Global Life Science Tools & Services Market
Life Science Tools & Services market size stood at around USD 92.2 billion in 2020 and is projected to reach USD 161.7 billion by 2030, exhibiting a CAGR of around 11.9% during the forecast period. Growing demand for pharmaceutical and biotechnology solutions, increasing diseases and disorders, rising demand for biologics, and increasing geriatric population globally are the factors driving the market for ?Life Science Tools & Services market. Technological advancements and Unmet medical needs are also anticipated to fuel the growth of the market in the future ? ?
Global Life Science Tools & Services market by product constitutes of the Life science instrumentation, Separations, Molecular spectroscopy, and others segment. Life science instrumentation constituted the major share in 2021 of about 23.5%. Global Life Science Tools & Services market by end-user constitutes of the Pharma & Biotech Manufacturers, Academic & Government, and others segment. Pharma & Biotech Manufacturers constituted the major share in 2021 of about 58%
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Growth Drivers & Restraints?
Drivers Increasing Pharmaceutical and biotech R&D budgets The biopharmaceutical and pharmaceutical industry invested an estimated USD 91.1 bn in research and development (R&D) in 2020 compared to 2019, which was around USD 83 bn Increasing funding by the government for various disease. In 2020, USA central government invested around 5.8 bn in R&D for the COVID-19 vaccine and therapeutics ?
Technological advancement In 2020, Roche Diagnostics launched its first Cobas 8800 instrument and Cobas 6800 at the National Institute for Research in Reproductive Health
Restraints High cost of instruments The high cost of instruments and laboratory space is a growth restraint. For instance, the national average cost of laboratory space was around $24.60 per square foot in 2018
Dearth of skilled professionals An aging population and skilled operators retiring without being replaced by a new generation of lab technicians is one of the restraining factors. For instance, by 2030, the UK will require a further 700,000 lab technicians ?
The Life Science Tools & Services Market is fragmented but has a few dominant players. Thermo Fisher Scientific is the largest company, and other key players include Danaher Corporation, GE Healthcare, Merck, Becton Dickenson, Roche, etc.?
Trends
Laboratory information management system: Data formats are inconsistent across lab applications, instruments, and different organizations, so when it comes to creating reports, there is no central place for gathering and collating all of the data so that it’s useful to all parties One of the ways to address this challenge is to implement market-specific, high-performance LIMS with expandable capacity and functionality that delivers time and cost-saving efficiencies
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Mergers and Acquisitions Mergers and acquisitions have been an important capital deployment and growth strategy in the life sciences sub-industry to enable companies to supplement organic growth, expand existing product lines, enter new markets, grow market share, and expand their geographic presence. Several companies, including Danaher, Thermo Fisher Scientific, and Roche Holdings, have all made acquisitions in life science market
Geographic shift? Robust demand from the emerging markets has helped lessen the impact of softening demand in the US and Western Europe as the economy in those regions remains sluggish. Emerging market sales are expected to increase and they could account for more than 20% of sales within the next several years
Increased outsourcing Drug firms continually seek to drive efficiencies in their drug development processes to reduce costs and accelerate time to market. This has resulted in pharmaceutical firms increasingly outsourcing various research and development functions, primarily Phase I to Phase III clinical trial testing and management, to Contract Research Organizations (CROs) ?
Company Profile: Unchained Labs
Business Model
Manufacturing: Life Science Tools & Services companies manufactures their product in-house, or by third parties on a private-label basis, or by third parties under their brand but offered for sale exclusively through the leading company. The main company also offers a broad range of third-party products representing leading industry brand names on a non-exclusive basis
Storage: Companies have an international network of warehouses in primary markets through which they maintain inventory and coordinate product delivery. With specialized product vaults and warehouse management systems, they can handle the complete range of products offered to customers. their transportation capabilities include a fleet of delivery vehicles as well as parcel shipping capabilities that are closely integrated with third-party parcel carriers. Throughout the product delivery process, the company provides customers with convenient access to comprehensive electronic systems that offer automated catalog search, product order and invoicing, and payment capabilities?
Target Customers: Life Science Tools & Services companies serve academic, pharmaceutical, biotechnology, government, and industrial customers? Go to market: Company goes to market through an expert sales force, segment-relevant printed collateral and digital content in multiple languages, a state-of-the-art website containing full product content every product, and a global network of resellers and distributors
Specialized services: In addition to broad product offerings, companies offer a variety of specialized services to customers through the Lab Services team, including training, equipment servicing, asset management, and supply management personnel. They also offer scientific support services including desktop delivery, coordination of instrument calibration and service, and on-site customer service