Life Science Products Market by Product Type (Reagents, Instruments, Consumables, Services), End-user (Pharmaceutical & Biotechnology Companies, Academic & Research Institutes, Hospitals & Diagnostic Laboratories), Application (Drug Discovery & Development, Basic Research, Applied Research), & Region for 2024-2031
Report ID: 128874|No. of Pages: 202
Life Science Products Market by Product Type (Reagents, Instruments, Consumables, Services), End-user (Pharmaceutical & Biotechnology Companies, Academic & Research Institutes, Hospitals & Diagnostic Laboratories), Application (Drug Discovery & Development, Basic Research, Applied Research), & Region for 2024-2031
Life Science Products Market Valuation — 2024-2031
The life science products market is being driven upwards by technological advancements in areas such as genomics, proteomics, and cell biology, positioning life science products as increasingly essential tools for research and development across various fields. According to analysts from Verified Market Research, the life science products market is estimated to reach a valuation of USD 6.94 Billion by 2031, up from USD 3.10 Billion valued in 2024.
Furthermore, the rapid expansion of the life science products market is primarily driven by increasing global demand for personalized medicine, growing investments in pharmaceutical and biotechnology research, as well as government initiatives aimed at supporting life science research and development. It is projected that the market will grow at a CAGR of 10.6 % from 2024 to 2031.
Life Science Products Market: Definition/Overview
Life science products are defined as tools, reagents, instruments, and services used in biological and medical research, drug discovery, and clinical diagnostics. These products are utilized across various fields including molecular biology, cell biology, genomics, proteomics, and microbiology.
Furthermore, life science products have a wide range of applications, including drug discovery and development, basic research in academic institutions, clinical diagnostics in hospitals and laboratories, and the production of biopharmaceuticals. Advanced life science products, such as next-generation sequencing platforms, high-content screening systems, and automated liquid handling systems, are increasingly being employed to accelerate research processes, improve accuracy, and enable new scientific discoveries.
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What Factors are Propelling the Growth of the Life Science Products Market?
The growing emphasis on customized medicine and genomics is a significant driver of the life science goods market. According to Verified Market Research, the worldwide genomics market is estimated to reach $62.9 billion by 2028, with a CAGR of 18.1% between 2021 and 2028. The increasing use of genomic technologies in personalized medicine, drug development, and disease diagnostics is driving up demand for life science products such as sequencing tools, reagents, and bioinformatics solutions.
Investment in biotechnology and pharmaceutical research is driving up the demand for advanced life science products. According to the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA), the worldwide biopharmaceutical industry will invest more than $179 billion in research and development in 2022. This elevated level of investment fuels the demand for innovative laboratory equipment, consumables, and analytical instruments, hence promoting the overall expansion of the life science products market.
Furthermore, Government funding and support for life sciences and research initiatives are significantly boosting the market. For example, the U.S. National Institutes of Health (NIH) budget for 2023 was approximately $47.5 billion, with significant portions allocated to life sciences research, including cancer, neuroscience, and infectious diseases. Such substantial funding encourages the adoption of life science products by academic institutions, research centers, and healthcare facilities, driving market expansion.
What are the Key Challenges in Adoption of Life Science Products in the Market?
Developing life science products, particularly pharmaceuticals and medical devices, requires a significant financial investment. The costs of research and development (R&D), clinical trials, and regulatory approval are unreasonably expensive. These costs discourage smaller companies from entering the market and limit incumbent enterprises’ capacity to innovate. As a result, high development costs reduce competition and impede the introduction of new products.
Furthermore, the life sciences industry is highly regulated, with strict compliance standards that vary by region. Navigating this complicated terrain is difficult for businesses since they must conform to several rules, including those governing safety, efficacy, and data privacy. This complexity not only raises operational expenses but also delays product development and market introduction, reducing competitiveness.
Category-Wise Acumens
What are the Drivers that Contribute to the Demand for Reagents?
