The Life Science Tools Market is expected to register a CAGR of 7.5% during the forecast period. This is attributing to a rise in demand for biopharmaceuticals, growth of cell and gene therapies, rising incidence of target infectious diseases, and genetic disorders. In addition, increasing R&D expenditure related to life sciences tools, growth in pharmaceuticals, and healthcare industry are some more factors triggering the growth of the life science tools market. Moreover, technological advancements associated with sequencing technologies, chromatography methods, mass spectrometry, and other products led to the increasing adoption of these tools in hospitals, research, and diagnostic laboratories. As per the Global Health Data Exchange, in 2017 globally, an estimate of 1.9 million population was reported of HIV/AIDS, a type of infectious disease. Thus, the presence of such a large population will boost the demand for treatment and which further led to the high adoption of life sciences tools for identifying, diagnosing, and monitoring the progression of several infectious diseases. Furthermore, increasing demand for diagnostic tests for COVID-19, pandemic diseases will also promote the growth of life science tools for diagnosing the target population and drive the overall market in coming years.
Key Market Trends
Life Science Tools in Separation Technologies is Estimated to Witness a Healthy Growth in Future.
Separation technologies are estimated to witness healthy growth in the future. This comprises of immunoprecipitation, chromatography techniques, automated purification systems, and others that help in the extraction of the analyte. The single-use chromatography is the important tool for the isolation and purification of biopharmaceuticals. This technology is widely adopted by several industries due to several benefits associated with the single-use chromatography technology. Benefits such as reducing the need for large-scale column increases the productivity and efficiency of the overall manufacturing process. Thus, increasing the adoption of several separation technologies around various sectors will boost the demand for life science tools and promotes the segment growth.
In Addition As per UNAIDS 2018, the rising prevalence of HIV across the globe will promote the adoption of life science tools and drive the overall market in the forecasted period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the global Life Science Tools Market due to a rising number of genomic procedures, the presence of a large number of major players, growing research and development expenditure, increasing adoption among biopharmaceutical companies, product launches, and technological advancements. The United States owns the largest share of Life Science Tools Market in the North America region Furthermore, increasing the adoption of novel drug delivery systems and rising prevalence of infectious disease cases are also expected to fuel the Life Science Tools Market in this region.
The Life Science Tools Market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Becton, Dickinson and Company, Agilent Technologies, Illumina, Inc., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Inc, Merck KGaA, GE Healthcare, Bruker, and QIAGEN.
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