Life Science Reagents Market is likely to Expand at a CAGR of nearly 8% during 2019-2027
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Life Science Reagents Market: Overview
Life science reagents play a critical role in the manufacturing and testing of pharmaceutical products, cell-based products, and several other healthcare-related solutions. The growth of the global life science reagents market is attributed to the increase in the global geriatric population, which is more prone to different types of infectious diseases. Moreover, the increase in the incidences of infectious diseases and technical advancements in the life science industry are boosting the growth of the global life science reagents market.
North America dominated the global life science reagents market in 2018, and this trend is expected to continue during the forecast period too. This is attributed to the increase in research and development activities in the region, which drive the demand for life science reagents to perform various research activities.
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However, the increase in the number of local manufacturers creating pricing pressure in the market is likely to hamper the growth of the global life science reagents market in North America during the latter half of the forecast period. Asia Pacific is expected to be a highly lucrative market for life science reagents during the forecast period.
Technological Advancements and High Prevalence of Chronic and Infectious Diseases to Drive Market Growth
Technological advancements in the field of life sciences and biotechnology have resulted in numerous changes in healthcare diagnostics, drug discovery, personalized medicines, forensic sciences, and clinical research & development, majorly driving the growth of the life science reagents market.
Developments in enzyme-linked immune assay technology (ELISA), polymerase chain reaction (PCR) such as digital PCR, rtPCR, chromatography, single cell technology, next-generation sequencing (NGS), and flow cytometry techniques, and their applications in the healthcare industry such as disease diagnostics and treatment monitoring are propelling the growth of the global life science reagents market.
Additionally, the diagnosis of infectious and chronic diseases is one of the leading applications of in-vitro diagnostics. Life science reagents (both, biological and chemical reagents) are integral and vital parts of the any diagnostic test.
The outbreak of infectious viruses such as Zika, in 2015, positively impacted the in-vitro diagnostic industry. This, in turn, increased the demand for life science reagents.
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Life Science Reagents Market: Immunoassay Reagents Segment to Remain Prominent
In terms of product, the global life science reagents 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 immunoassay reagents segment dominated the global life science reagents market in 2018 and the trend is likely to continue during the forecast period.
Life Science Reagents Market: Hospitals & Diagnostic Laboratories to be a Promising Segment
In terms of end user, the global life science reagents market has been divided into hospitals & diagnostic laboratories, commercial & contract research manufacturers, academic & research institutes, and others (blood banks, forensic laboratories, and government institutes).
The hospitals & diagnostic laboratories segment is expected to be a highly lucrative segment of the global life science reagents market during the forecast period. The segment is likely to be driven by an increase in the number of diagnostic tests.
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