Life Science Tools Market:
Global Life Science Tools Market is valued approximately at USD 47.4 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 8.7% over the forecast period 2020-2027. The Life Science Tools include discovery, development, and production of drugs by providing instruments, analytical tools, clinical trial services, consumables and supplies. These tools are further used in firms, pharmaceutical and biotechnology industries. The rising incidence of target infectious diseases and an increase in spending in R&D sector for pharmaceuticals are the few factors responsible for growth of the market over the forecast period. For instance: as per Statista, the global research and development spending in pharmaceutical industry was USD 186 billion in 2019 and had experienced totaled USD 136 billion in 2012. Also, it is expected to rise by USD 233 billion spending of global research and development in pharmaceutical industry in 2026. As per the Ministry of Science & Technology Government of India, the Gross expenditure on R&D (GERD) in India has been consistently increasing over the years and has nearly tripled from Rs. 39,437.77 crores (USD 5.2 billion) in 2007- 08 to Rs. 1,13,825.03 crores (USD 15.02 billion) in 2017-18. According to the Centers of Medicare & Medicaid Services (CMS.gov), U.S. health care spending rose 4.6% in 2018, reaching USD 3.6 trillion and around a share of nation’s Gross Domestic Product, health spending accounted for 17.7%. Whereas, high cost of instruments is the major factor restraining the growth of global Life Science Tools market during the forecast period.
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The regional analysis of global Life Science Tools market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world owing to the factors such as the local presence of leading market players such as Thermo Fisher Scientific, reputable informatics network, and well-regulated framework for usage and approval of genomic tests in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Becton, Dickinson and Company
F. Hoffmann-La Roche Ltd.
Bio-Rad Laboratories, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Cell Biology Technology
Lab Supplies & Technologies
Nucleic Acid Preparation
PCR & qPCR
Nucleic Acid Microarray
Government & Academic
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Life Science Tools Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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