Global Life Science Products Market is expected to grow at a CAGR of 4.6% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Life Science Products Market by Type (Recombinant Proteins, Cell Lines, Antibodies, Viable Tumor Samples, Tumor Tissue Microarrays and others), Application (Drug Discovery and Development, Basic Research, Toxicity Screening, Drug Screening, Biopharmaceutical Production, Tissue Engineering and Forensic Testing), End-users, Region and Global Forecast 2020-2027.
The global life science products market is expected to grow from USD 2.61 billion in 2019 to USD 4.47 billion by 2027, at a CAGR of 4.6% during the forecast period 2020-2027.
Asia-Pacific holds the largest market share and is expected to grow at an impressive rate over the forecasted years. The increase in investment, especially in the R&D sector of life sciences, has helped the region to create a strong market base. Also, government initiatives like tax exemption for biotechnology companies and increasing budget for these companies have improved the life science market to grow further. The foreign direct investments have also played a supporting role in the expansion of the domestic market.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in life science products market are Genscript Biotech Corporation, PerkinElmer, Abcam Plc., BPS Bioscience, Merck Millipore Limited, Bio-Rad Laboratories, A.M.S. Biotechnology, Crown Bioscience, Sigma Aldrich Corp., Samsung BioLogics, AGC Inc., Chengdu Tianxing Inst & Me, Takeda Pharmaceutical Company Ltd Celltrion, Thermo Fisher Scientific, Gan & Lee Pharmaceutical Ltd. and others. Many companies are seeking to tie up with research organizations which will help them expand their business horizon.
The type segment includes recombinant proteins, cell lines, antibodies, viable tumor samples, tumor tissue microarrays and others. The antibodies sub-segment holds the majority of the market share. Antibodies are protective protein which helps to identify the presence of any foreign substance. These antibodies are useful in diagnosis of various diseases. They are majorly used for identification of certain bacteria and viruses which causes irregularities in the cell function of the body. The application segment includes drug discovery and development, basic research, toxicity screening, drug screening, biopharmaceutical production, tissue engineering and forensic testing. Life science products are mainly used for basic researches. The basic research segment includes a detailed analysis of the applicability of these products in various industries. They are useful in conducting various researches about microorganisms. The end-user segment includes biopharmaceutical companies, contract research organization, academic and research institutes, forensic science laboratories, food and beverages companies, diagnostics centers and others. Among these, the academic and research institutes is the dominant end-user. Life science products are used as a tool for practical education in these industries. They are also used for various researches to get information about different microorganisms or for manufacturing of certain drugs.
Life science products are used for various researches and diagnosis of diseases which help to treat the disease at an early stage efficiently. They play a vital role in the manufacturing of drugs which are helpful in treating various conditions. Apart from these, life science products are also used in the production and storage of food and beverages. The driving factor for the market growth is the growing technological advancement and increasing use of life science products in various industries. The increasing funding by the government of different countries in R&D department of biotech companies is expected to foster the market growth.
About the report:
The global Life Science Products market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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