A new Transparency Market Research report states that the global life science reagents market was valued at US$12.4 bn in 2012 and is expected to reach US$25.7 bn by 2019. It is expected to expand at a healthy CAGR of 10.80% from 2013 to 2019. The title of the report is “Life Science Reagents Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”.
According to the report, the global life science reagents market is stimulated by factors such as technological advancements and growing applications of biosciences and biotechnology within the pharmaceuticals and healthcare fields. In addition, the rising prevalence of a number of diseases, along with increasing mortality rates, is also boosting the demand for life science reagents. Furthermore, the rising activities of research and development (R&D) within the field of pharmaceuticals and the increasing initiatives taken by governments in various nations are also augmenting the market for life science reagents. On the other hand, factors such as the soaring requirement of capital investment, absence of skilled labor, and big patent repositories having few market participants may impede the growth of the market in forthcoming years.
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In terms of product type, the life science reagents market is segmented into cell and tissue reagents, polymerase chain reaction (PCR) reagent kits, electrophoresis reagents, flow cytometry reagents, chromatography reagents, electrophoresis reagents, in-vitro diagnostics (IVD) reagents, and others including mass spectroscopy, gene expression reagents, and transfection reagents. Amongst these, the segment of chromatography reagents is the most extensively utilized reagent product type and hold the largest share in the market. The key factor responsible for the dominance of this segment is the broad utilization of chromatography within each and every aspect of product development and research related to biotechnology. In terms of end use, the market is segmented into research and academic institutions, commercial and contract manufacturers, forensic laboratories, and clinical laboratories. Amongst these, the segment of research and academic institutions is the largest life science reagents consumer.
On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, North America leads the market and is trailed by Europe. On the other hand, Asia Pacific is predicted to exhibit the greatest growth rate in the forecast period due to factors including rising activities of research and development, supportive government policies, and the presence of skilled workers at low labor cost. On the other hand, within RoW, countries such as Mexico, Brazil, and Argentina have been attracting investments from other countries for fuelling the domestic industry for biotechnology, hence boosting the life science reagents market in the region.
Abbott Laboratories, Life Technologies, Bio-Rad, and Sigma-Aldrich, among others, are the prime players operating in the market for life science reagents, as stated in the report.