According to a study conducted by Persistence Market Research (PMR) on the global market for life science products, incessant progress in the field of biotech science has led to the development of various new-age and consumer-friendly life science products in recent years. The PMR study reveals that the global life science products market is set to witness a CAGR of over 4% in terms of revenue between 2016 -2024. The market is expected to create an absolute $ opportunity of US$ 114.9 Million in 2017 over 2016.
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Availability of advanced technological support and a continuously expanding information database owing to intensive analysis and combined research expeditions on various life science topics has resulted in the development of novel therapeutics. Accordingly, the arrival of latest antibody manufacturing methods has greatly improved the overall propositions of scientific research and analysis activities. 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.
PMR indicates that low reproducibility of research and poor specificity of products coupled with high cost of technology restricting robust adoption are the major impediments of the market. Further, lengthy lead durations for custom research requirements may also inhibit the overall market growth.
Based on product type, demand for antibodies is expected to remain high during the forecasted period. In 2015, the antibodies segment accounted for nearly 83% share of the market in terms value. This is primarily due to higher investment in R&D pipelines, especially in the region of Asia Pacific. The antibodies segment is followed by recombinant proteins segment, which is projected to surpass a market valuation of over US$ 470 Million by 2024-end.
On the basis of application, basic research is the predominant segment of the market estimated to reach a market valuation of US$ 2,600.5 million by the end of the assessment period. Whereas, the drug discovery and development segment is projected to witness the highest growth rate, reflecting a CAGR of 4.7% over the period of forecast. In addition, the current market valuation of drug discovery & development is US$ 350.5 Million, which is estimated to surpass US$ 506 Million by the end of 2024.
Based on end-user, academic and research institutes is the leading segment of the market. In 2015 the segment accounted for over 42% share of the market in 2015. In terms of growth, contract research organizations is anticipated to be the fastest growing segment, registering 5.3% CAGR over the assessment period.
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In 2016, the life science products market in Asia Pacific accounted for the maximum share in terms of value. The region is set to ride on a strong CAGR of over 5% during the evaluation period. Higher public and private R&D initiatives on life science research are lifting up the biotechnology and pharmaceuticals sector in Asia to a significant extent. This, in turn, is stimulating the market growth in the region.
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