North America Life Science Tools Market Growth & Trends

The North America life science tools market size is expected to reach USD 81.9 billion by 2027 registering a CAGR of 11.6%, according to a new report by Grand View Research, Inc. The market growth is attributed to a rise in government funding for life science technologies, growth of cell & gene therapies, increasing demand for biopharmaceuticals, and a rise in competition among prominent market entities.

Competitive dynamics continue to drive a rapid pace of innovation in sequencing, multiplex platforms, and major categories of mass spectrometry and liquid chromatography; this supports growth via upgrade/replacement cycles and expands the applicability of technologies. An increase in investments for R&D of life science tools is expected to drive the market significantly.

For instance, Thermofisher Scientific, one of the leading players in the market, increased its R&D expenditure by 7.32% to USD 0.264 billion year-over-year by the quarter ending June 30, 2020. A rise in the number of strategic deals & developments coupled with the steady commercial success of biopharmaceuticals is expected to accelerate market growth over the forecast period.

The Bristol-Myers Squibb/Celgene acquisition (USD 74 billion), AbbVie/Allergan acquisition (USD 63 billion), Takeda/Shire acquisition (USD 58.6 billion), Danaher and GE Biopharma M&A deal (USD 21.4 billion), Amgen / Celgene’s Otezla deal (USD 13.4 billion), and Pfizer/Array Biopharma merger (USD 11.4 billion) were some of the largest biopharma merger and acquisition deals of 2019.

North America Life Science Tools Market Report Highlights

  • Cell biology technology dominated the market in 2019 owing to critical attention from key market players and academic institutions
  • Continuous advancements in technologies required for analysis of cells, such as cytometry, high content analysis, and microscopy, have a great impact on the growth of cancer research, stem cell research, drug discovery, and immunology
  • Moreover, these advancements have brought about high-throughput, label-free, multiplexing capabilities to cellular analysis
  • Proteomics technology is anticipated to grow at the fastest CAGR from 2020 to 2027 as proteome analysis provides a complete interpretation of structural and functional information of a cell
  • This, in turn, helps in the analysis of a cell’s response mechanism against a variety of foreign factors, including drugs
  • PCR & qPCR is estimated to register the fastest growth rate from 2020 to 2027 owing to the upsurge in PCR adoption for Covid-19 diagnosis
  • The comprehensive portfolio of cell culture media, advanced surfaces, and vessels displayed by operational entities is a result of an increase in demand for cell culture consumables among research professionals operating in the life science industry
  • The rise in the adoption of genomic and proteomic workflows in hospitals to diagnose and treat several clinical abnormalities is attributed to the largest share of the healthcare end-use segment in 2019
  • The U.S. market is expected to grow at a lucrative rate owing to an increase in the adoption of genomic medicines, biopharmaceuticals, and novel technologies for the diagnosis and treatment of clinical disorders
  • Thermo Fisher Scientific is one of the largest suppliers of a wide range of innovative solutions for the life science community