The global life science tools market is anticipated to witness moderate growth during the forecast period between 2021 and 2031.
Life science is a collective term, which encapsulates different fields such as molecular biology, cell biology, genetics, and biochemistry.
Some of the life science tools commonly used include instruments, reagents, and consumables. All of them have played a key role to diagnose, decipher, and monitor the progress made by a disease in the body.
The COVID-19 pandemic positively impacted the overall life science tools market. The increased adoption of different instruments to test patients in a bid to identify the presence of the virus helped increase the demand for life science tools, thereby propelling the overall market.
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Rising demand for diagnostic tests to treat different infectious disorders is the key growth driver for the global life science tools market.
Also, growing integration of genome technologies to understand the emergence and development of novel diagnostic tests are expected to bolster the life science tools market.
In addition to this, constant growth and development in the pharmaceutical and medical industries are expected to fuel product demand, in the upcoming years.
Advancements in the field of sequencing technologies, mass spectrometry, and other chromatography procedures are anticipated to help in market growth in future.
Innovations to existing products could help fuel product demand and propel the overall market, in the years ahead.
The PCR technology segment is anticipated to make the largest contribution to the overall life science tools market due to the increasing number of tests to detect the presence of COVID-19, worldwide.
Hospitals end-use segment is expected to contribute the most to the overall market owing to increased adoption of genomic workflows to diagnose different disorders.
The global life science tools market is extremely competitive, with the presence of several well-established players, who have become prominent owing to years of consistent performances in the industry. In future, many of these players are expected to hold a large share in the overall market.
Prominent players in the overall market could look to collaborate with the lesser-known players in a bid to expand their market presence and increase their revenue share.
R&D undertakings to produce improved quality of instruments could be a key growth strategy for the leading market players, in the years ahead.
Growth strategies such as novel product launches could help the well-established players gain a competitive edge over the other players.
In 2020, Sysmex Corporation applied for production approval for the COVID-19 antigen detection reagent. Once approved, the product has proven beneficial in identifying patients carrying the virus and helped in the company's growth.
A few leading players in the global life science tools market include Thermo Fischer Scientific Inc., Becton, Dickenson and Co., Illumina Inc., and Agilent Technologies.
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The global life science tools market is classified into five regions, namely, North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
North America is anticipated to be the dominant region in the global market due to rising deployment of genome procedures for clinical use in countries such as US and Canada.
Asia Pacific is expected to witness strong growth in the global market due to development of improved diagnostic methods in countries such as India.
Prominent players could look to establish R&D centers in these countries in future, which would help them expand their global presence.
Europe is anticipated to witness moderate growth in the life science tools market, in the upcoming years.
Other regions of the world such as Latin America and Middle East and Africa are anticipated to witness moderate growth in the overall market, in the years ahead.
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