Life Science Tools Market Size, Share & Trends Report

Life Science Tools Market Size, Share & Trends Analysis Report By Technology (Cell Biology, Proteomics), By Product, By End-use (Government & Academic, Healthcare), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68038-505-2
  • Number of Pages: 265
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the life science tools market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for life science tools market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of life science tools market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Life Science Tools Market Categorization:

The life science tools market was categorized into four segments, namely technology (Genomic Technology, Proteomics Technology, Cell Biology Technology, Other Analytical & Sample Preparation Technology, Lab Supplies & Technologies), product (Cell Culture Systems & 3D Cell Culture, Liquid Chromatography, Mass Spectrometry, Flow Cytometry, Cloning & Genome Engineering, Microscopy & Electron Microscopy, Next Generation Sequencing, PCR & qPCR, Nucleic Acid Preparation, Nucleic Acid Microarray, Sanger Sequencing, Transfection Devices & Gene Delivery Technologies, NMR, Other Separation Technologies), end-use (Government & Academic, Biopharmaceutical Company, Healthcare, Industrial Applications), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The life science tools market was segmented into technology, product, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The life science tools market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-five countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Switzerland; Japan; China; India; Australia; Thailand; South Korea; Singapore; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; and Kuwait

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Life science tools market companies & financials:

The life science tools market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Agilent Technologies, Inc. - The company is involved in developing and marketing scientific testing equipment, such as Nuclear Magnetic Resonance (NMR) systems, mass spectrometers, and oscilloscopes. The company is a leading laboratory partner and provides expertise, services, and instruments to them. It focuses on six major markets: pharmaceuticals, environmental & forensics, diagnostics, food, chemical & energy, and research. It delivers its products through direct sales, resellers, distributors, electronic commerce, and representatives of manufacturers. It has operations across the globe including the U.S., Europe, Africa, and Asia Pacific regions.

  • BD - The company manufactures and markets a wide range of medical devices, diagnostic products, medical supplies, and laboratory equipment. It operates through three business segments: BD Diagnostics, BD Medical, and BD Biosciences. The BD Diagnostics segment provides products for the safe collection & transportation of diagnostic specimens and reagent systems & instruments that accurately detect a broad range of healthcare-associated infections, infectious diseases, and cancer. The diagnostic systems segment offers fully automated molecular systems that provide rapid results, require less hands-on time, and are easy to use. The company has offices in around 50 countries.

  • F. Hoffmann-La Roche Ltd. - F. Hoffmann-La Roche Ltd. develops and manufactures diagnostic & pharmaceutical products. It has 26 manufacturing sites across the globe with two business segments: pharmaceuticals and diagnostics. The pharmaceutical segment manufactures drugs for infectious diseases, cardiovascular, respiratory, & metabolic disorders, cancer, and central nervous system & autoimmune diseases. Roche Diagnostics is involved in various fields ranging from patient self-monitoring to clinical laboratory systems. Roche Professional Diagnostics (RPD) is the company’s largest business segment and provides solutions, tests, and instrument systems to enable reliable and cost-effective delivery of results.

  • Bio-Rad Laboratories Inc. - The company has businesses across all geographies. It offers solutions for scientific research & development for the introduction of new technologies in the fields of proteomics, genomics, food safety, medical diagnostics, and drug discovery, among others. Furthermore, BioRad’s business is segmented into life science and clinical diagnostics. The life science segment is involved in developing, manufacturing, and marketing reagents, laboratory instruments, and apparatus that are used in clinical research, food testing regimes, and biopharmaceutical production processes. Furthermore, the company’s clinical diagnostics segment manufactures, designs, and sells test kits, test systems, specialized quality controls, and informatics systems that serve clinical laboratories in the diagnostics market.

  • Danaher - Danaher is an American company that designs, manufactures, and markets industrial, medical, and commercial products & services worldwide. The company offers products and services majorly through five segments-life sciences & diagnostics, industrial technologies, test & measurement, dental, and environmental. The company’s life sciences segment offers technologies for purification, filtration, and separation in various fields such as medical research, biopharmaceuticals, and food & beverage. It also provides reagents, analytical instruments, consumables, and services to laboratories, hospitals, and other care-providing centers.

  • Illumina, Inc. - Illumina, Inc. develops, manufactures, and distributes integrated platforms and systems for sequencing. It is also involved in analysis and investigation of genomic & proteomic information, determination of biological function, and expression of gene sequence. The company provides NGS platforms for genotyping, sequencing, and gene expression analysis. It operates mainly in North America and Europe. It is involved in the development of novel sequencing technologies that are aimed at reducing the cost of sequencing whole genomes. It offers genomic and molecular diagnostic products and services to cater to the fields of oncology, molecular epidemiology, drug development, microbial genomics, agri-genomics, infectious diseases surveillance, forensic genomics, and translational research involving HLA sequencing & associated applications.

  • Thermo Fisher Scientific, Inc. - Thermo Fisher Scientific, Inc. is a manufacturer and provider of laboratory reagents, equipment, analytical instruments, consumables, and diagnostic products. The company operates through brands such as Thermo Scientific, Applied Biosystems, Fisher Scientific, Invitrogen, and Unity Lab Services. It operates through four reportable segments including— Analytical Instruments, Life Sciences Solutions, Specialty Diagnostics, and Laboratory Products & Services. Its life sciences solutions segment includes four businesses- Clinical Next-Generation Sequencing, Biosciences, BioProduction, and Genetic Sciences. The bioscience segment offers products such as cell culture media, reagents, consumables, and instruments that help the customers conduct medical and biological research and discover new vaccines & drugs.

  • QIAGEN - QIAGEN is a publicly held biotechnological company operating in over 25 countries, including the U.S., the UK, Germany, the Netherlands, France, and China. The company has a key business in assay technologies for molecular diagnostics, pharmaceutical, academic, and applied testing. Its product portfolio includes NGS, molecular diagnostics, animal & veterinary testing, bioinformatics, food & safety testing, human ID & forensics, and in-life science research. QIAGEN’s commercial partners and importers include Tecnolab, UniMed Ltd, Global Pharmaceutical Solution, and Suyog Diagnostics. QIAGEN with EVOTEC BioSystems AG and PreAnalytiX in a joint venture for providing assay technology solutions.

  • Merck KGaA - Germany Merck KGaA is a German multinational company involved in offering healthcare solutions and materials. It operates through three sectors: healthcare, life science, and performance materials. The company has worldwide operations in North America, Europe, Asia, Latin America, Oceania, and Africa. This company offers products for biopharma, consumer health, allergopharma, biosimilars, life science, and performance materials.

  • Shimadzu Corporation - The company offers an extensive product portfolio in business areas such as analytical instruments, testing and measuring instruments, medical systems, industrial machinery and equipment, and aircraft equipment. Analytical instrument business segment includes analytical technologies that are applied for research and development or quality control in life sciences and pharmaceutical companies. It includes liquid chromatography, gas chromatography, liquid chromatograph mass spectrometry, gas chromatograph mass spectrometry, mass spectrometry, data management & software, spectroscopy, total organic carbon analysis, surface analysis, life science lab instruments, and thermal analysis.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Life Science Tools Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Life Science Tools Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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