Life Science Reagents Market Size to Hit US$ 80.86 BN by 2029

March 28, 2022 |

5 min read

As per Precedence Research, the global life science reagents market size is expected to hit US$ 80.86 billion by 2029 with a notable CAGR of 8.3% during the forecast period 2021 to 2030.

Growth Factors

The life science reagents play vital role in the healthcare and life science sectors. The different types of life science reagents products are cell culture, molecular, immunoassay, microbiology, clinical chemistry, and flow cytometry. The life science reagents are used contract research organizations, hospitals and diagnostic labs, and academic research institutes.

The life science reagents market demand is rising due to technological developments in the sectors of forensic sciences, life sciences, biotechnology, drug discovery, personalized medicine, and clinical research and development. Furthermore, rising prevalence of chronic disorders is also driving the growth of the global life science reagents market during the forecast period.

In addition, the growing geriatric population is creating lucrative opportunities for the growth of the life science reagents market. According to World Health Organization (WHO), the number of old people is rising since a decade and the number is expected to be doubled till 2050. This kind of population is more vulnerable to the various types of disorders. That’s the reason; the major market players are introducing new and innovative products of life science reagents in the market for the diagnostics and treatment of geriatric population. Therefore, government is also providing tax rebates and incentives for the development of life science reagents.

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Another reason that is boosting the life science reagents market growth is the increasing prevalence of HIV. According to World Health Organization (WHO), in 2020, 37.7 million people were suffering from HIV. As a result, the growing prevalence of HIV is driving the growth of the global life science reagents market during the forecast period. Moreover, the market players have started adopting different advanced technologies for the development of new products. Thus, all these factors are propelling the growth of the global life science reagents market over the projected period.

Report Highlights:

Based on the product, the immunoassaysegment dominated the global life science reagents market in 2020 with largest market share. The demand for immunoassay is rising at a rapid pace in the biotechnology and pharmaceutical sectors. The immunoassay is widely used in the treatment and diagnosis of various disorders.
On the basis of application, the hospitals and diagnostic labssegment holds the largest market share the global life science reagents market in 2020. The rising prevalence of the chronic diseases has contributed towards the growth of the global life science reagents market. The hospitals and diagnostic labs are widely using life science reagents for the treatment of different diseases.
North America is the largest segment for life science reagents market in terms of region. This is attributed to the growing research and development initiatives, growing investments in life science sectors, and the existence of major market players in the region.
Asia-Pacific region is the fastest growing region in the life science reagents market.The factors such as rising prevalence of infectious diseases, growing geriatric population, and increasing incidents of chronic disorders are driving the growth of the life science reagents market in Asia-Pacific region.

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Future of Life Science Reagents Market

The growth of the global life science reagents market totally depends on the rising prevalence of chronic disorders and infectious diseases. The rising applications of life science reagents in biopharmaceutical and biotechnological sectors are contributing towards the growth of the global life science reagents market. The doctors and healthcare practitioners are preferring life science reagents on a large scale as it helps in the treatment of plenty of disorders and diseases. As a result, the rising prevalence of diseases and technological advancements in the field of life science is expected to create significant prospects for the growth of the global life science reagents market in near future.

COVID-19 Impact Analysis:

There was a significant impact of COVID-19 on the expansion of the global life science reagents market.
Due to the coronavirus outbreak, the demand for life science reagents upsurged significantly.
All the market players of life science reagents actively invested in the research and development, which had positive impact on the global life science reagents market in 2020.

Key Developments in the Marketplace:

Meridian Bioscience Inc., a prominent producer of diagnostic testing solutions and life science raw materials, declared in May 2020 that the FDA had approved SARS-CoV-2 antigens and related reagents under an emergency use authorization.
Corning Incorporated will introduce 3D clear tissue clearing reagent in July 2020, expanding its 3D cell culture imaging line. In 3D cell culture, the life science reagent will aid in the rapid imaging of tissues.

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