by The life science products market comprises a wide range of consumable products including reagents, antibodies and assay kits that aid in scientific research across biotechnology and pharmaceutical industries. Advancements in genomics, proteomics and stem cell research has fueled the demand for life science consumables that support various diagnostic and therapeutic applications. Reagents and consumables form an indispensable part of drug discovery, clinical diagnostics processes and disease research.
The Global Life Science Products Market is estimated to be valued at US$ 3887.57 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the life science products market are Abcam Plc, A.M.S. Biotechnology (Europe) Limited, Bio-Rad Laboratories Inc., BPS Bioscience Inc, Crown Bioscience Inc., Genscript Biotech Corporation, Merck Millipore Limited, PerkinElmer Inc, Sigma Aldrich Corp, Thermo Fisher Scientific Inc., Danaher Corporation, Amgen Inc, Lantern Pharma Inc. Leading players are focusing on expanding their assay kit and reagent portfolios to cater to the growing demand for assays supporting immuno-oncology and companion diagnostic research.
The Life Science Products Market Growth is driven by increasing research in personalized medicine and precision therapeutics. Next generation sequencing technologies have enabled profiling of diseases at a molecular level, spurring the need for validation assays and targeted therapy development. This is positively impacting the demand for reagents, antibodies and kits that support biomarker discovery and clinical trials.
The life science products market is witnessing increasing globalization with companies focusing on geographical expansion strategies. Manufacturers are strengthening their presence in Asian countries and Latin American nations to benefit from growth opportunities in emerging clinical research outsourcing destinations and developing biotech industries. Partnerships with local clinical laboratory chains and academic institutions are aiding global market penetration.
Market Key Trends
The trend of laboratory consumable kit consolidation is gaining prominence in the life science products market. Vendors are offering customized modular consumable kits comprising optimized mixes of reagents, antibodies and consumables for specific multi-omic applications like RNA sequencing and epigenetics. This is enablingstreamlined experimental setup and analyses. Pre-formulated kits simplify workflow and improve reproducibility while reducing overall assay costs.
Porter’s Analysis
Threat of new entrants: Low barriers to entry due to acquisition opportunities.
Bargaining power of buyers: High due to abundant competition and availability of substitutes.
Bargaining power of suppliers: Moderate due to differentiated product offerings and intellectual property.
Threat of new substitutes: New technologies pose threat but also drive market growth.
Competitive rivalry: High due to dominance of few large players and regional fragmented regional markets.
Geographical Regions
North America is currently the largest Life Science Products Market Regional for life science products, accounting for around 35% of the global market share in 2024, valued at approximately US$ 1,360.30 million. This is primarily due to high R&D investments, presence of leading market players, and increasing prevalence of target diseases.
Asia Pacific region is expected to witness the fastest growth over the forecast period, projected to expand at a CAGR of around 12%. This can be attributed to rising healthcare spending, growing public and private research funding, and increasing outsourcing of clinical research to countries such as China and India by major pharmaceutical companies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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