Life Science Reagents Market Responds to Impressive Progress in Medicine and Healthcare
Life science reagents include reagents that are used in biotechnology, bioscience and pharmaceutical industries. Since the last decade, the global life science reagents market has experienced impressive growth due to factors such as technology advancement and expansion in applications of biotechnology and biosciences in the field of healthcare and pharmaceuticals. Some other factors contributing to the growth of the life science reagents market include increasing disease prevalence and rise in their mortality rates, aging of population and increased research and development activities in the field of biosciences, biotechnology and pharmaceuticals. Based on the commercially available life science reagent products, the global life science reagents market is categorized as PCR reagent kits, cell and tissue culture reagents, flow cytometry reagents, electrophoresis reagents, chromatography reagents, in-vitro diagnostic reagents and others. In addition, the global life science reagents market is segmented on the basis of end users, namely, commercial and contract manufacturers, research and academics, clinical laboratories, and forensic laboratories.
Chromatography reagents are the most widely used reagent products thus, capturing the highest market share in the overall life science reagents market. Wide use of chromatography in almost every aspect of biotechnology-related research and product development is the prime contributing factor for the dominance of this segment. On the other hand, the market share of electrophoresis reagents is the lowest as compared to other products available in the overall life science reagents market. Technological advancement and increasing initiatives towards the expansion of scope of biotechnology and life science has led to perpetual rise in demand for life science reagents worldwide.
In terms of end users, research and academic institutions are the largest consumers of life science reagents. Technological development and corresponding rise in the number of available skilled labor in emerging economies have widened the scope for research outsourcing in the developing markets of India and Brazil. Processes such as pharmaceutical contract manufacturing and cosmetic product manufacturing constitute the largest commercial consumers of life science reagents. Due to the requirement of high capital investment to perform stability studies, formulation development and phase-I trials, several pharmaceutical companies outsource drug development operations to contract manufacturing companies to focus on their core activities of manufacturing drugs and marketing, thereby controlling the in-house budget.
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The global life science reagents market is fragmented in terms of presence of a large number of multinational and local players. The mature market players such as Sigma Aldrich, Abbott Laboratories, Life Technologies, Bio-Rad and others currently dominate this market with their patent protected products and intensive growth strategies of acquiring new market entrants providing breakthrough technologies. In addition, large patent repositories of the established market players restrains the entry and growth of new players in the life science reagents market.
Geographically, North America dominates the global life science reagents market and is followed by Europe. Asia-Pacific is expected to show the highest growth rate owing to factors such as increasing research and development activities, rise in the number of government aids, business clusters and trade conglomerates to strengthen biotechnology industry in the respective national markets and rise in the availability of skilled manpower at cheaper cost, thereby increasing the scope for outsourcing of biotech projects. New trend of outsourcing research activities in Asia-Pacific is one of the major driving forces for the growth of the life science reagents market in this region. Countries such as Brazil, Mexico and Argentina in the Rest of the World (RoW) region are adopting strategies such as formation of biotechnology clusters and attracting foreign investments to boost the domestic biotechnology industry. However, stringent regulatory rules restrain the entry of new products in the market and thus, restrict the growth of life science reagents market in these countries.
Mr. Sudip S
Transparency Market Research
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