The world market for life sciences is to witness an irrevocable in the years to come. Innovation in the form of digital tools is the buzzword everywhere. Even with young people engaging on digital and social platforms, the geriatric population could benefit from engaging the services they contain. Therefore, the exponential influx of e-business, online consultation and booking, and home delivery will likely flow through the company in the future.
According to a study by Persistence Market Research (PMR) on the global market for life science products, the incessant advances in the field of biotech science have led to the development of various new and adapted life science products in recent years. The PMR study shows that the global life science products intends to register a CAGR of over 4% in terms of revenue between 2016 and 2024. The market is expected to create an absolute opportunity to do so $114.9 million Dollars in 2017 compared to 2016.
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The availability of advanced technology support and an ever-expanding database of information through intensive analysis and combined research expeditions on various life science topics has led to the development of new therapies. Consequently, the arrival of the latest antibody production methods has greatly improved the overall proposals of scientific research and analysis. Likewise, the emergence of academia as the primary organization for conducting basic research is expected to accelerate the growth of the life science products market.
- Abcam Plc
- AMS Biotechnology (Europe) Limited
- Bio-Rad Laboratories Inc.
- BPS Bioscience Inc.
- Krone Bioscience Inc.
- Genescript Biotech Corporation
- Merck Millipore Limited
- PerkinElmer Inc.
- Sigma Aldrich Corp.
- Thermo Fisher Scientific Inc.
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The PMR points out that the low reproducibility of the research and the low specificity of the products, together with the high technology costs that limit a robust adoption, are the main barriers for the market. Additionally, long lead times for custom search requests can inhibit overall market growth.
Depending on the nature of the product, demand for antibodies is expected to remain high during the planned period. In 2015, the antibody segment accounted for almost 83% of the market share by value. This is mainly due to increased investment in R&D pipelines, particularly in the Asia-Pacific region. The antibody segment is followed by the recombinant protein segment, which is expected to reach a market valuation of more than $470 million by the end of 2024.
Based on the application, fundamental research is the predominant segment of the market which is estimated to have a market valuation of US$2,600.5 million by the end of the assessment period. On the other hand, the drug discovery and development segment is expected to register the highest growth rate, representing a CAGR of 4.7% over the forecast period. Furthermore, the current drug research and development market valuation is US$350.5 million, which is expected to exceed US$506 million by the end of 2024.
End-user based, academic and research institutes are the main segment of the market. In 2015, the segment represented over 42% market share. In terms of growth, CROs are likely to be the fastest growing segment, registering a CAGR of 5.3% over the assessment period.
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In 2016, the life science products market in Asia Pacific accounted for the largest share in terms of value. The region will experience a strong CAGR of over 5% over the assessment period. Major public and private life science research and development initiatives are driving the biotechnology and pharmaceutical sectors in Asia significantly. This in turn stimulates market growth in the region.
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