The antibodies segment is estimated to dominate the market in the product type category during the forecast period. Antibodies are widely used across various applications in life sciences, including research, diagnostics, and therapeutics. Their high specificity and versatility make them invaluable tools in protein detection, imaging, and targeted therapies. The growing focus on precision medicine and immunotherapies is further driving demand for both research-grade and therapeutic antibodies.
Additionally, advancements in antibody engineering technologies, such as the development of bispecific antibodies and antibody-drug conjugates, are expanding the potential applications of these molecules. This is creating new market opportunities and driving investment in antibody-based product development.
Moreover, the increasing adoption of antibody-based diagnostic tests, particularly in the context of infectious diseases and cancer screening, is contributing to the growth of this segment. The COVID-19 pandemic has further highlighted the importance of antibody-based diagnostics and therapeutics, potentially accelerating market growth in this area.
What are the Potential Factors for the Growth of Drug Discovery & Development in the Market?
The pharmaceutical and biotechnology companies segment is estimated to dominate the life science products market during the forecast period. These companies are major consumers of life science products, using them extensively in drug discovery and development processes. The ongoing pressure to develop new therapies for unmet medical needs drives continuous investment in R&D, fueling demand for a wide range of life science products.
The trend towards outsourcing certain aspects of drug discovery and development to contract research organizations (CROs) is also contributing to market growth. CROs, which often fall under the pharmaceutical and biotechnology company category, require a broad spectrum of life science products to support their diverse research activities.
Furthermore, the growing focus on biologics and cell and gene therapies within the pharmaceutical industry is driving increased demand for specialized life science products. These advanced therapies often require more complex research tools and manufacturing processes, creating new opportunities for life science product suppliers.
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Country/Region-wise Acumens
What are the Key Factors that Contribute to North America’s Edge in the Market?
According to VMR analysts, North America is estimated to dominate the life science products market during the forecast period. North America, particularly the United States, is a global leader in life sciences R&D investments, driving demand for life science products such as lab instruments, reagents, and consumables. According to Verified Market Research, invested approximately $102 billion in R&D in 2022. This substantial investment fuels the demand for advanced life science products, supporting innovations in drug discovery and development.
The North American region hosts a significant portion of the world’s clinical trials, necessitating advanced life science products to support research activities. According to a report, over 40% of the world’s registered clinical trials were conducted in the United States and Canada. The high volume of clinical research in the region drives the demand for life science products, including diagnostic tools, sample preparation kits, and data analysis software.
Furthermore, government funding and policies supporting the life sciences sector are major drivers of the market in North America. The National Institutes of Health (NIH) allocated over $47.5 billion in funding for medical research in 2023, including investments in genomics, precision medicine, and biotechnology. This extensive funding landscape encourages the adoption of cutting-edge life science products by research institutions and healthcare providers, contributing to the region’s market dominance.
How Do Government Initiatives Shape the Market Landscape in Europe?
Europe is estimated to exhibit significant growth within the life science products market during the forecast period. Europe is a major hub for biotechnology and pharmaceutical research, driving the demand for life science products such as lab equipment, reagents, and bioprocessing tools. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), pharmaceutical companies in Europe invested over €41.5 billion in R&D in 2022. This strong investment environment supports the development of innovative life science products, fueling market growth in the region.
Europe is home to a growing number of clinical trials and research collaborations, contributing to the demand for life science products. According to the European Medicines Agency (EMA), Europe conducted over 4,800 clinical trials in 2023, positioning it as one of the leading regions for clinical research globally. This robust research activity drives the need for advanced life science products, including diagnostic tools, consumables, and laboratory instruments.
Furthermore, the European Union and its member states provide substantial funding and regulatory support for life sciences research, boosting the market for life science products. The European Commission allocated €95.5 billion under the Horizon Europe program for 2021-2027, aimed at supporting scientific research and innovation, including life sciences. This funding helps propel the adoption of innovative life science products in academic institutions, research centers, and healthcare facilities across the region.
Competitive Landscape
The life science products market’s competitive landscape is characterized by the presence of several large, established players as well as numerous smaller, specialized companies. Competition is intense, with companies vying for market share through product innovation, strategic partnerships, and expansion into emerging markets.
