Life Science Reagents Market Outlook 2031
- The global life science reagents market was valued at US$ 54.7 Bn in 2021
- The global market is projected to grow at a CAGR of 5.7% from 2022 to 2031
- The global life science reagents market is expected to reach more than US$ 100 Bn by the end of 2031
Overview of Life Science Reagents Market
Life science reagents are substances or compounds used in a chemical reaction to observe and record changes. Medical researchers analyze this data to determine the cause of a disease. Life science and analytical reagents are used in chemical reactions to measure, detect, or examine other substances. Technological advancements in molecular biology, life sciences, and biotechnology have brought about significant changes in health care diagnostics, drug discovery, personalized medicines, forensic sciences, and clinical research & development. This has increased the demand for biotechnology media, sera and reagents, biotechnology reagents, etc. Growth of the life science industry and increase in incidence rate of chronic and infectious diseases are driving the global life science reagents market.
Increase in Geriatric Population and Rise in Need for Disease Diagnosis Propel Global Life Science Reagents Market
Advances in the health care industry and life sciences industry, improvement in public health measures, and decrease in life-threatening infectious diseases in developed countries are augmenting the life expectancy of the global geriatric population. According to the United Nations, the elderly population (aged 60+ years) is expected to double by 2050 and triple by 2100. The population is likely to rise from 962 million in 2017 to 2.1 billion in 2050 and 3.1 billion in 2100.
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Globally, the geriatric population is growing at a faster rate than the young population. The geriatric population in Asia Pacific and South America is estimated to increase by 300% in the next decade. As part of preventive health care, the geriatric population and people with 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.
Rise in Adoption of Advanced Products to Drive Global Life Science Reagents Market
Development in the areas of 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 application in the health care industry in disease diagnostics and treatment monitoring are propelling the life science reagents market. For instance, the chemiluminescence immunoassay (CLIA) technology provides enhanced sensitivity, specificity, improved precision, and reduced incubation. Together, these increase the efficiency of the technology to diagnose different types of genetic, chronic, acute, and infectious diseases.
Technological advancements in point-of-care (POC) instruments for the diagnosis of various chronic and infectious diseases within a short period, development of high throughput automated immunoassay analyzers, and integration of the various diagnostic techniques in a single system are factors fueling the demand for in vitro diagnostics reagents in the health care industry. Advances in genomics and proteomics have led to the development of newer genetic and protein biomarkers for the diagnosis of cancer and several genetic diseases. Genomic studies are also used in pharmacogenetics and targeted therapy to identify infectious diseases by sequencing reagents to diagnose genetic factors that contribute to common diseases and personalized medicines. Increase in application of cell and tissue culture for the production of monoclonal antibodies, drug development, vaccines, enzymes, growth hormones, and stem cell therapy is propelling the demand for life science reagents.
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Growth in Prevalence of Chronic and Infectious Diseases to Augment Global Life Science Reagents Market
Diagnosis of infectious and chronic diseases is one of the leading applications of in vitro diagnostics. Life science reagents, both biological and laboratory chemical reagents, are integral part of any diagnostic test. 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. As of June 2022, coronavirus (COVID-19) has caused 539 million confirmed infections and 6.3 million deaths. The pandemic does not show any sign of abatement. The impact and consequences of the COVID-19 pandemic positively impacted the life science reagents market in 2020 and 2021. Growth of the diagnostics segment, led by Covid-19 testing and continuous research & development conducted by various pharmaceutical & biotechnological companies to develop medicines and vaccines, is likely to drive the life science reagents market during the forecast period.
Popularity of Immunoassay as Diagnostic Tool to Drive Demand for Immunoassay Reagents
In terms of product, the global life science reagents market has been classified into chromatography reagents, molecular diagnostic reagents, immunoassay reagents, clinical chemistry reagents, flow cytometry reagents, cell & tissue culture reagents, hematology & hemostasis reagents, microbiology reagents, and others. The immunoassay reagents segment dominated the global life science reagents market in 2021. The trend is projected to continue during the forecast period. Immunoassay is a highly preferred diagnostic technique used in hospitals and pathology laboratories. The immunoassay technique is increasingly becoming a popular diagnostic tool owing to specific results, high sensitivity, and ease of use.
High Usage of Life Science Reagents to Propel Hospitals & Diagnostics Laboratories Segment
Based on end-user, the global life science reagents market has been divided into hospitals & diagnostic laboratories, commercial & contract research manufacturers, academic & research institutes, and others. The hospitals & diagnostic laboratories segment dominated the global life science reagents market in 2021 due to the high usage of life science reagents in hospitals and laboratories for the diagnosis of Covid-19.
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Regional Outlook of Global Life Science Reagents Market
North America accounted for the largest share of around 35% of the global life science reagents market in 2021. The market in the region is projected to grow at a CAGR of 5.5% from 2022 to 2031. The life science reagents market in 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.
Analysis of Key Players in Global Life Science Reagents Market
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. Expansion of product portfolios and mergers & acquisitions are the key strategies adopted by the players. Key players operating in the market include 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.
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