investments from global firms in Asia Pacific, thus driving the region at the fastest growth rate throughout the forecast period
- Agilent Technologies; Becton, Dickinson and Company; F. Hoffmann-La Roche Ltd; Bio-Rad Laboratories, Inc.; Bruker Corporation; Danaher Corporation; GE Healthcare; Hitachi, Ltd.; Illumina, Inc.; Merck KGaA; Oxford Instruments plc; Qiagen N.V.; Shimadzu Corporation; Thermo Fisher Scientific, Inc.; and ZEISS International are some of the prominent participants operating in this market
Read 185 page research report with ToC on "Life Science Tools Market Size, Share & Trends Analysis Report By Technology (Cell Biology, Genomics), By Product (Flow Cytometry, Separation Technologies), By End Use, By Region, And Segment Forecasts, 2020 - 2026" at: https://www.grandviewresearch.com/industry-analysis/life-science-tools-market
In addition, rise in demand and growth of gene and cell therapies is expected to provide new growth avenues to the market. The recent publications of the U.S. FDA state that the agency expects more than 200 applications annually to carry out trials for cell and gene therapies by 2020. The FDA expects to approve 10-20 novel gene therapy products annually by 2025.
The key market players are continuously enhancing their life science divisions to capitalize on the lucrative opportunities offered by the market. For instance, Thermofisher Scientific increased its R&D expenditure by 9% in 2018 to develop innovative products that complement its existing portfolio. The company offers a wide range of life science tools including nucleic acid purification solutions, flow cytometry instruments, sequencing solutions, thermal cyclers, and other laboratory supplies.
Grand View Research has segmented the global life science tools market on the basis of technology, products, end use, and region:
- Life Science Tools Technology Outlook (Revenue, USD Million, 2015 - 2026)
- Genomic Technology
- Proteomics Technology
- Cell Biology Technology
- Other Analytical & Sample Preparation Technology
- Lab Supplies & Technologies
- Life Science Tools Product Outlook (Revenue, USD Million, 2015 - 2026)
- Sanger Sequencing
- Nucleic Acid Preparation
- PCR & qPCR
- Nucleic Acid Microarray
- Flow Cytometry
- Separation Technologies
- Mass Spectrometry
- Electron Microscopy
- Life Science Tools End-Use Outlook (Revenue, USD Million, 2015 - 2026)
- Government & Academic
- Biopharmaceutical Company
- Health Care
- Life Science Tools Regional Outlook (Revenue, USD Million, 2015 - 2026)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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