The Life Science Reagents market is projected to register a CAGR of 7.9% during the forecast period, with a revenue of approximately USD 42,170 million in 2020 and expected to reach USD 66,820 million by 2026.
During the COVID-19 pandemic, there is a rising demand for life science reagents which is driving the market growth. COVID-19 is a type of infectious disease and the infection rate of the disease has been rising exponentially across the world. The rising number of COVID-19 cases is increasing the demand for tests and several types of research that will require reagents and thus driving the market growth. In July 2020, the company Diazyme had partnered with Maccura Biotechnology USA to launch a Food and Drug Administration Emergency Use Authorization (FDA EUA) approved SARS-CoV-2 RT-PCR diagnostics test.
Certain factors that are driving the market growth include the high prevalence of infectious diseases and technological advancements in the field of life sciences and biotechnology. Pathogenic microorganisms such as bacteria, parasites, and viruses are responsible for the high prevalence of infectious diseases. These diseases can be spread directly or indirectly, from one person to another and are highly transmittable, and can easily spread if precautionary measures are not taken. Lack of healthcare structure and facilities can make these diseases fatal, which is the case in many developing and under-developed countries.
Hepatitis A virus (HAV) accounts for most acute viral hepatitis (AVH) globally. As per a report by Ashish Agrawal, published in the Journal of Infectious Diseases and Therapy 2019, there were around 1.5 million clinical cases of HAV each year globally. However, the report stated that the rate of infection is likely to be 10 times higher because of underreporting, especially in the developing and under-developed countries.
The growing prevalence of infectious diseases such as Zika, Dengue and HIV, among others has a direct impact on the increased demand for the life science regents market. Zika virus (ZIKV) infection has been known to be endemic in Africa and Southeast Asia. There have been major outbreaks of Zika virus infection in Asia-Pacific and in South American countries. As per the statistics provided by World Health Organization (WHO), 2019 in the Americas, an estimated number of 31,587 confirmed cases were reported in 2018. In addition, Brazil reported 19,020 cases, Panama reported 2,752 cases, and Bolivia reported 1,736 cases of zika infection. Moreover, according to the World Health Organization, dengue fever is the most critical and the most rapidly spreading mosquito borne disease in the world. The global incidence of dengue has grown dramatically in recent decades. The number of dengue cases reported to the WHO increased by over 8-fold over the last two decades, from 505,430 cases in 2000, to over 2.4 million in 2010 and 4.2 million in 2019. The number of reported deaths has also increased. Therefore, the high and increasing prevalence rate of these infectious diseases resulted in the high demand for more tests and research, which in turn, require reagents.
However the high cost associated with reagents and the stringent regulatory framework are acting as a barrier for market growth.
Key Market Trends
Hospitals and Diagnostic Laboratories Segment is Expected to Hold a Major Market Share in the Market
During the COVID-19 pandemic, the demand for reagents is increasing as these hospitals and diagnostic laboratories were widely using life science reagents for testing the target patients. In addition, researchers are also using reagents for knowing the epidemiology of the diseases which has also boost the segment growth. Moreover, there has been a rapid increase in the molecular point-of-care testing for suspected COVID-19 patients in hospitals across the world, leading to a surge in the usage of life science reagents products that are used in testing. and thus positively influencing the overall market growth.
The reagents in molecular diagnostics are used for nucleic acid extraction, amplification (PCR or RT-PCR), human leukocyte antigens (HLA) typing, the detections of mutations, and in other molecular diagnostic related workflows. Next-generation sequencing reagents, containing novel DNA polymerases, are engineered specifically for PCR applications. RT-PCR was widely used and is using for the detection of SARS-CoV-2 RNA which is further driving the life science reagents growth in hospitals and diagnostic laboratories.
Globally, chronic diseases are a leading cause of death, particularly in low-income countries, especially in young children. According to World Health Organization (WHO)2019, chronic diseases account for over 41 million deaths each year, equivalent to 71% of all deaths globally. Thus, Increasing prevalance of chronic and viral infectious diseases require efficient testing in medical specialities and diagnostic care centers.
In diagnostic laboratories and hospitals the adoption of life science reagents has increased which is likely in the foreseeable future to maintain the pace of the market for life science reagents.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
The United States is the most affected country across the world, as the reagents are widely used in any diagnostic, therapeutic, drug discovery or other research thus the demand for the same will significantly higher in the North American region as the patient population is increasing compared to other countries.
