ANALYSIS OF POTENTIAL IMPACT OF COVID-19 ON LIFE SCIENCE REAGENTS MARKET
Driven by the shifting paradigms of patients from ‘treatment’ to ‘wellness’, the healthcare industry has been advancing with significant breakthroughs in recent times. As ‘early diagnosis’ becomes the new norm in the healthcare industry, the development of effective cures becomes extremely important to beat the increasing rate of viral epidemics, their sequelae, and improve the mortality rate of patients.
Considering this trend, life science reagent manufacturers are vying to develop analytical instruments that decrease the diagnostic time and support the early-stage analysis of varied disorders. With patients having the leeway to choose their preferred diagnostic centers, point-of-care diagnostic centers such as clinics or homes are found to exceed laboratory-based diagnostics. Transparency Market Research (TMR), in its recent study, assesses the life science reagents market at a microscopic level, to acquire distinguished insights as to how the growth of the market is expected to unfold in the future, and offer actionable intelligence to the readers.
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Growth Prospects of the Life Science Reagents Market
Outbreaks of viruses and increasing chronic diseases have necessitated the need for effective assays in medical specialties and point-of-care centers for early diagnostics. Medical agencies seeking solutions to improve the life expectancy of patients resonate with life science reagents, and further demand advanced testing instruments. Life science reagent manufacturers operate under pressure to develop both, time- and cost-effective testing assays, as they significantly improve the mortality rate, given that patients get proper treatment post diagnostics. Governed by their increasing applications, the sales of life science reagents grew to around US$ 37,000 Mn in 2018.
The adoption of life science reagents has been growing in hospitals and diagnostic laboratories, while the rapid expansion of the biopharmaceutical industry and research institutes is likely to sustain the pace of the life science reagents market in the foreseeable timeframe. TMR anticipates that the life science reagents market is likely to expand at a CAGR of nearly 8% during 2019-2027.
Immunoassay to Remain the Preferable Diagnostic Technique
Hospitals and diagnostic laboratories persist as the highly lucrative end-use segment, by holding nearly 3/5 of the life science reagents market share, given the large volume consumption of these instruments for the diagnosis of various diseases. However, in recent times, commercial and contract research manufacturers are increasingly using life science reagents to test the effectiveness of biopharmaceutical products.
Manufacturers of life science reagents are acknowledging the fact that, the efficiency of their analytical instruments is the key to foster sales, which has only intensified research and development activities in the life science reagents landscape to develop technologically-advanced products.
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In order to meet the demand for highly sensitive, easy-to-use, and precise techniques ascending from hospitals and pathologies, key players focus towards enhancing the specificity of immunoassay reagents, which remains the highly preferred product in the segment. Besides hospitals, pharmaceutical and biotechnology industries are leveraging the potential of immunoassay reagents to support their clinical research and development activities, drug discovery, and development of novel test assays.
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However, as insurance companies mostly shy away from financially backing patients regarding diagnostic tests that involve the usage of life science reagents, reimbursements related to in vitro diagnostic tests have been low and vary according to the status of the end user, i.e. hospitals, research institutes, etc. In addition, strict quality filters set by regulatory agencies to screen healthcare products have been narrowing the channel for product launches in the life science reagents landscape.
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