July 17, 2024
Life Science Tools Market

Life Science Tools Market Is Expected To Propelled By Automation And Digitization

Life science tools consist of various devices, software, consumables and services used majorly in research and development, drug discovery, clinical testing, and manufacturing in the pharmaceutical, biotechnology and other life science industries. Life science tools aid in processes such as cell line development, clone selection, target validation, lead identification and lead optimization. They help to increase efficiency and productivity by automating repetitive and tedious tasks.

The global Life Science Tools Market is estimated to be valued at US$ 125.19 Mn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Automation and digitization is a key trend propelling the growth of the life science tools market. It involves use of robotics, artificial intelligence, machine learning and other advanced technologies to automate processes involved in drug discovery and development. Automation eliminates manual errors, improves reproducibility and efficiency of experiments. It allows conducting of high throughput screening of hundreds to millions of compounds to identify potential drug candidates. For instance, automation eliminates the need to manually plate or transfer cells, liquids or tissues between different equipment and machines. This saves substantial time and effort of laboratory personnel. Digitization further complements automation by allowing collection and analysis of large datasets generated during automated experiments to gain insights faster. It is estimated that automation and digitization could potentially save more than $100 billion per year in R&D costs. This factor is expected to drive significant demand of advanced life science tools in the forecast period.

SWOT Analysis

Strength: Life science tools market is witnessing high growth owing to increasing funding for research from pharmaceutical and biotechnology companies. Rapid technological advancements are enabling development of advanced tools.

Weakness: High costs associated with life science tools limit their adoption, especially in developing regions. Stringent regulations delay approval and launch of new tools.

Opportunity: Growing applications of tools in drug discovery and development present huge opportunities. Expanding healthcare infrastructure in emerging economies will drive the demand.

Threats: Threat from open-source tools. Economic slowdowns can impact research budgets of companies negatively. Intense competition among existing players limits pricing flexibility.

Key Takeaways

The Global Life Science Tools Market Size is expected to witness high growth. The market size for 2023 is estimated to be US$ 125.19 Mn exhibiting a CAGR of 34% during the forecast period of 2023 to 2030.

Regional analysis: North America dominates the global market currently owing to presence of major players and high funding for research activities in the region. Asia Pacific is expected to register fastest growth on account of improving healthcare infrastructure and increasing investments by market players in the region.

Key players analysis: Key players operating in the life science tools market are Acacia Communications,fSONA Networks,LightPointe Communications,Plaintree Systems Inc.,Trimble Hungary Kft. (Eos Positioning Systems),Wirepas Ltd.,Aoptix Technologies Inc.,NEC Corporation,Signify Holding (formerly Philips Lighting),Wireless Excellence Limited (CableFree). The players are focusing on new product launches and partnerships for sustainable growth in the highly competitive market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it