Life Science Tools Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Life Science Tools Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The life science tools market is expected to record a CAGR of 7.5% over the forecast period, 2022-2027.

Globally, the COVID-19 pandemic had a positive impact on the market growth, with the rapid development of diagnostics, fast-tracked regulatory clearances, and ramped-up distribution in various countries to help curb the spread of the virus. Various diagnostic procedures have always been essential in the detection of infectious diseases. Currently, a number of molecular assays and immunoassays are in place to detect COVID-19.

For instance, in July 2020, Roche launched the Cobas 8800 instrument at the National Institute of Cholera and Enteric Diseases, Kolkata, India, and Cobas 6800 at the National Institute for Research in Reproductive Health, Mumbai, India, to aid with SARS CoV-2 diagnostic testing. Roche’s Cobas 6800/8800 systems provide test results in three and half hours and offer flexibility, improved operating efficiency, and the fastest time-to-time results.

Globally, genomic technologies are increasingly being used to understand and contribute to the development of new diagnostic tests or procedures for various diseases, which is boosting the market’s growth. For instance, Tata Medical and Diagnostics, in collaboration with the Council of Scientific and Industrial Research Institute of Genomics and Integrative Biology, launched new diagnostic testing for COVID-19 in India in November 2020.

Furthermore, 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. For instance, according to a research study "Rapid Analysis of Reduced Antibody Drug Conjugate by Online LC-MS/MS with Fourier Transform Ion Cyclotron Resonance Mass Spectrometry" published in October 2020, liquid chromatography coupled to mass spectrometry (LC-MS) is a powerful tool for characterization of antibody-drug conjugates.

According to the World Health Organization (WHO) 2021 Factsheet, in 2020, 680 000 people died from HIV-related causes, and 1.5 million people acquired HIV. Thus, a high patient population will boost the demand for treatment and further increase the use of life sciences tools for identifying, diagnosing, and monitoring the progression of several infectious diseases.

Furthermore, the increasing demand for diagnostic tests for many infectious diseases will also promote the growth of life science tools for diagnosing the target population and drive the overall market growth over the forecast period.

Key Market TrendsLife Science Tools in Separation Technologies is Estimated to Witness a Healthy Growth Rate Over the Forecast Period

The major factors driving the separation technologies segment include growing investments in pharmaceutical R&D and increasing adoption of chromatography technologies by the life sciences industries.

Globally, the COVID-19 pandemic has shown a positive impact on the life science instruments market. The outbreak of COVID-19 in 2020 resulted in an increased number of patients, which led to a subsequent increase in research and development activities. Increasing investment in drug discovery is expected to fuel the growth of the separation technology segment. For example, in March 2020, the CARES Act was passed in the United States, which contains several provisions related to the manufacturing and development of products in response to the global COVID-19 pandemic. This act provided the Biomedical Advanced Research and Development Authority (BARDA) with $3.5 billion in funding for vaccine manufacturing and production.

Separation technologies include immunoprecipitation, chromatographic techniques, automated purification systems, and others to aid in the diagnosis and treatment of COVID-19. For example, according to a research article by Ankesh Gupta et al., published in the Indian Journal of Medical Research 2020, a study was conducted in a tertiary care teaching hospital in northern India to assess a rapid immunoassay-based chromatographic test in the diagnosis of COVID-19. The results of the study showed that immunoassay-based rapid chromatographic tests can help in the rapid detection, isolation and treatment of patients with COVID-19.

In addition, this technology is widely adopted by several industries due to several advantages associated with chromatography technology. Benefits such as reducing the need for large columns increase the efficiency and productivity of the production process. Thus, increased adoption of multiple separation technologies across sectors will increase the demand for life science tools and drive segment growth.

The increasing prevalence of infectious diseases worldwide will encourage the adoption of life science tools. For example, according to the World Health Organization (WHO) 2021 Factsheet, a total of 1.5 million people died of tuberculosis in 2020 and an estimated 10 million people contracted tuberculosis (TB) worldwide. It has been steadily declining in recent years. However, it is still at a much higher level.

Thus, the above-mentioned factors are expected to drive segment growth over the forecast period.

North America is Expected to Hold a Significant Market Share over the Forecast Period

The major factors driving the market growth in North America include the rising number of genomic procedures, increasing research and development expenditure, the presence of a large number of major players, growing adoption among biopharmaceutical companies, product launches, and technological advancements.

With the outbreak of COVID-19 in the United States in 2020, there has been an increase in the number of diagnostic procedures leading to market growth. Thus, diagnostic procedures with new technologies have proven beneficial in managing COVID-19 and are driving the growth of the life sciences instruments market.

In the United States, the biopharmaceutical industry has grown substantially to include new product types such as synthetic vaccines, nanoantibodies, rDNA, fusion proteins, immunoconjugates, soluble receptors, and immunotherapeutics. Growth in R&D investment by pharmaceutical and biopharmaceutical industry related to life science tools, research and academics is expected to drive the market.

For example, according to the Pharmaceutical Research and Manufacturers of America (PhRMA), the US biopharmaceutical industry is one of the world leaders in new drug development. The entire biopharmaceutical and pharmaceutical industry invested an estimated $91.1 billion in research and development (R&D) in 2020, compared to about $83 billion invested in research and development (R&D) in 2019.​​

North America market players are adopting various strategies such as new product development and launch, partnerships, collaborations, and expansions that can drive market growth. For example, in March 2020, Danaher Corporation acquired the biopharmaceutical business of GE Healthcare's life sciences division.

Furthermore, the increasing adoption of novel drug delivery systems and the rising prevalence of infectious disease cases are expected to fuel the life science tools market in the region over the forecast period.

Competitive Landscape

The life science tools market is moderately competitive. The market players adopted strategies such as product approval and launches, acquisitions, partnerships, and agreements. Some of the market players include Becton, Dickinson and Company, Agilent Technologies, Illumina Inc., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, Merck KGaA, GE Healthcare, and Bruker QIAGEN.

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