Global Life Science Reagents to Witness Steady Growth Owing to Rising Geriatric Population
The life science reagent market is rising in demand due to advancement in technology in life science industries and healthcare sector. Rising geriatric population is one of the major factors leading to rise in the market as they require clinical diagnostic tests frequently. Rising prevalence of infectious and chronic diseases are also boosting the global life science reagent market. Rise in biopharmaceutical industry will also be bringing potential growth to the life science reagent market.
According to a report by transparency market research, the global life science reagent market is anticipated to rise at a healthy CAGR of 7.0% during the forecast period of 2018 to 2026. The global market was worth US$ 35.0 bn during 2017 and is expected to rise during the forecast period. Some of the leading companies operating in the global life science reagents market are Merck KGaA, GE Healthcare, Abbott Laboratories, Danaher Corporation, and Siemens Healthineers.
GE Healthcare and Swedish government have collaborated and opened an innovation center in Uppsala. Sweden will be supporting the manufacturing of life science sector along with commercialization of new technologies. GE Healthcare announced its 27,000 ft2 four bioprocessing laboratories for testing new discoveries of biopharmaceutical production. The outbreak of several infectious diseases has led to rise of new opportunities for life science reagent market.
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World Health Organization States the rise of Extensive Research Owing to Emergence of Various Diseases
The outbreak and emergence of several infectious diseases have projected to be the key factors for the rising life science reagent market. These outbreaks are opening new opportunities for researchers to develop new diagnostic tests and tools for early diagnosis and prevention of various diseases. According to the World Health Organization (WHO), 36.7 mn people across the globe were affected by the HIV and 71 mn people were affected by hepatitis C infection in 2017. The rise in these diseases have supplemented the rise of life science reagent market.
Life Science Reagents Market Rising Due to Soaring Number of Diseases
Prevailing chronic diseases such as neurological disorder, stroke, cancer, chronic kidney diseases, diabetes, and chronic respiratory diseases are fueling the global life science reagent market. The life science reagents mainly depend on the growth of healthcare and life science industries. These are the reasons for the rapid growth of rising life science reagent market. Emerging markets are witnessing rapid growth of life science industry.
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Various Regions Witnessing Demand for Life Science Reagent Owing to Increasing Pharmaceutical Industries
The global life science reagents market is leading in North America. This region held 35% of the total shares in the market during 2017 and is expected to dominate the global life science reagent market in the coming years. The second leading region in the global market is Europe. It held the second largest share in 2017.
The rise in these regions are mainly due to large base of biotechnology and pharmaceutical industries in this region, rising number of geriatric population, and well established healthcare infrastructure. The market in Asia pacific is expected to expand as the fastest growing region due to rising number of patients with infectious diseases, rapidly increasing diagnostic laboratories and hospitals, and increasing number of direct investment in life science industry.
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