Boston, Nov. 26, 2024 (GLOBE NEWSWIRE) -- “According to the latest study from Research, “European Life Science Tools and Reagents Market,” the market for COVID-19 diagnostics products was $14.7 billion in 2023 and expected to grow from $13.0 billion in 2024 to $15.4 billion by the end of 2029, at a compound annual growth rate (CAGR) of 3.4% from 2024 through 2029.”
The European market for life science tools and reagents is driven by innovations in biotechnology and research activity in many sectors. Reagents such as antibodies, ELISA kits, protein reagents, and probes are in high demand, while life science tools such as hybridization systems, PCR machines, Western blotting instruments, and ELISA instruments are essential for advanced research. Germany, France, the U.K., Italy, Spain, and Switzerland are countries at the forefront of the competitive landscape. Market dynamics include drivers such as technological innovations and restraints such as regulatory challenges.
This report is particularly relevant now as the European life science market, which saw revenue surges during the COVID-19 pandemic, is currently facing declining revenues. Once the global leader in innovation, Europe lost its top position in 2000 and now ranks third in developing new molecules. To regain the region’s competitive edge and to foster growth, European governments must implement strategic measures that support innovation and capitalize on the region’s potential.
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The factors driving the European market for life science tools and reagents include:
Investments in R&D: Governments, private organizations, and pharmaceutical companies are pouring resources into R&D to pioneer new drugs, therapies, and diagnostic tools.
Rising Prevalence of Chronic Diseases: The growing incidence of chronic diseases such as diabetes, cancer, and cardiovascular conditions is increasing the demand for advanced diagnostic tools and reagents.
Diagnostics Pathways and In Vitro Diagnostics: There is an escalating need for precise and efficient diagnostic methods. In vitro diagnostics (IVD) are crucial for early disease detection, monitoring, and treatment decisions, driving the demand for high-quality reagents and diagnostic tools.
Genomic and Biomarker Research: The progress in genomics and biomarker research is fueling the rise of personalized medicine. This research requires advanced tools and reagents to analyze genetic data and identify biomarkers that can predict disease risk and tailor treatment responses.
Demand for Personalized Medicine: Personalized medicine customizes treatment based on an individual's genetic profile and other factors. This approach necessitates accurate diagnostic tools and reagents to provide precise patient data.
Technological Advances: Ongoing technological innovations in life science tools and reagents include improvements in imaging technologies, automation, and data analysis, making research and diagnostics more effective and accessible.
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Report Synopsis
| Report Metrics | Details |
| Base year considered | 2023 |
| Forecast period considered | 2024-2029 |
| Base year market size | $14.7 billion |
| Market size forecast | $15.4 billion |
| Growth rate | CAGR of 3.4% from 2024 to 2029 |
| Segments covered | Product Type, Application, and Country |
| Countries covered | Germany, France, the U.K., Italy, Spain, Switzerland |
| Market drivers |
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Interesting facts about the European market for life science tools and reagents:
- Between 1995 and 2005, economic and scientific activity shifted towards the U.S. due to its market dominance. Meanwhile, developing economies such as China and Korea are increasingly competing with Europe, luring businesses and researchers.
- Despite a global decline in Europe’s share of clinical trials in 2020, trials in Europe increased from 2017 to 2022, particularly in oncology.
The report addresses the following questions:
- What are the projections for the market?
- The European market for life science tools and COVID-19 diagnostics was estimated at $14.7 billion in 2023. It is forecast to grow at a CAGR of 3.4% to reach $15.4 billion by the end of 2029.
- What are the key factors driving the growth of the market?
- Increasing prevalence of chronic diseases.
- Investments in R&D.
- Demand for personalized therapies.
- Genomic and biomarker research.
- Demand for IVD.
- Technological advances.
- Which application segment will dominate the market by the end of 2029?
- The genomics segment will continue dominating the life science tools and reagents market through 2029.
- Which country has the largest share of the European market?
- Germany holds the highest share of the market.
Leading companies in the market include:
- Analytik Jena Gmbh+co. Kg
- Danaher Corp.
- Agilent Technologies Inc.
- Altona Diagnostics Gmbh
- Becton, Dickinson and Co.
- Bio-rad Laboratories Inc.
- F. Hoffmann-la Roche Ltd.
- Merck Kgaa
- Promega Corp.
- Qiagen
- Revvity Inc.
- Thermo Fisher Scientific Inc.
More Related Reports:
Western Blotting: Global Markets: This report provides an analysis of the Western blotting market, including estimates from 2022 and forecasts through 2028. It examines the market potential, competitive landscape, regulatory factors, and drivers and restraints. The market is segmented by product type (instruments and consumables), application (research, diagnostics, agriculture), end user (academic institutes, pharmaceutical companies, diagnostic centers), and region, covering North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa, along with major countries.
Polymerase Chain Reaction (PCR) Technologies and Global Markets: This report analyzes the global PCR market, including revenue forecasts, trends and strategic recommendations for market participants. The study offers market data for 2022 as the base year and projections from 2023 through 2028, with estimated figures for 2023. It includes forecasts segmented by product type, technique, application, and region. Additionally, the report evaluates both leading and emerging competitors in the global PCR market.
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