Wilmington, Delaware, United States, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global life science reagents market is projected to flourish at a CAGR of 5.7% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 100 billion is anticipated for the market in 2031. As of 2023, the market for life science reagents is expected to close at US$ 61.7 billion.
Increasing geriatric population and growing prevalence of chronic diseases such as diabetes, respiratory disorders, and cancer regularly require medical tests such as blood tests and urine tests. This is projected to augment the life science reagents market during the forecast period.
The rising emergence and outbreak of various infectious diseases have created challenges and new opportunities for researchers to develop life science tools and reagents for early diagnosis and prevention of disease, positively impacting the life science reagents market growth.
Increasing investments in healthcare infrastructure, biotechnology, and increased government initiatives and funding to support life sciences research contribute to market growth.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 54.7 Bn | |
| Estimated Value | US$ 100 Bn | |
| Growth Rate - CAGR | 5.7% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 187 Pages | |
| Market Segmentation | Product, End-user | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | F. Hoffmann-La Roche AG, Danaher Corporation, Abbott, Siemens Healthineers, DiaSorin S.p.A, Sysmex Corporation, bioMerieux SA, Thermo Fisher Scientific, Inc., BD, Merck KGaA, Agilent Technologies, Inc., and Waters Corporation. | |
Key Takeaways from the Market Study
- As of 2022, the life science reagents market was valued at US$ 58.1 billion
- Based on end-user, the hospitals & diagnostic laboratories segment dominated the global life science reagents market due to the high usage of life science reagents in hospitals and laboratories for the diagnosis of Covid-19.
- In terms of product, the immunoassay reagents segment dominated the global life science reagents market during the forecast period.
Life Science Reagents: Key Trends and Opportunistic Frontiers
- With the increased trend toward personalized healthcare and precision medicine increases the need for reagents used in molecular diagnostics and genomics, which is expected to drive the market growth
- Increasing research & development activities by pharmaceutical & biotechnological companies to develop medicines and vaccines, is likely to drive the life science reagents market during the forecast period.
- Increasing advancements in technologies like next-generation sequencing, CRISPR-Cas9 gene editing, stem cell therapy, and high-throughput screening increase the need for specialized reagents.
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Life Science Reagents Market – Regional Analysis
- North America is expected to dominate the global life science reagents market during the forecast period. The presence of advanced healthcare infrastructure and diagnostic facilities contributes to the demand for reagents used in clinical testing and diagnostics.
- The life science reagents market in the Asia Pacific is anticipated to grow at a higher CAGR during the forecast period due to the large patient pool and rise in investment in health care in countries such as China and India. The expansion of the biotechnology industry fuels the demand for reagents used in bioprocessing and other applications, to boost the market demand in the region.
Competitive Landscape
The global life science reagents market is fragmented, with the presence of a large number of key players. Most companies are making significant investments in research & development activities. Transparency Market Research has profiled the following players in its global life science reagents market report:
- F. Hoffmann-La Roche AG
- Danaher Corporation
- Abbott
- Siemens Healthineers
- DiaSorin S.p.A
- Sysmex Corporation
- bioMerieux SA
- Thermo Fisher Scientific, Inc.
- BD
- Merck KGaA
- Agilent Technologies, Inc.
- Waters Corporation
- Other prominent players
Key Developments in the Life Science Reagents Market
- In January 2020 – Roche announced the completion of a supplemental Biologics License Application (sBLA) submission to the US Food and Drug Administration (FDA) for Tecentriq® (atezolizumab) in combination with Avastin® (bevacizumab), for the treatment of people with unresectable hepatocellular carcinoma (HCC) who have not received prior systemic therapy
- In August 2023 - Agilent Technologies Inc. announced the opening of a new full-scale Integrated Biology Center located at Monash University in Malaysia, focused on building local capabilities to accelerate research and development (R&D) in the field of science. The inauguration was held in conjunction with the company’s Academia-Industrial Day 2023, hosting distinguished guests from the research community.
- In June 2023 - Merck Invests in production capacity to further provide customers with highly purified reagents for quality control and testing at the company’s Nantong site reflecting Merck’s China strategy and extends partnership with Nantong Economic
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Life Science Reagents Market – Key Segments
Product
- Chromatography Reagents
- Molecular Diagnostics Reagents
- Immunoassay Reagents
- Clinical Chemistry Reagents
- Flow Cytometry Reagents
- Cell & Tissue Culture Reagents
- Hematology & Hemostasis Reagents
- Microbiology Reagents
- Others
End-user
- Hospitals & Diagnostics Laboratories
- Commercial & Contract Research Manufacturers
- Academic & Research Institutes
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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