North America expected to hold a major market share in the global life science reagents market due to the rise in the geriatric population, increasing prevalence and incidence of infectious diseases in this region. Incidence of other chronic diseases, like cancer, is also high in the United States. As per the 2019 report by the American Cancer Society, there were an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in 2019. In addition As per a 2018 report by the Center for Disease Control and Prevention, there are around six in ten Americans living with at least one chronic disease and chronic diseases are the leading causes of death and disability in America.
Furthermore, According to the data provided by the Canadian government, in 2019, 44% of adults aged 20+ have at least 1 of 10 common chronic conditions, and the prevalence of chronic diseases is rising in Canada. The rising prevalence of chronic and infectious diseases in United States and Canada is fueling the overall market growth.
Moreover, the increase in research and development activities and the presence of favorable healthcare infrastructure is fueling the growth of the overall regional market to a large extent.
The life science reagents market is fragmented competitive and consists of of several major players. In terms of market share, few of the major players are currently dominating the market. Some of the major market players are Hoffmann-La Roche, Thermo Fisher Scientific, Inc, Becton, Dickinson and Company, Abbott, BioMerieux SA, Merck KGaA, Danaher Corporation, Siemens Healthineers, DiaSorin S.p.A, Sysmex Corporation.
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TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 High Burden of Infectious Diseases
- 4.2.2 Technological Advancements in the Field of Life Sciences and Biotechnology
- 4.3 Market Restraints
- 4.3.1 High Cost of Reagents
- 4.3.2 Stringent Regulatory Framework
- 4.4 Porter's Five Force Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Poduct Type
- 5.1.1 Cell and Tissue Culture Reagents
- 5.1.2 Chromatography Reagents
- 5.1.3 Clinical Chemistry Reagents
- 5.1.4 Immunoassay Reagents
- 5.1.5 Molecular Diagnostic Reagents
- 5.1.6 Microbiology Reagents
- 5.1.7 Others
- 5.2 By End User
- 5.2.1 Hospitals and Diagnostic Laboratories
- 5.2.2 Academic and Research Institutes
- 5.2.3 Others
- 5.3 Geography
- 5.3.1 North America
- 184.108.40.206 United States (By Product Type and By End User)
- 220.127.116.11 Canada (By Product Type and By End User)
- 18.104.22.168 Mexico (By Product Type and By End User)
- 5.3.2 Europe
- 22.214.171.124 Germany (By Product Type and By End User)
- 126.96.36.199 United Kingdom (By Product Type and By End User)
- 188.8.131.52 France (By Product Type and By End User)
- 184.108.40.206 Italy (By Product Type and By End User)
- 220.127.116.11 Spain (By Product Type and By End User)
- 18.104.22.168 Rest of Europe (By Product Type and By End User)
- 5.3.3 Asia-Pacific
- 22.214.171.124 China (By Product Type and By End User)
- 126.96.36.199 Japan (By Product Type and By End User)
- 188.8.131.52 India (By Product Type and By End User)
- 184.108.40.206 Australia (By Product Type and By End User)
- 220.127.116.11 South Korea (By Product Type and By End User)
- 18.104.22.168 Rest of Asia-Pacific (By Product Type and By End User)
- 5.3.4 Middle East and Africa
- 22.214.171.124 GCC (By Product Type and By End User)
- 126.96.36.199 South Africa (By Product Type and By End User)
- 188.8.131.52 Rest of Middle East and Africa (By Product Type and By End User)
- 5.3.5 South America
- 184.108.40.206 Brazil (By Product Type and By End User)
- 220.127.116.11 Argentina (By Product Type and By End User)
- 18.104.22.168 Rest of South America (By Product Type and By End User)
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 F. Hoffmann-La Roche Ltd
- 6.1.2 Thermo Fisher Scientific, Inc
- 6.1.3 Becton, Dickinson and Company
- 6.1.4 Abbott Laboratories
- 6.1.5 BioMerieux SA
- 6.1.6 Merck KGaA
- 6.1.7 Danaher Corporation
- 6.1.8 Siemens Healthineers
- 6.1.9 DiaSorin S.p.A
- 6.1.10 Sysmex Corporation
- 6.1.11 Kamineni Life Sciences
- 6.1.12 Agilent Technologies, INC.
- 6.1.13 Beckman Coulter, INC
- 6.1.14 Bio-Rad Laboratories
- 6.1.15 PerkinElmer, Inc
- 6.1.16 Promega Corporation
- 6.1.17 Lonza Bioscience
- 6.1.18 Waters Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS