As per the latest report published by Growth Plus Reports, the Global Biotechnology Tools Market was valued at US$ 59.1 billion in 2022 and is expected to reach US$ 153.10 billion by 2031 at a revenue CAGR of 12.63% during the forecast period 2023 to 2031. The study provides a throughout analysis of the most successful strategies, market trends, drivers and opportunities, competitive landscape, market size, statistics, forecasts, and key investment areas.
- The surge in R&D activities is increasing the demand for biotechnology tools during the forecast period.
- The increasing demand for efficient and accurate results is driving market revenue growth.
- Innovations in technology will create a strong product pipeline.
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Biotechnology Tools Market Scope
|Market size value in 2022||US$ 59.1 billion|
|Revenue forecast in 2031||US$ 153.10 billion|
|Growth Rate||CAGR of 12.63% from 2023 to 2031|
|Base year for estimation||2022|
|Segments covered||Product Type, Technology, Application, End User, and Region|
|Regional scope||North America, Europe, Asia Pacific, and the Rest of the World (ROW)|
The increasing demand for precise biotechnology tools facilitating research, testing, and data collection is raising the market revenue growth of the market. The molecular study of understanding the biomechanism of an organism with the help of standard biotechnical tools such as DNA sequencers, microarrays, and mass spectrometers is often available, allowing researchers to perform cutting-edge experiments, and is driving market revenue growth. However, the high cost associated with biotechnology tools can constrain the global biotechnology tools market revenue growth to some extent.
Growth plus reports have analyzed the global biotechnology tools market from perspectives such as product type, technology, application, end-user, and region.
Product Type Segmentation:
Based on product type, the global biotechnology tools market is segmented into instruments, consumables, and services.
The consumables segment dominates the market in terms of the largest revenue share. This large revenue share is attributed to the number of crucial products, their high efficiency, accuracy, and the ability to test varieties of samples at once. Additionally, these tools have a longer shelf life and lesser maintenance as compared to traditional laboratory equipment contributing to the revenue growth of this segment.
The instruments segment is expected to rise significantly during the forecast period owing to the revolution in the field of biomedical research, providing greater precision, speed, and accuracy.
Based on technology, the global biotechnology tools market is segmented into PCR, sanger sequencing, separation technologies, flow cytometry, nucleic acid microarray, mass spectrometry, and others.
The separation technology segment accounts for the largest revenue share in the market due to its high uptake in pharmaceutical and biopharmaceutical technologies, isolating and purifying compounds, and increased efficiency in downstream processing.
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Based on application, the global biotechnology tools market is segmented into research proteomics, genomics, cell biology, and other applications.
The genomics segment dominates the global biotechnology tools market in terms of the largest revenue share due to the advanced understanding of the genetic basis of disease and creates novel therapies.
Based on end-user, the global biotechnology tools market is segmented into research laboratories, diagnostic laboratories, and others.
The research laboratories segment dominates the market in terms of the largest revenue share. This large revenue share is attributed to the improved techniques and abilities to study live organisms and the molecular foundation of life by PCR, DNA sequencing, gene editing, and protein analysis.
The diagnostic laboratories segment is expected to rise significantly during the forecast period due to faster and more precise test outcomes.
Regional growth Dynamics:
Based on the region, the global biotechnology tools market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America accounts for the largest revenue share in the global market owing to the vast use of biotechnology tools in pharmaceutical companies. Moreover, the presence of prominent players in the region, such as Merck, Thermo Fisher, and Bio-Rad, is also influencing the revenue growth of this segment.
The prominent companies operating in the global biotechnology tools market are:
- Agilent Technologies, Inc.
- Illumina Inc.
- Thermo Fisher Scientific, Inc.
- Hoffman-La Roche Ltd.
- Bio-Rad Laboratories, Inc.
- Danaher Corporation
- Merck KGaA
Several companies are emphasizing development tactics, such as new launches, product approvals, and other elements like patents and events. These initiatives have enabled the expansion of future economic business prospects and increased demand for calcitonin in the global biotechnology tools market.
- In March 2022, Beckman Coulter Life Sciences introduced the CellMek SPS for manual sample preparation and data management limitations in clinical flow cytometry. This allows laboratories to enhance their capabilities by providing on-demand processing by a completely automated SPS.
Table of Content
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- Regulatory Landscape
- MARKET DYNAMICS
- GLOBAL BIOTECHNOLOGY TOOLS MARKET – ANALYSIS & FORECAST, BY PRODUCT TYPE
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VALUE PROPOSITIONS RELATED TO THE REPORT:
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- Covid 19 impact trends and perspective
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- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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