According to IMARC Group's latest research report, titled "Life Science Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," provides an extensive analysis of the industry, including life science tools market size, share, trends, and growth opportunities. The report also covers competitor and regional analysis and the latest advancements in the global market.
The global life science tools market size reached US$ 142.13 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 229.07 Billion by 2028, exhibiting a growth rate (CAGR) of 8.12% during 2023-2028.
Life science tools represent numerous instruments, equipment, and techniques used in scientific research and analysis of living organisms, their systems, and processes. They comprise several devices, reagents, and other services that are utilized to study the advanced areas of biotechnology, genetics, molecular biology, biochemistry, etc. Life science tools are highly precise and accurate, that aid in developing new drugs and therapy, improving human health, and ensuring faster development of new treatments and technologies. Consequently, they enhance the quality and standard of living by being applied to agriculture, health, and food science industries.
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The widespread adoption of proteomic and genomic workflows in hospitals to diagnose and treat various diseases is among the key factors driving the life science tools market. Moreover, the rising focus on drug discovery and development, on account of the growing number of disorders and conditions requiring new therapies, is also stimulating the market growth. Besides this, the incorporation of artificial intelligence (AI) with life science tools that aid in conducting efficient clinical trials, uncovering and creating new drugs, and diagnosing diseases more accurately is acting as another significant growth-inducing factor.
Furthermore, the increasing utilization of next-generation sequencing (NGS) technology that is used to determine the order of nucleotides in entire genomes or targeted regions of deoxyribonucleic acid (DNA) or ribonucleic acid (RNA) is further propelling the global market. Apart from this, biopharmaceutical companies are introducing large-sale genome sequencing projects in collaboration with community health systems and academic medical centers, which is positively influencing the market growth. Additionally, extensive research and development (R&D) activities and the escalating demand for personalized medicine are anticipated to fuel the life science tools market over the forecasted period.
The report has segmented the market into the following categories:
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