July 22, 2024

Artificial Intelligence Software is the fastest growing segment fueling the growth of Life Science Tools Market

Market Overview:

The life science tools market comprises products used to study life sciences at molecular and cellular levels. These include reagents, instruments, and consumables & accessories that aid research across drug discovery, genomics, cell biology research, and other life science-based studies. Advance technologies boost research and development activities.

Market key trends:

The artificial intelligence, machine learning and deep learning techniques are widely adopted in research and development activities. It has ability to analyze large and complex biological and biomedical data sets. It helps in drug discovery process by reducing time and cost. Use of AI expedites many tasks involved in finding new drug targets, designing chemical compounds for activity against those targets, and developing effective drug molecules from those compounds. Simulations and predictive modeling done through AI aid in understanding disease mechanisms at molecular level and facilitating precision medicine approaches. Growing application of AI across wide areas of life sciences is one of the major trends fueling the growth of this market.
Segment Analysis

The life science tools market is dominated by the genomics sub segment. Advances in genomics, proteomics, drug discovery and development have increased the demand for analytical and measurement tools and services in the life science industry. The genomics sub segment dominated the market in 2023 owing to increasing applications of genomics in disease diagnostics and personalised medicine. Rising focus on diagnostic tests for early detection of chronic diseases and cancer is contributing to the growth of this sub segment.

Key Takeaways:

The Global Life Science Tools Market is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period, due to increasing investments in R&D activities by pharmaceutical and biotechnology companies.

Regional analysis: North America dominated the global market in 2023 due to heavy investments in genomics, biotechnology and drug development in the region. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rising expenditure on healthcare in China and India.

Key players: Key players operating in the life science tools market are Agilent Technologies, Inc., BD, F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Inc., Danaher, Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Merck KGaA, Shimadzu Corporation, Hitachi, Ltd., Bruker, Oxford Instruments, ZEISS International, Genome Medical, Inc., Hamilton Company, and Beckman Coulter, Inc. These companies are focusing on developing innovative tools and solutions for genomic analyses, cell analysis, protein engineering and drug discovery.

Note:

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