Life Science Reagents Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Life Science Reagents Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The life science reagents market is projected to register a CAGR of 7.9% during the forecast period, 2022-2027.

During the COVID-19 pandemic, there is a rising demand for life science reagents, which in turn will push the growth of the life science reagents market during the study period. COVID-19 is a type of infectious disease, and the infection rate of the disease has been rising exponentially across the world. The rising number of COVID-19 cases is increasing the demand for tests and several types of research that will require reagents, hence propelling the studied market towards growth. In July 2020, Diazyme partnered with Maccura Biotechnology USA to launch a Food and Drug Administration Emergency Use Authorization (FDA EUA) approved SARS-CoV-2 RT-PCR diagnostics test. Moreover, in April 2021, Labcorp launched Pixel by Labcorp COVID-19 PCR Test Home Collection Kit for small businesses, an initiative aimed at providing fast, convenient, and reliable testing for companies with as many as 120 employees. Furthermore, due to the wide use of various agents in vaccine research and development, the market under study is expected to show growth during the forecast period.

Certain factors driving the market growth include the high prevalence of infectious diseases and technological advancements in the field of 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 easily spread if precautionary measures are not taken. The lack of healthcare structure and facilities can make these diseases fatal, which is the case in many developing and under-developed countries.

According to an article published by 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 United States every year. 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 which will boost the studied market.

The growing prevalence of infectious diseases, such as Zika, Dengue, and HIV, has a direct impact on the increased demand for the life science reagents market. According to Statistics published by HIV.gov in June 2021, approximately 1.2 million people in United States have HIV (Human Immunodeficiency Virus) resulting to a total of 34,800 HIV infections in 2019 with the rate was 12.6 (per 100,000 people). This suggests that HIV incidences high in the country, therefore increasing the demand for its diagnostics products, which will drive the studied market.

Additionally, according to 2020 National and State Healthcare-Associated Infections Progress Report published by CDC, about 24% increase in central line bloodstream infection (CLABSI) and 35% increase in Ventilator Associated Event (VAE) between between2019 and 2020. Majority of the increase in these infections were observed in Intensive Care Unit (ICU) followed by wards. These infections are hospital acquired infections and with the increase in hospital admission rates, the incidences of these infections is expected to increase during the study period, leading to lucrative growth of the market.

Thus, owing to the above states factors, the studied market is expected to grow significantly during the stuyd period. However, the high cost associated with reagents and the stringent regulatory framework act as barriers to market growth.

During the COVID-19 pandemic, the demand for reagents increased, as hospitals and diagnostic laboratories were widely using life science reagents for testing the target patients. Researchers are also using reagents for knowing the epidemiology of the diseases, which will boost the segment growth. Moreover, there has been a rapid increase in the molecular point-of-care testing for suspected COVID-19 patients in hospitals across the world, leading to a surge in the usage of life science reagents products that are used in testing, positively influencing the overall market growth.

The reagents in molecular diagnostics are used for nucleic acid extraction, amplification (PCR or RT-PCR), human leUnited Kingdomocyte antigens (HLA) typing, the detection of mutations, and other molecular diagnostic-related workflows. Next-generation sequencing reagents containing novel DNA polymerases are engineered specifically for PCR applications. RT-PCR is widely used using for the detection of SARS-CoV-2 RNA, which is further driving the life science reagents growth in hospitals and diagnostic laboratories.

Additionally, strategic initiatives by major key players in strengtehning their regents portfolios will also boost the market growth. For instance, in October 2021, Dr Lal PathLabs Limited acquired Sequoia Capital-backed Suburban Diagnostics in an all cash deal. With this deal, Dr Lal Pathlabs will get access to 44 laboratories and diagnostic centures and 150 collection centres.

In diagnostic laboratories and hospitals, the adoption of life science reagents increased, which is likely in the foreseeable future to maintain the pace of the market for life science reagents.

United States is the most affected country across the world, as the reagents are widely used in any diagnostic, therapeutic, drug discovery, or other research. Thus, the demand for the same will be significantly higher in North America, as the patient population is increasing compared to other countries.

North America is expected to hold a major market share in the global life science reagents market due to the rise in the geriatric population, increasing prevalence, and higher incidence of infectious diseases in this region. The incidence of other chronic diseases, like cancer, is also high in United States. As per the 2022 report by the American Cancer Society, there will be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in 2022. As per a July 2022 update by the Center for Disease Control and Prevention, there are around six in ten Americans living with at least one chronic disease and four in ten adults have two or more chronic diseases. These diseases are one of the major causes of death and disability in North America. Therefore, for the early and effective diagnosis of the diseases, the demand for life science reagents is expected to increase, hence augmenting the studied market during study period.

Furthermore, the launch of new products and adoption of initiatives such as partnerships, investments and acqusitions by major market players will boost the market growth. For instance, in April 2021, BOC Sciences launched in-vivo RNA transfection kits in the company’s popular in vivo delivery product series, including siRNA in vivo transfection kits and mRNA in vivo transfection kits, which are suitable for in vivo transfection of siRNA and mRNA, respectively. The company also provides customized products that encapsulate target molecules into in vivo transfection reagents that target specific tissues.

Moreover, the increase in research and development activities and the presence of favorable healthcare infrastructure are fueling the growth of the overall regional market to a large extent.

The life science reagents market is fragmented and competitive, with several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the major market players are Hoffmann-La Roche, Thermo Fisher Scientific Inc., Becton, Dickinson and Company, Abbott, BioMerieux SA, Merck KGaA, Danaher Corporation, Siemens Healthineers, DiaSorin SpA, and Sysmex Corporation.

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