Life Science Products Market: Overview
High volume funding in the life science sector due to tremendous importance of life science in drug discovery, drug screening, tissue engineering, genetic analysis, and forensic testing is predicted to account for continued growth in the life science products market over the 2024 – 2030 forecast period.
Broadly, life science products include cell culture and fermentation processes, chromatography products, fixed and live cell research, laboratory supplies and accessories, cell therapy technologies, sample collection products, antibodies, bioprocess filtration, recombinant proteins, fixed and live cell research through imaging and analysis, and cell lines. Life science products are used for tissue engineering, drug discovery, forensic testing, drug screening, and genetic analysis.
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The report provides in-depth analysis of the life science products market and provides market size estimates in US$ and compound annual growth rate (CAGR %) estimations for the forecast period 2024 – 2030, considering 2019 as the base year. The report provides key insights about market drivers, challenges, opportunities, market trends, regional outlook, and new product launches.
Life Science Products Market: Competitive Landscape
The life science products market marks a competitive vendor landscape with several large companies in the fray. R&D for product innovation and for expanded use of existing products is the primary focus of key players in the life science products market for competitive advantage. Mergers and acquisitions and business alliances are also some of the growth strategies key players in the life science products market are engaged in.
Expansion into emerging regions is also the focus of key players in the life science products market. For example, biotech projects are outsourced to emerging economies such as India, due to the significant presence of skilled labor and qualified personnel at affordable costs.
Prominent players in the life science products market include Abcam plc., Bio-Rad Laboratories Inc., Crown Bioscience Inc., Merck Millipore Limited, sigma Aldrich Corp., A.M.S. Biotechnology Limited, BPS Bioscience Inc., Genscript Biotech Corporation, Perkin Elmer Inc., and Thermo Fisher Scientific Inc.
Life Science Products Market: Key Trends
Tremendous R&D for therapeutics of rare diseases is a key factor fuelling the life science products market. For example, Oraxion Therapeutics Inc. is undertaking preclinical trials and efficacy study of the drug ORX-301 for the treatment of FSGS.
By definition, life science is the study of life and living things. Life science includes anatomy, bacteriology, cell biology, evolutionary biology, molecular biology, physiology, animal biology, biochemistry, ecology, genetics, plant biology, and virology.
On the down side, high cost of life science products hinders the growth of life science products market to some extent. Research groups with limited funding are wary of undertaking research for new life science products due to uncertainties of results of complex science experiments.
Apart from this, life science products procured from different manufacturers tend to produce varying results, and also vary from lot to lot. Due to the variation in life science products between lots, researchers face difficulties to reproduce published research, thereby limiting scope of research. Such scenarios slow the growth of life science products market.
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Life Science Products Market: Regional Assessment
North America is a prominent region in the life science products market. Numerous clinical trials and studies for the development of novel life science products makes North America frontrunner in the life science products market. The presence of avant-garde research infrastructure along with experts in various field of life science accounts for tremendous growth in the life science products market of the region.
Asia Pacific is another key region in the life science products market. Increasing investments for clinical research and expanding scientific expertise of life sciences companies are some key factors behind the growth of life science products market in the region.
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