Life Science Reagents Market to Hit USD 78 Billion by 2030

Ottawa, Nov. 29, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global life science reagents market size was valued at USD 43 billion in 2021. The rising prevalence of infectious diseases, increased demand for various diagnostic tests, rising investments in the research activities by the biotechnology companies, rapidly growing biopharmaceutical industry, and technical advancements in the life science research are the significant factors that propels the growth of the global life science reagents market across the globe. The rising prevalence of various infectious diseases such as Hepatitis A virus, HIV, Zika, and Dengue has resulted in the increased demand for the life science reagents. According to the Journal of Infectious Diseases and Therapy 2019, around 1.5 million clinical cases of Hepatitis A Virus is reported across the globe each year. Zika Virus was declared an endemic in Africa.

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According to the World Health Organization, more than 31,000 confirmed cases of Zika Virus had been reported in Americas in 2018. Furthermore, the rapidly growing prevalence of the dengue across the globe is fostering the demand for the life science reagents market.According to the WHO, the cases of dengue fever increased rapidly from 505,430 cases in 2000 to 4.2 million in 2019, all over the globe. The global life science reagents market is fragmented due to the presence of numerous market players. The various developmental strategies adopted by them such as new product launches, partnerships, and acquisitions highly influences the market growth. Therefore, the rapid penetration of the life science reagents market players across the globe is significantly contributing towards the growth of the global life science reagents market.

Scope of the Life Science Reagents Market Report

North America dominated the global life science reagents market. The rapid growth in the biopharmaceutical industry in the US has boosted the consumption of the life science reagents. Further, the rapidly growing CROs in the region is fostering the demand due to the increased research activities related to new drugs and diagnostics methods. The rising prevalence of various chronic diseases and growing geriatric population in US is further expected to fuel the growth of the life science reagents market across North America in the upcoming years.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. The rising government initiatives to develop pharmaceutical industry and healthcare infrastructure in the region is expected to drive the market growth. Countries like China, South Korea, Singapore, and India is presenting lucrative growth opportunities owing to the presence of several top contract research organizations. Further, the rising prevalence of infectious diseases like dengue is presenting a growth aspect to the life science reagents market players.

The recent outbreak of the COVID-19 pandemic resulted in an increased demand for the life science reagents across the globe. The life science reagents were extensively used for the diagnosis of the COVID-19 among the target patients. The rapid spread of the virus in almost all the countries of the world, spiked the demand for the life science reagents.

The high capital investments associated with the research of the life sciences for the development of various diagnostic tests and drugs may hamper the growth of the market during the forecast period.

Based on the product, the immunoassay segment was the dominating segment in 2020. The extensive demand for the immunoassay reagents among the hospitals and diagnostic labs has boosted the growth of this segment. Moreover, the rapid growth in the number of the diagnostic centers and biopharmaceutical companies has fueled the demand for the immunoassay reagents that spurs the growth of this segment.

Based on the application, the hospitals& diagnostic labs segment dominated the global life science market in 2020. The rising prevalence of various diseases and the increasing need for the diagnostics is boosting the demand for the life science reagents across the hospitals and diagnostic labs all over the globe. Moreover, the rapid growth and penetration of the hospitals, clinics, and diagnostic labs in the developed and developing nations has increased the consumption, thereby fostering the market growth in the past few years.In 2020, the demand for the life science reagents suddenly spiked due to the rapid spread of the COVID-19 virus. Diagnostic labs and hospitals were increasingly using the life science reagents to test their patients.

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Segments Covered in the Report

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

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