North America Life Science Tools Market Size, Share & Trends Analysis Report By End-use, By Technology (Cell Biology, Proteomics Technologies), By Product (PCR & qPCR, Cell Biology), And Segment Forecasts, 2020 - 2027
New York, Nov. 06, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Life Science Tools Market Size, Share & Trends Analysis Report By End-use, By Technology, By Product And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05982597/?utm_source=GNW
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%. 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
Read the full report: https://www.reportlinker.com/p05982597/?utm_source=GNW
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