Expanding information database and enhanced technological support due to combined research expeditions and intensive analysis on various topics has resulted in development of novel therapeutics. In addition, UPS has recently acquired a global privately-held provider of supply chains solutions to the industry of life science, Marken in 2016. Moreover, Nasdaq-listed Integra LifeSciences and pharmaceutical firm Dr. Reddy’s Laboratories Limited announced an exclusive distribution agreement in order to distribute and market dual regeneration matrices for patient use in India.
The global life science products market is expected to witness a growth of 4.3% CAGR over the forecast period, 2016-2024. The antibodies among various types of products will retain dominance in Latin America in terms of revenue in the span of next seven years. Basic research in Latin America among various applications will further retain dominance in the life science products market over the coming years. Academic research institutes in Latin America among other end users will be the leading end user in the coming years.
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Various trends propelling growth of the global life science products marker include,
- Application in Healthcare and Pharmaceutical Industries:
Apart from research and development sector, the life science products will find application in various healthcare and pharmaceutical industries due to surge in cardiovascular diseases, coronary diseases and various nervous system problems. Moreover, the life science products have witnessed constant upsurge in demand in the academic research institutes.
Research in Latin America among various applications retained dominance in the life science market globally in terms of revenue over the coming years. Whereas, basic research segment is likely to represent the most attractive segment and will witness an attractiveness index of 4.3 in the span of next seven years. Moreover, academic research institutes among other end users will further represent a leading segment in the global life science products market over the coming years.
- Research and Development Purposes:
With the increasing need for innovative development in the life science medications in order to leverage better results, various research and development organization in various countries are increasingly innovating and experimenting to develop medications that provide relatively more relief as compared to other medications. In addition, various organizations operating in the health and pharmaceuticals industries are increasingly investing in various research and development organizations in order to provide the customers with relatively better medications that offer better results. Moreover, various organizations that are offer service for the animal treatment and animal related healthcare services are further witnessed to increasingly invest in research and development sector, in order to offer enhanced medical services and medications.
Adding to the list of factors propelling investment in research and development organizations is mainly due to increasing initiatives taken by the governments in various regions. In addition, governments are encouraging research for life science, and investment by companies operating in the biopharmaceuticals that are manufacturing therapeutic products and are establishing manufacturing plants.
- Regional Analysis:
Brazil among other countries will represent a major market in the life science products market in Latin America, and will account for over 60% market share over the coming years. Mexico is likely to witness a growth of 5.1% CAGR, and will reach a value of over US$ 40 Mn in the span of next seven years. Argentina will represent relatively fast growing market in surpassing a value of over US$ 20 Mn in the coming years. Whereas, the life science products market in rest of Latin America will witness a growth of 4.3% CAGR over the coming years. The life science product market in Asia Pacific will account for a major share in terms of revenues in the coming years.
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Overall, due to the increasing need for the life science products in the research and development sector, and academic institutions, the life science products market is likely to witness a significant growth in the span of next seven years. Moreover, with increasing initiatives taken governments in various countries is further propelling demand for the life science products market globally in the coming years.