According to WHO, “Life science is the field of science in which the study of living organisms such as human beings, microorganisms, plants and animals is involved. Life science consist of biology, biotechnology, genomics, proteomics, bioinformatics, pharmaceutical and biomedical research”. The life science market deals with drug discovery, clinical trials, pharmaceutical manufacturing, and diagnosis. Innovative product development, and favorable reimbursement from government would hold key growth opportunities in life science market. Another point of opportunity is the growing awareness regarding the health care needs which would eventually increase the demand of life science products. Major trends in life science market are novel product launch, advancement in technology, and changing regulatory policies.
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The key drivers in life science market are increasing aging population, rising incidence of chronic diseases, and technological advancements. Moreover, increase in research and development activities, and economic development are enhancing the growth of life science market. However, stringent regulatory policies, presence of patents and exclusivity rights, and stagnant industry growth rate are impeding the growth of life science market. In order to overcome the restrains, companies are now focusing upon launching new products and techniques in life science sector.
The global life science market is classified on the basis of application, end user, and geography.
Drug discovery and development would be the highest revenue generating application owing to increasing prevalence of chronic diseases and intense competition among companies to develop novel products. However, cancer research and forensic application is expected to grow rapidly due to its wider scope and high demand. Biotechnology companies and biopharmaceutical companies are the leading end user of life science market. These companies are expected to embrace largest market share during the forecast.
On the basis of geography, global life science market is segmented into five key regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America contributes maximum share to the global life science market, owing to elevated research and development activities. However, Asia Pacific region is expected to grow at a remarkable CAGR for life science market due to increase in healthcare awareness. Amongst the Asian countries, India and China are promising due to large population pool and increased prevalence of infectious diseases.
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Key players in the life science market include, Thermo Fisher Scientific Inc, Bio-Rad Laboratories, Inc. Merck & Co., Siemens Healthcare, GE Healthcare, Hoffmann-La Roche Ltd, Becton, Dickinson and Company, Agilent Technologies, Beckman Coulter, Inc., Abbott Laboratories and Shimadzu Corporation. Local Players also have a significant presence in the life science Market. The companies are focusing upon launching new products and techniques in the life science sector that will result in flexibility and development of the global life science market. In 2013, Roche has introduced its new FLOW system in Europe, Asia Pacific, Africa, and Latin America region. This system is use with Laboratory Developed Tests (LDT) in virology and microbiology application.
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