Life Science Reagents Market is Estimated to Register a Promising CAGR of 7.0% from 2018 to 2026
The global Life Science Reagents Market is witnessing strong growth due to high prevalence and rise in incidence of chronic, acute, and infectious diseases across the globe. The market was valued at US$ 35.00 Bn in 2017 and is projected to expand at a CAGR of 7.0% from 2018 to 2026 to reach US$ 67.00 Bn by 2026. The global market is driven by technological advancements in the life science and health care industries, rapidly growing biopharmaceutical industry, and large geriatric population requiring frequent clinical diagnostic tests.
Life science reagents are an integral part of the pharmaceutical, biotechnology, life science, and health care industries. These reagents have broad applications in in vitro diagnostics for the diagnosis of various chronic as well as infectious diseases, prediction of disease course, framing the treatment, and monitoring the effectiveness of the therapy. These reagents are widely used in the life science industry for isolation, separation, purification, and up to a certain extent amplification of the biological as well as chemical molecules from the tests samples.
High prevalence and rise in incidence rate of chronic and infectious diseases across the globe are projected to be the key drivers of the global life science reagents market during the forecast period. The emergence and outbreak of various infectious diseases have created challenges as well as new opportunities for researchers to develop new diagnostic tools and tests for early diagnosis and prevention of these diseases. According to the World Health Organization (WHO), as of October 2017, around 71 million people across the world were estimated to have hepatitis C infection. The WHO also stated that 36.7 million people were affected with HIV across the globe.
Various chronic diseases such as chronic respiratory diseases (CRD), diabetes, chronic kidney diseases (CKD), cancer, stroke, and neurological disorders are the leading causes of disability and mortality across the globe. Demand for life science reagents largely depends on the growth of the life science and health care industries. Rapid growth of the life science industry has been observed in the emerging markets. This is projected to be one of the key drivers of the life science reagents market. Biopharmaceuticals is one of the fastest growing segments in the pharmaceutical industry, expanding at a CAGR of 8%, nearly double that of the overall pharmaceutical industry. Wide applications of life science reagents in the biopharmaceutical industry for the development of various biomarkers, production of biologic drugs, drug discovery, and therapeutic drug monitoring are factors likely to drive demand for life science reagents during the forecast period.
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Development of tests for diagnosis of viral structural changes and new viral epidemics present significant opportunities in the global life science reagents market during the forecast period. For instance, in April 2017, Siemens Healthineers received an advance sum of US$ 8.9 Mn to develop immunoassays for Zika virus from the U.S. Department of Health and Human Services. Moreover, economic development coupled with rise in disposable income and increase in awareness are gradually shifting attention of the leading health care institutions toward countries in Asia Pacific and Latin America. Moreover, increased investments by the leading private players in the health care and life science industries in countries such as Brazil, India, China, and South Korea owing to favorable regulatory policies represents a potential business opportunity in these regions.
The global life science reagents market has been segmented based on product, end-user, and region. In terms of product, the global market has been classified into chromatography reagents, molecular diagnostic reagents, immunoassay reagents, clinical chemistry reagents, flow cytometry reagents, cell & tissue culture reagents, hematology & hemostasis reagents, microbiology reagents, and others. The others segment includes electrophoresis reagents, investigational markers, and histology & cytology reagents. The immunoassay reagents segment dominated the global life science reagents market, accounting for over 30% share in 2017. The segment is projected to expand at a moderate growth rate during the forecast period. However, the segment is poised to lose market share by 2026. The microbiology reagents segment is projected to expand at the highest CAGR during the forecast period. The segment is projected to gain market share by the end of 2026.
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The global life science reagents market is fragmented, with large number of companies accounting for majority share in respective regions. Major players operating in the global market include F. Hoffmann-La Roche Ltd., Danaher Corporation, Abbott Laboratories, and Siemens Healthineers. Manufacturers are adopting strategies of mergers & acquisitions with parallel companies to strengthen their product portfolio and geographic reach. Other prominent players operating in the global market include Becton, Dickinson and Company, Agilent Technologies Inc., Waters Corporation, Ortho Clinical Diagnostics, bioMérieux SA, Sysmex Corporation, and DiaSorin S.p.A.