According to the research report titled ‘Global Life Science Tools Market Size, by Technology (Genomic Technology, Proteomics Technology, Cell Biology Technology and Lab Supplies & Technologies), by Product (Sanger Sequencing, NGS, Nucleic Acid Preparation, PCR & qPCR, Nucleic Acid Microarray, Flow Cytometry, Separation Technologies, Mass Spectrometry, Electron Microscopy, NMR and Others), by End-Use (Government & Academic, Biopharmaceutical Company, Health Care, Industry and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global life science tools market was appraised at USD 47.4 billion in the year 2019 and is predicted to expand with a CAGR of 8.7% during the study period, subsequently reaching USD 92.4 billion by 2027.
 

Increased pervasiveness of targeted infectious disease coupled with surging R&D investments in pharmaceutical sector are some of the major factors driving the growth of global life science tools market. For those unversed, life science tools such as supplies, consumables, clinical trial services, analytical tools, instruments are used for discovery, production, and development of drugs.
 

According to Statista, worldwide R&D spending in pharmaceutical vertical had reached USD 186 billion in the year 2019 as compared to USD 136 billion it had recorded in 2012. These R&D investments are likely to account for USD 233 billion by the year 2026.
 

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Similarly, the Centers of Medicare & Medicaid Services states that the United States health care spending surged by 4.6% in 2018, accounting for USD 3.6 trillion in the same year. Thus, escalating healthcare expenditure and mounting R&D investments are adding traction to global life science tools industry size.
 

These tools are widely adopted by biotechnology and pharmaceutical companies, thus stimulating global life science tools industry outlook. However, high costs associated with the product could potentially hamper the overall industry remuneration.
 

Regionally, North America presently dominates global life science tools market in terms of revenue share, owing to high concentration of leading companies, accessibility towards an advanced healthcare infrastructure, and well-regulated framework for approval of genomic tests.
 

Asia-Pacific, meanwhile, is also likely to generate lucrative returns for the overall market in the upcoming years.
 

Merck Group, Illumina Inc., Hitachi Ltd., GE Healthcare, Danaher Corp., Bruker Corp., Bio-Rad Laboratories Inc., F. Hoffmann-La Roche Ltd., Becton, Dickinson & Co., and Agilent Technologies Inc. are the major companies operating in global life science tools market.