Life science, also referred as biology, is the study of life and living things. It includes anatomy, animal biology, bacteriology, biochemistry, cell biology, ecology, evolutionary biology, genetics, molecular biology, plant biology, physiology, and virology. Life science plays major role in drug discovery, tissue engineering, drug screening, forensic testing, and genetic analysis.
The global life science products market is estimated to account for US$ 4,735.8 Mn in terms of value by the end of 2027.
Global Life Science Products Market: Drivers
Increasing funding in the life science sector is expected to boost growth of the global life science products market over the forecast period. For instance, in February 2020, Purdue-affiliated Amplified Sciences LLC and Brightlamp Inc. received a grant of US$ 250,000 each from the Purdue Foundry Investment Fund for R&D in life science technologies.
Moreover, R&D in rare diseases is also expected to aid in growth of the market. For instance, Oraxion Therapeutics, Inc., a subsidiary of India-based Aten Porus, is undergoing preclinical and efficacy study of the drug, ORX-301, which can be used in the treatment of FSGS. In February 2018, Oraxion Therapeutics, Inc. entered into an Option Agreement with a U.S-based biopharmaceutical company. Under the, agreement, the U.S.-based company gets exclusive rights for further clinical studies and license of ORX-301 in the U.S.
Asia Pacific region held dominant position in the global life science products market in 2019, accounting for 42.6% share in terms of value, followed by North America.
Figure 1. Global Life Science Products Market Share (%), by Region, 2019
Global Life Science Products Market: Restraints
High cost of life science products is expected to hinder growth of the market. Development of novel products in the life science domain requires complex processes, which lead to expensive products.
Moreover, several users do not prefer to invest in such expensive products, especially for research groups with limited budgets and funding, due to the uncertainties in the results expected from complex experiments. Most of the research products procured from different vendors tend to show ambiguous results and products have also been known to have lot-to-lot variability. Therefore, researchers find it difficult to reproduce published research, thereby severely limiting progress of research. Such scenarios are expected to limit growth of the market.
Global Life Science Products Market: Opportunities
Market players may focus on expanding their presence in emerging regions. Biotech projects can be outsourced in emerging economies such as India, owing to significant availability of skilled labor and qualified manpower at affordable costs.
Increasing government initiatives to boost the life science sector is expected to offer lucrative growth opportunities for players in the market. For instance, in March 2020, the U.K. government pledged an investment of US$ 24.57 billion per year by 2024-25 in its budget for R&D investment, including in the life sciences.
Academic & Research Institutes segment in the global life science products market was valued at US$ 1,444.8 Mn in 2019 and is expected to reach US$ 1,967.6 Mn by 2027 at a CAGR of 3.9% during the forecast period.
Market Trends/Key Takeaways
The adoption of big data in the life science sector allowed market players to classify potential clients, thereby allowing them to offer appropriate content and to track the effectiveness of campaigns. However, in May 2018, the EU implemented the General Data Protection Regulation (GDPR), which strengthened the data protection laws. Therefore, market players need to reassess their policies to suit the European market.
The life science sector in Europe has witnessed an increase in the number of patents. For instance, according to the European Patent Office, in 2019, the pharmaceutical sector witnessed a 4.4% rise in number of patents over 2018, whereas and biotechnology sector recorded a rise of 1.7% over 2018.
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Global Life Science Products Market: Competitive Landscape
Major players operating in the global life science products market include, Abcam Plc., A.M.S. Biotechnology (Europe) Limited, Bio-Rad Laboratories Inc., BPS Bioscience Inc., Crown Bioscience Inc., Genscript Biotech Corporation, Merck Millipore Limited, PerkinElmer Inc., Sigma Aldrich Corp., and Thermo Fisher Scientific Inc.
Global Life Science Products Market: Key Developments
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in October 2019, Thermo Fisher Scientific Inc. launched Cytomat 2 C-LiN Series Automated Incubator, which is designed to offer cell growth and environmental control across a range of micro plate applications that include cell-based screening, immuno-capture assays, microbiology, and enzyme testing.
Major players in the market are also focused on conducting clinical trials to expand their product portfolio. For instance, in March 2020, Achieve Life Sciences, Inc., a clinical-stage pharmaceutical company, presented additional analyses from the ORCA-1 Phase 2b trial that assessed the efficacy of ‘Cytisinicline’, a plant-based alkaloid with a high binding affinity to the α4β2 nicotine receptor, at the SRNT Annual Meeting in New Orleans (U.S).
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