Life science refers to the scientific study of biology of living organisms such as human beings, microorganisms, animals and plants. Life science reagents support various life science techniques such as chromatography, flow cytometry and polymerase chain reaction (PCR) to speed up procedures, maintain the pH level of solutions or provide necessary chemical medium. Transparency Market Research (http://www.transparencymarketresearch.com/), a leading U.S.-based market research firm, analyzes the global market for life science reagents and predicts a compounded annual growth rate of 10.8% for the period 2013 to 2019.
The global life science reagents market has experienced tremendous growth in the last few decades. Life science reagents have been in use since 1940’s when cell culture and chromatography techniques were in developmental stage. Completion of human genome project fueled the use life science reagents in the healthcare industry especially in diagnosis and forensic applications. Furthermore, advancement in the field of chromatography, electrophoresis, flow cytometry and in-vitro diagnosis has led to expansion of the application area of these technologies in the healthcare and pharmaceutical industry. Opening out of application areas of biotechnology in pharmaceuticals and healthcare resulted in rapid growth of the life science reagents market.
With expansion in the number of global geriatric population, prevalence of diseases gradually increasing and thus has led to growth in demand for effective and accurate diagnostic tools. Growing in the demand for in-vitro diagnostic solutions is driving the life science reagents market towards growth.
The demand for advanced and improved diagnostic tools is also high in the area of drug research and development. In order to expand their market share in the life science industry, market players are investing heavily on biotechnology and drug research activities in order to introduce novel products in the market. Governments in emerging countries are offering partnerships and encouraging establishment of business clusters to set up biotechnology research facilities. In addition to partnerships, governments are also offering funding and tax benefits to boost the biotechnology industry in their countries. Growth in research activity in the field of biotechnology and drug development is stimulating the growth of life science reagents market.
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Major players in the life science reagents market are increasingly entering the emerging markets of India, Brazil and China due to availability of qualified manpower, currency difference benefits and cheap labor. Furthermore, rapidly growing medical tourism industry in the Asia-Pacific regions will attract international patients, which will ultimately lead to growth in demand for advanced diagnostic tools and medical services. This market is characterized by the presence of several big and small-scale suppliers and thus has rendered it to be fragmented in nature. Some of the major companies contributing to the global life science reagents market are Abbott Laboratories, Agilent Technologies, Sigma Aldrich Corporation, Siemens Healthcare, Merck Millipore and Bio-Rad Laboratories, Inc.