ALBANY, New York, March 18, 2020 /PRNewswire/ -- The global life science reagents market is expected to grow at a rate of approximately 8%, compounded annually, from 2019 to 2027. The market worth in the year 2018 stood at about USD 37 bn. and is set to reach the mark of USD 73 bn. by the end of the forecast period. The growth that is projected for the market over the stated period is a result of the reagents' critical role in pharmaceuticals and health-related solutions.
As per Transparency Market Research, "Global Life Science Reagents Market Growth is attributable to a rapidly ageing population and an increase in incidence of chronic diseases, noted worldwide. Additionally, the technological advancements that are marking the market landscape are also propelling it on a high growth trajectory."
Key Findings of Global Life Science Reagents Market Study:
- Product-wise, immunoassay reagents segment would be at the forefront of growth that is set to be witnessed in the market
- High preference in hospitals and path labs to drive growth in the immunoassay reagents segment
- Hospitals and diagnostic laboratories to dominate the end-user segment of the global life science reagents market
- Growth in the hospitals and laboratories segment would be owed to an increase in chronic diseases and a resultant need for diagnosis
- Region-wise, North America would be a dominant regional market over the forecast period
For a detailed analysis of life science reagents market by products, end-user, and region, Read TOC of the Report - https://www.transparencymarketresearch.com/report-toc/1162
Key Drivers of Global Life Science Reagents Market:
As per Transparency Market Research, numerous factors underline growth in the global life science reagents market over the forecast period. The prominent ones are detailed out below:
- Increase in the number of geriatrics is leading to significant growth in the market; one in every six people in the world to be aged 65 and above by 2050
- Growing prevalence of chronic diseases supporting growth in the global life science reagents markets
- Impact on personalized medicine, healthcare diagnostics, forensic sciences, and drug delivery has been positive, paving way for further growth
- Technological advancements underscoring growth in global life science reagents market
- Outbreaks such as that of 2015 Zika virus lead to growth in in-vitro diagnostics industry, propelling growth in life science reagents market
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Regional Analysis of Global Life Science Reagents Market:
- North America to dominate the global life science reagent market over the forecast period owing to extensive research and development of activities marking the landscape
- Expansion of laboratory tests portfolio also contributing immensely to the growth of North American region
- Asia Pacific region to chart a high compound annual growth rate owing to a massive patient pool and improvement in infrastructure (healthcare)
- India and China to be significant contributors of growth in the regional market
Analyze life science reagents market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Competitive Landscape of Global Life Science Reagents Market
Prominent players operating in the global life science reagents market are 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
In order to claim a large section of overall market growth, players are deploying a number of growth strategies. Product development is a major strategy. Others include mergers and acquisitions and strengthening of distributional channels.
The global life science reagents market has been segmented as follows:
- Global Life Science Reagents Market by Product
- Chromatography Reagents
- Molecular Diagnostic Reagents
- Immunoassay Reagents
- Clinical Chemistry Reagents
- Flow Cytometry Reagents
- Cell & Tissue Culture Reagents
- Hematology & Hemostasis Reagents
- Microbiology Reagents
- Global Life Science Reagents Market by End User
- Hospitals & Diagnostics Laboratories
- Commercial & Contract Research Manufacturers
- Academic & Research Institutes
- Global Life Science Reagents Market by Region
- North America
- Rest of the Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Healthcare industry:
Biopharmaceuticals Market - The demand for biopharmaceuticals products have grown considerably in the past few years, as biopharmaceuticals are structurally similar to human body components. This factor helps in treating cancer, diabetes, psoriaisis, rheumatoid arthritis, and other in a very effective manner.
Immunoassay Market - The global market for immunoassay stood at US$ 16.54 Bn in 2017, is anticipated to reach a value of US$ 28.61 Bn by the end of 2026. The market is expected to register a strong 6.20% CAGR between 2018 and 2026.
In Vitro Diagnostics Market - In 2016, the global market for in vitro diagnostics was worth US$55000 mn and is projected to reach a value of US$89862.2 mn by the end of 2025. The market is projected to register a healthy 5.60% CAGR between 2017 and 2025, states a new research study by Transparency Market Research.
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SOURCE Transparency Market Research