Life Science Reagents Market Size To Hold USD 8.3 Bn By 2030

The global life science reagents market size was exhibited at USD 88.22 billion in 2022 and is expected to hold around USD 88.22 billion by 2030 growing at a CAGR of 8.3% from 2022 to 2030.

The global life science reagents market size was exhibited at USD 88.22 billion in 2022 and is expected to hold around USD 88.22 billion by 2030 growing at a CAGR of 8.3% from 2022 to 2030.

Life Science Reagents Market Size 2022 to 2030

Reagents play an essential role in any chemical reaction. It is a substance that facilitates a response. It is used in most widely used tests. It includes pregnancy tests, blood glucose tests, and COVID-19 test kits. It triggers a chemical reaction to measure, detect, or examine other substances. It is utilized to test for the presence of certain substances. It is commonly used in laboratory settings for various tests. It forms a vital part of the pharmaceutical, biotechnology, life science, and healthcare industries. It is also widely used in vitro diagnostics for the diagnosis of various chronic and contagious diseases. It is also used to predict disease, form treatment plans, and monitor the therapy’s effectiveness.

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Growth Factors

The rising Prevalence of infectious diseases significantly contributes to global market growth. Heavy investments in the research & development activities by the biotechnology company majorly drive the global life science reagents market. In line with this, the biotechnology industry’s significant growth positively influences market growth. Furthermore, rapid technological advancements in the life science field create a positive outlook for the market. Apart from this, the rapidly growing biopharmaceutical industry catalyzes market growth across the globe.

Moreover, the rising Prevalence of various infectious diseases propels the market growth. Microorganisms may cause contagious diseases. It can be easily transmitted to others. The outbreak of the COVID-19 pandemic had a positive impact on the life science reagents market growth. It increased the demand for life science reagents across the globe. The rising requirement for testing the patients accelerated the overall market growth. The research organizations needed life science reagents to conduct a study on the coronavirus.

Life Science Reagents Market Report Scope

Report Coverage

Details

Market Size In 2022

USD 46.25 Billion

Market Size By 2030

USD 88.22 Billion

Growth Rate From 2022 to 2030

CAGR of 8.3%

Base Year

2021

Forecast Period

2022 to 2030

Segments Covered

  • By Product
  • By Application

Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Report Highlights:

  • Based on product, the market has been divided 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 dominated the market and accounted for the largest revenue share. Immunoassay is a diagnostic procedure widely used in hospitals and pathology laboratories. It is a popular diagnostic tool due to its ease of use and best results.
  • Based on application, the hospitals and diagnostic labs dominated the market and accounted for the largest revenue share. It is expected to maintain its dominance in the coming years. The demand for life science reagents increased during the covid times. Hospitals and diagnostic labs widely use these life science reagents to test their patients. These are also employed for molecular diagnostics, extracting nucleic acid, and detection of mutations. Besides, the increasing Prevalence of various chronic diseases catalyzed the demand for life science reagents in diagnosis. On the other hand, contract research organizations are expected to witness a promising CAGR in the coming years. This is due to the heavy investment in research and development activities by various biotechnology and pharmaceutical companies. The presence of a large number of contract research organizations in developed and developing countries creates a positive outlook for the market. The escalating activities of drug development and new diagnostic tests boost the overall market growth.

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Regional Snapshots

Based on region, North America dominated the market and accounted for the largest revenue share. The region is witnessing tremendous growth. The significant growth in the biopharmaceutical industry and increasing penetration of contract research organizations propel market growth across the region. The heavy investment by the government in the biopharmaceutical industry creates a positive outlook for the market. It is expected to catalyze the demand for life science reagents. The growing Prevalence of chronic and infectious diseases and rising demand for diagnostics and medicines significantly contribute to the market growth across the region.

On the other hand, Asia Pacific is expected to witness a promising CAGR in the coming years. The emergence of new market players positively influences market growth across the region. The considerable growth in biotechnology companies and rising government initiatives boosts the demand for life science reagents. The escalating number of diagnostic laboratories catalyzes market growth.

Market Dynamics:

Driver: Increase in Geriatric Population

Factors such as the Increasing Geriatric population and rising need for disease diagnosis significantly contribute to market growth across the globe. In line with this, the growing Prevalence of chronic and infectious disease positively influence market growth. Furthermore, significant growth in the medical and life sciences industry creates a positive outlook for the market. Apart from this, improvement in public health measures catalyzes market growth. Moreover, people with chronic diseases require medical tests. This is expected to drive the life science reagents market during the projected period.

Opportunity: Rapid adoption of advanced products

The rapid adoption of advanced products offers numerous opportunities for market expansion. Significant developments in enzyme-linked immune assay technology, digital PCR, rtPCR, chromatography, next-generation sequencing (NGS), polymerase chain reaction (PCR), etc., and their usage in the healthcare industry in disease diagnostics and treatment monitoring positively influence the market growth. Rapid technological upgradation in point-of-care (POC) instruments and automated immunoassay analyzers offers lucrative opportunities for market growth. The increasing incorporation of various diagnostic techniques fuels market growth. The development of genetic and protein biomarkers for cancer diagnosis boosts the overall market growth.

Restraint: High cost

The costs of the development of life science reagents are very high. This factor is expected to restrict market growth. The market players heavily invest in installing advanced machines and, in return, have to incur a considerable cost.

Market Challenges: Lack of skilled professionals

There’s a lack of skilled professionals, especially in developing countries. This is challenging the market growth. These unskilled professionals are unable to use life science reagents, thus hampering the market growth.

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Key Developments:

  • In May 2020, Meridian Bioscience, Inc. received FDA approval for SARS-CoV-2 antigens.
  • In January 2022, Beckman Coulter Life Sciences received the EU Quality Management System Certificate for more than 200 flow cytometry reagents.
  • In December 2021, Thermo Fisher Scientific, Inc. acquired PeproTech, Inc., for USD 1.86 Bn.

Major Key Players

  • Hoffmann-La Roche
  • Thermo Fisher Scientific Inc.
  • Becton
  • Dickinson and Company
  • Abbott
  • BioMerieux SA
  • Merck KGaA
  • Danaher Corporation
  • Siemens Healthineers
  • DiaSorinSpA
  • Sysmex Corporation

Market Segmentation

By Product

  • Molecular
  • Cell Culture
  • Chromatography
  • Immunoassay
  • Clinical Chemistry
  • Microbiology
  • Flow Cytometry
  • Others

By Application

  • Hospitals & Diagnostic Labs
  • Academic Research & Institutes
  • Contract Research Organizations
  • Others

Regional Segmentation

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
  • Latin America (Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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