The North America life science tools market size is expected to reach USD 81.9 billion by 2027 registering a CAGR of 11.6%, according to a new report by Grand View Research, Inc. 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.
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more info visit here: https://www.grandviewresearch.com/industry-analysis/north-america-life-science-tools-market
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
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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