The sixth edition of this report provides an overview of the life sciences research tools (LSRT) market from 2019 to 2025. Life sciences research tools companies offer instruments, reagents and services to academic, biopharma, applied market, and (non-IVD) clinical customers. This market is consolidated, with top vendors including Agilent, Becton Dickinson, Danaher, Illumina, Merck-EMD Millipore, and Thermo Fisher representing the majority of sales; however,mid-size players (e.g., NanoString Technologies) and smaller emerging players(e.g., Vizgen, Quantum SI) are included in this report as well, as these companies grow rapidly.
As in previous versions, we carefully triangulated market growth with past and forecasted organic growth from keys players, many of which have experienced growth driven by acquisition. As a result, segmenting the market by technology,and taking a relatively conservative stance, we estimate that the life science research tools market will reach ~$74B in 2022, and is expected to grow ~7%p.a. in the next 3 years. We do believe that uncertainty to these forecast exist (potential range: 5-10% p.a.) considering the current macro economic environment, inflation and traction of many of these tools used for precision medicine, even though growth experienced due to the impact of COVID-19-relatedR&D is starting to slow down. However, long term guidance from top players tends to be in the mid-single digits, and conservative for historically fast-growing companies (e.g., 10% revenue growth guidance for Illumina in2023**). Our analysis confirms continued growth in emerging markets (e.g.,China) across customer segments, with additional funding in certain developed geographies (e.g., EU’s Horizon Europe, Biden Plan). This report evaluates which technologies are expected to capture (e.g., NGS, spatial omics) and lose(e.g., PCR) relative market share within their respective “omics” segments.
