Consumption of life science reagents has been increasing due to rapidly developing technologies and increasing use of life science technologies. Life science reagents are commercially available in solid as well as in liquid forms. Life science reagents market report covers the market analysis for various reagents used in the biotechnology and life sciences. Continuous innovation in biotechnology is driving the life science reagents market towards remarkable growth. The stakeholders for life science reagents market study include manufacturers and providers of life science reagents.
The global life science reagents market is fragmented with Sigma Aldrich Corporation, Life Technologies, and GE Healthcare being the top three players. The requirement for high initial capital and stringent regulatory norms are discouraging new players from entering the market. A need for skilled labor and strong distribution network are other challenges that need to be faced for entering the market, states a new report by Transparency Market Research (TMR). On account of all these factors, the threat of new entrants is expected to be low. The threat of substitutes is also expected to be low as the only feasible substitute available is reused reagents.
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According to the report, the global life science reagents market is expected to be worth US$25,731.9 mn in 2019. On the basis of product, the chromatography reagents segment is expected to lead account for 28.5% by 2019. By end user, the research and academics segment will continue to remain the dominant segment, accounting for 37.2% of the market by 2019. The North America life science reagents market will be worth US$10,303 mn by 2019. However, Asia Pacific is expected to expand at a high CAGR from 2013 to 2019.
Technological Advancements to be Biggest Factor Driving Demand
With advancements in technology, the application areas of biotechnology and life sciences are growing and this is fueling the growth of the global life science reagents market. Technological advancements in the field of cell and tissue culture have propelled the growth of the market in the areas of microbiology, antibiotics, and diagnostic testing.
Another factor driving the growth of the life science reagents market is the development of chromatography, electrophoresis and flow cytometry techniques and their application in the healthcare industry. These techniques are being used for disease diagnostics and treatment monitoring, thus boosting the market. Government initiatives worldwide to strengthen the healthcare sector by concentrating on the development of biotechnology sector are also pushing the market towards growth.
Larger Patent Repository of Players Restraining Entry of New Players
Although developing countries such as India and China are anticipated to witness significantly high growth in the field of innovation and technology, the patent repository of the players in these countries is smaller as compared to that of matured market players. Larger patent repository of players is thus, restraining the entry of new market players in the market. This is restraining the growth of the life science reagents market.
While big healthcare organizations and research institutes can afford life science research and development activities, smaller organizations cannot. Purchasing the sophisticated instrumentation required for research of life science products is difficult and the maintenance cost is also high, which is restricting the growth of the market. Additionally, a dearth of skilled labor is also hampering the growth of the market.
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Growing Scope of In-vitro Diagnostics to Benefit Life Science Reagents Market
Use of biotechnology-based diagnostic tools is increasing in the diagnosis of various life-threatening diseases such as cancer, viral infections, and Alzheimer’s diseases. This is expected to provide lucrative opportunities for the life science reagents market, particularly in the in-vitro diagnostics field in the coming years. Another factor emerging as an opportunity in the market is the impressive growth potential of the emerging nations in the APAC region.