Life Science Reagents Market is Projected to Expand at a CAGR of Nearly 8% From 2019 to 2027
Transparency Market Research (TMR) has published a new report on the life science reagents market for the forecast period of 2019–2027. According to the report, the global life science reagents market was valued at around US$ 37,000 Mn in 2018, and is projected to expand at a CAGR of nearly 8% from 2019 to 2027.
Life science reagents play a critical role in the manufacturing and testing of pharmaceutical products, cell-based products, and several other healthcare-related solutions. The growth of the global life science reagents market is attributed to the increase in the global geriatric population, which is more prone to different types of infectious diseases. Moreover, the increase in the incidences of infectious diseases and technical advancements in the life science industry are boosting the growth of the global life science reagents market.
North America dominated the global life science reagents market in 2018, and this trend is expected to continue during the forecast period too. This is attributed to the increase in research and development activities in the region, which drive the demand for life science reagents to perform various research activities.However, the increase in the number of local manufacturers creating pricing pressure in the market is likely to hamper the growth of the global life science reagents market in North America during the latter half of the forecast period. Asia Pacific is expected to be a highly lucrative market for life science reagents during the forecast period.
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Technological advancements in the field of life sciences and biotechnology have resulted in numerous changes in healthcare diagnostics, drug discovery, personalized medicines, forensic sciences, and clinical research & development, majorly driving the growth of the life science reagents market.Developments in enzyme-linked immune assay technology (ELISA), polymerase chain reaction (PCR) such as digital PCR, rtPCR, chromatography, single cell technology, next-generation sequencing (NGS), and flow cytometry techniques, and their applications in the healthcare industry such as disease diagnostics and treatment monitoring are propelling the growth of the global life science reagents market.
Hoffmann-La Roche AG and Thermo Fisher Scientific, Inc. lead the global life science reagents market.The global life science reagents market is fragmented in terms of number of players. Key players in the global market include 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.