North America Life Science Tools Market Size To Hit USD 145.80 Billion By 2032
Shivani Mhatre
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The North America life science tools market size was exhibited at USD 48.22 billion in 2022 and is projected to hit around USD 145.80 billion by 2032, growing at a CAGR of 11.7% during the forecast period 2023 to 2032.
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Key Takeaways:
The Increased government funding for life science technologies is expected to drive the market at a significant rate. Organizations, such as The National Human Genome Research Institute (NHGRI) and the National Institutes of Health (NIH), are actively funding multiple life science projects. The NHGRI collaborates with researchers and scientists to provide funds for genomic research, such as identification of the genomic basis of human diseases, and health; and understand the complexities associated with the human genome. NHGRI is working toward the application of genomic technologies to enhance patient care and benefit society.
The Glycoscience Program, 4D Nucleome Program, and Gabriella Miller Kids First Pediatric Research Program are the NIH common fund awards for biomedical research. During the Covid-19 pandemic, the U.S. FDA granted Emergency Use Authorizations (EUAs) to several diagnostic tests to make them rapidly and easily available for use. The FDA has issued EUAs to various types of Covid-19 tests, such as PCR-based molecular tests and serological & antigen tests. Thermo Fisher announced in March 2020 to develop up to 5 million Covid-19 test kits.
Moreover, in May 2020, the company stated that the FDA expanded the EUA for the company’s real-time PCR test, which detects nucleic acid from SARSa€‘CoVa€‘2. This approval expanded the application of the TaqPath Covid-19 Combo Kit developed by Thermo Fisher along with Applied Biosystems’ 7500 Real-time PCR series system. Likewise, in June 2020, Biocept, Inc. stated the availability of 10,000 nasopharyngeal specimen collection kits that provide RT-PCR-based testing for Covid-19.
In addition to PCR, several other nucleic acid assays, such as isothermal amplification assays, amplicon-based metagenomics sequencing, hybridization microarray assays, and CRISPR-related technologies, are also gaining momentum in the marketplace. The number of FDA EUA-approved tests is constantly increasing with a number of tests under development.
For instance, in August 2020, Oxford Nanopore introduced LamPORE, a portable test designed for the detection of Covid-19 and other seasonal flu viruses from saliva or swab samples within an hour. This test is based on the Loop-Mediated Isothermal Amplification (LAMP), a DNA amplification technology that only requires one incubation temperature, simple machinery, and provides faster results than PCR. Such initiatives are expected to drive market growth.
Regional Insights
The U.S. dominated the market in North America in 2022 with a revenue share of over 95%. The application of life sciences tools in disease diagnosis is anticipated to propel the U.S. market. For instance, in June 2020, the FDA issued an emergency use authorization for COVIDSeq Test; an NGS-based Covid-19 diagnostic test developed by Illumina. Owing to the use of NGS, the viral genomic sequence obtained from samples can be used for research to understand the mutation patterns of the virus.
The U.S. has been a host to several conferences and seminars pertaining to life science research. These events keep the researchers updated with the latest technologies and, thereby, increase the adoption of life science tools. The American Society for Mass Spectrometry has planned to organize the 69th ASMS Conference on Mass Spectrometry and Allied Topics in June 2021 in Philadelphia. Such initiatives are anticipated to increase revenue generation in the U.S. life science tools market.
An increase in R&D in biotechnology due to growing funding by the Canadian government has led to increased demand for life science tools, thus boosting the market growth in the country. In October 2020, the Canadian government announced to invest USD 6.5 million for Toronto Innovation Acceleration Partners (TIAP). TIAP is a membership-based organization of research hospitals, institutions, and top universities in Canada that work to improve and advance various health science technologies.
Some of the prominent players in the North America Life Science Tools Market include:
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Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the North America Life Science Tools market.
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