The Life Science Instruments market size was valued at USD 162.4 billion in 2023 and is expected to reach a market size of USD 400.2 billion by 2032 at a CAGR of 10.5%.
FORT COLLINS, Colo., April 25, 2024 (GLOBE NEWSWIRE) —
Rising demand for personalized medicine presents growth opportunities for the life science tools market.
The growing demand for personalized medicine means a significant opportunity for life science tools market. Personalized medicine seeks to customize medical treatments based on an individual’s genetic makeup, lifestyle factors, and environmental influences, achieving more precise and efficient therapies. Advances in personalized medicine critically depend on the use of modern life science tools, including genomic sequencing, molecular diagnostics, and bioinformatics platforms. According to a report by the Coalition for Personalized Medicine, the share of personalized medicine receiving FDA approval has grown from 5% of all new drug approvals in 2005 to 25% in 2020. This trajectory is poised to continue, fueled by a deepening understanding of disease biology and increasing collaboration between pharmaceutical companies, diagnostic developers and life science tool providers.
Rapid advances in genomics and proteomics technologies are revolutionizing the life sciences industry, driving the growth of the life science tools market. With the decreasing cost of DNA sequencing and the increasing availability of high-throughput technologies, researchers can now generate vast amounts of genomic and proteomic data. According to the National Human Genome Research Institute (NHGRI), the cost of sequencing a human genome has fallen sharply from about $10 million in 2007 to less than $1,000 in 2021. This dramatic cost reduction is driving the widespread adoption of genomics. and proteomic methodologies in various fields such as drug discovery, precision medicine and disease diagnostics. Consequently, there is a strong demand for life science tools capable of efficiently processing and analyzing this abundance of data.
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Segmentation Overview:
The life science instruments market is segmented by product, technology, application, end user, and region.
Consumables is the fastest growing instrument segment in the forecast period.
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Based on the life science instruments market segmentation by product, consumables is the largest segment in 2023. Consumables, including reagents, kits and other single-use items, are essential in various research and diagnostic applications in the field of life sciences.
Genomics is the leading segment in the forecast period.
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Based on the segmentation of the life science tools market by technology, genomics was the largest segment in 2023. Genomics technology has revolutionized life science research by enabling scientists to study the complete set of genetic material of an organism, which leading to significant progress in understanding disease mechanisms, identifying drug targets and developing personalized therapies.
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Highlights of the Life Science Instruments Market Report:
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Some prominent players in the Life Science Instruments market report include Thermo Fisher Scientific, Danaher Corporation, Agilent Technologies, Merck KGaA, Illumina, Bio-Rad Laboratories, Becton, Dickinson and Company, PerkinElmer, Qiagen, Waters Corporation, Shimadzu Corporation and Bruker Corporation.
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