Some of the prominent players operating in the life science products market include:
- Thermo Fisher Scientific Inc.
- Merck KGaA
- Danaher Corporation
- Bio-Rad Laboratories, Inc.
- Agilent Technologies, Inc.
- Becton, Dickinson and Company
- Hoffmann-La Roche Ltd.
- Illumina, Inc.
- PerkinElmer, Inc.
- Qiagen N.V.
Latest Developments
- In March 2024, Thermo Fisher Scientific announced the launch of a new high-throughput sequencing platform, designed to accelerate genomic research and clinical applications. The system is reported to offer improved speed and accuracy compared to previous models.
- In January 2024, Danaher Corporation completed the acquisition of a leading provider of cell analysis tools, expanding its portfolio of life science products and strengthening its position in the fast-growing cell biology market.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~10.6% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | Thermo Fisher Scientific Inc., Merck KGaA, Danaher Corporation, Bio-Rad Laboratories, Inc., and Agilent Technologies, Inc. |
| Customization | Report customization along with purchase available upon request |
Life Science Products Market, By Category
Product Type:
- Reagents
- Instruments
- Consumables
- Services
End-user:
- Pharmaceutical & Biotechnology Companies
- Academic & Research Institutes
- Hospitals & Diagnostic Laboratories
- Others
Application:
- Drug Discovery & Development
- Basic Research
- Applied Research
- Others
Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
1 INTRODUCTION OF GLOBAL LIFE SCIENCE PRODUCTS MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL LIFE SCIENCE PRODUCTS MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL LIFE SCIENCE PRODUCTS MARKET, BY APPLICATION
5.1 Overview
5.2 Drug Discovery and Development
5.3 Basic Research
5.4 Toxicity Screening
6 GLOBAL LIFE SCIENCE PRODUCTS MARKET, BY END-USER
6.1 Overview
6.2 Biopharmaceutical Companies,
6.3 Contract Research Organizations (CROs)
7 GLOBAL LIFE SCIENCE PRODUCTS MARKET, BY GEOGRAPHY
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Rest of the World
7.5.1 Latin America
7.5.2 Middle East and Africa
8 GLOBAL LIFE SCIENCE PRODUCTS MARKET COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company MarketRanking
8.3 Key Development Strategies
9 COMPANY PROFILES
9.1 Abcam Plc.
9.1.1 Overview
9.1.2 Financial Performance
9.1.3 Product Outlook
9.1.4 Key Developments
9.2 A.M.S. Biotechnology (Europe) Limited
9.2.1 Overview
9.2.2 Financial Performance
9.2.3 Product Outlook
9.2.4 Key Developments
9.3 Bio-Rad Laboratories Inc.
9.3.1 Overview
9.3.2 Financial Performance
9.3.3 Product Outlook
9.3.4 Key Developments
9.4 BPS BIOSCIENCE INC.
9.4.1 Overview
9.4.2 Financial Performance
9.4.3 Product Outlook
9.4.4 Key Developments
9.5 Crown Bioscience Inc.
9.5.1 Overview
9.5.2 Financial Performance
9.5.3 Product Outlook
9.5.4 Key Developments
9.6 GENSCRIPT BIOTECH CORPORATION
9.6.1 Overview
9.6.2 Financial Performance
9.6.3 Product Outlook
9.6.4 Key Developments
9.7 Merck Millipore Limited
9.7.1 Overview
9.7.2 Financial Performance
9.7.3 Product Outlook
9.7.4 Key Developments
9.8 PERKINELMER INC
9.8.1 Overview
9.8.2 Financial Performance
9.8.3 Product Outlook
9.8.4 Key Developments
9.9 Sigma Aldrich Corp.
9.9.1 Overview
9.9.2 Financial Performance
9.9.3 Product Outlook
9.9.4 Key Developments
9.10 Thermo Fisher Scientific Inc
9.10.1 Overview
9.10.2 Financial Performance
9.10.3 Product Outlook
9.10.4 Key Developments
10 Appendix
10.1 Related Research
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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