Market Size of Life Science Reagents Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Life Science Reagents Market Analysis
The life science reagents market is projected to register a CAGR of 7.9% during the forecast period.
During the COVID-19 pandemic, there was a rising demand for life science reagents, which pushed the growth of the life science reagents market during the period studied. COVID-19 is an infectious disease, the infection rate of which had risen exponentially worldwide. The rising number of COVID-19 cases increased the demand for tests and several types of research requiring reagents, propelling the market studied toward growth. For instance, in April 2021, Labcorp launched Pixel by Labcorp's COVID-19 PCR Test Home Collection Kit for small businesses, an initiative aimed at providing fast, convenient, and reliable testing for companies. Furthermore, due to the wide use of various agents in vaccine research and development, the market studied is expected to show growth during the forecast period.
Factors driving market growth include the high prevalence of infectious diseases and technological advancements in life sciences and biotechnology. Pathogenic microorganisms, such as bacteria, parasites, and viruses, are responsible for the high prevalence of infectious diseases. These diseases can be spread directly or indirectly from one person to another. They are highly transmittable and can quickly spread if preventive measures are not taken. The lack of healthcare structure and facilities can make these diseases fatal, which is the case in many developing and underdeveloped countries.
According to an article published by the Center for Disease Control and Prevention (CDC) in February 2022, Salmonella bacteria causes about 1.35 million infections, 26,500 hospitalizations, and 420 deaths in the United States every year. A high number of infectious diseases every year creates a burden on the healthcare system in the country. Therefore, there is an unprecedented increase in the demand for diagnostic reagents, boosting the market studied. Similarly, increasing incidence of chronic disorders are expected to increase the market growth. For instance, according to the October 2022 update of the World Health Organization, the incidence of tuberculosis (TB) was estimated to be around 10.6 million people in 2021, globally, of which 1.2 million were children. Similarly, a research study published in April 2022, in the National Library of Medicine stated that allergic rhinitis represents a significant health concern and affects about 400 million people, globally. Also, as per the same source, the prevalence of allergic rhinitis has increased over the years due to rising urbanization and pollution. It is further expected to increase over the years and boost the demand for life science reagents during the forecast period.
However, the high cost associated with reagents and the stringent regulatory framework act as barriers to market growth.
