LIFE SCIENCE PRODUCTS MARKET ANALYSIS

Global Life Science Products market is estimated to be valued at US 3,178.1 million in 2023 and is expected to exhibit a CAGR of 10.6% during the forecast period (2023-2030). Increase in product launches by key market players is expected to drive the market growth over the forecast period. Moreover, an increase in government and non-government organizations' initiatives to improve access to affordable vision care and an increase in awareness among people regarding eye-related diseases are expected to drive the market growth.

Analysts’ Views on Global Life Science Products Market:

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 Inc., a  a life science diagnostics company and Brightlamp Inc., a computational medicine company, received a grant of US$ 250,000 each from the Purdue Foundry Investment Fund for R&D in life science technologies.

Figure 1. Global Life Science Products Market Share (%), by Product Type, 2023

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Global Life Science Products Market- Driver

Increase in the adoption of inorganic growth strategies such as acquisition

An increase in the adoption of inorganic growth strategies such as acquisition by the key players in the market is expected to drive the growth of the market over the forecast period. For instance, in January 2022, Thermo Fisher Scientific Inc, a pharmaceutical company, announced the acquisition of PeproTech, Inc., a developer and manufacturer of recombinant proteins. PeproTech, Inc, a privately held provider of bioscience reagents known as recombinant proteins, including cytokines and growth factors. Recombinant proteins are used in the development and manufacturing of cell and gene therapies as well as in broader cell culture applications, especially for use in cellular research models. PeproTech, Inc’s recombinant proteins portfolio complements Thermo Fisher's cell culture media products and will enable Thermo Fisher to provide customers with significant benefits through an integrated offering.

An increase in government funding in the life science sector

An increase in government funding in the life science sector is expected to drive the growth of the market over the forecast period. For instance, on March 28, 2023, the Government of U.K. announced that four U.K. life sciences companies will receive US$ 296.8 million to help fund and advance manufacturing projects in medical diagnostics and human medicines. This funding comes from government investment with the aim of boosting the U.K. life sciences sector’s capacity for manufacturing and innovation. The four companies that will receive grants are Ipsen, Pharmaron, Torchlight, and Randox.

Figure 2. Global Life Science Products Market Share (%), by Region, 2023

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Global Life Science Products Market- Regional Analysis

Among all regions, North America is expected to dominate the global market over the forecast period. This is attributed to an increase in product approval by the regulatory bodies in this region. For instance, in March 2022, Bristol Myers Squibb, a pharmaceutical company, announced that Opdualag (nivolumab and relatlimab-rmbw), a new, first-in-class, fixed-dose combination of nivolumab and relatlimab, administered as a single intravenous infusion, is approved by the U.S. Food and Drug Administration (FDA) for the treatment of adult and pediatric patients 12 years of age or older with unresectable or metastatic melanoma.

Asia Pacific region is expected to be the second dominating region over the forecast period, due to an increase in the facility expansion in the region. For instance, in July 2020, Laurus Bio Pvt Ltd., a biotechnology company, announced plans to expand its manufacturing capability by building a second recombinant protein manufacturing facility in India.

Global Life Science Products Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting the production and demand for drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others faced problems with regard to the transportation of drugs and vaccines from one place to another.

Quarantine, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending. Furthermore, healthcare providers were facing challenges in terms of additional manpower, equipment, consumables, and other resources which were required to ensure safety in hospitals and provide treatment to patients with other diseases. This has impacted the overall healthcare market negatively. Additionally, there were delays in hospitalization as the number of patient visits decreased, which is expected to affect the global life science products market over the forecast period.

Covid-19 had an positive impact on life science companies as , the companies were collectively working on developing vaccines and treatments, and ramping up the production of new diagnostic devices, ventilators and pumps. Vaccines and antivirals will take time to move through trial phases before ultimately being granted approval from regulatory bodies. Although at-scale production and distribution is not likely for 12 to 18 months after a successful trial, these vaccines would provide a critical element in the armamentarium against COVID-19. As the industry moves slowly into the recover and thrive phase, a central challenge for all these innovations will be rapidly scaling up production to meet global needs. According to data published in April 2022, on  EY, stated that unlike many other industries, life sciences compaies has experienced significant growth over the last two years, now finding itself in a position of relative strength. Pandemic has accelerated some shifts in health care delivery and life sciences globally.

Global Life Science Products Market Segmentation:

Global life science products market report is segmented into product type, application, and end user.

Based on Product Type, the market is segmented into recombinant proteins, cell lines, antibodies, and others. Out of which, the recombinant proteins segment is expected to dominate the global life science products market during the forecast period and this is attributed to an increase in the adoption of inorganic growth strategies such as acquisition by key market players in the market. For instance, in March 2022, FUJIFILM Irvine Scientific, Inc., a company focused on the development and manufacture of serum-free and chemically defined cell culture media for life science research, bioproduction, and cell therapy manufacturing, announced the acquisition of Shenandoah Biotechnology, Inc., a company that manufactures recombinant proteins.

Based on Application, the market is segmented into drug discovery & development, basic research, toxicity screening, biopharmaceutical production, drug screening, tissue engineering, and forensic testing. Out of which, the drug discovery & development segment is expected to dominate the market over the forecast period and this is attributed to an increase in the adoption of inorganic growth strategies such as collaboration by the key players in the market. For instance, on March 23, 2023, Ono Pharmaceutical Co., Ltd, a pharmaceutical company, announced that it has entered into a drug discovery collaboration agreement with MOLCURE Inc., a biotechnology company, to discover and develop innovative antibody drugs for multiple targets utilizing MOLCURE’s artificial intelligence (AI) driven platform technology.

Based on End User, the market is segmented into biopharmaceutical companies, contract research organizations (CROS), academic & research institutes, forensic science laboratories, diagnostic centers, and others. Out of which biopharmaceutical companies segment is expected to dominate the market over the forecast period and this is attributed to an increase in the number of product launches by the biopharmaceutical companies. For instance, on January 9, 2023, Berkeley Lights, Inc. a biopharmaceutical company, announced the launch of the Beacon Select, the company's new optofluidic system for cell line development (CLD).

Among all segmentation, the product type segment has the highest potential due to an increase in product approval by the regulatory authority such as U.S. FDA. For instance, in January 2022, Pfizer Inc., a pharmaceutical company, and OPKO Health, Inc., a pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) issued a Complete Response Letter (CRL) for the Biologics License Application (BLA) for soma trogon. Soma trogon is an investigational once-weekly long-acting recombinant human growth hormone for the treatment of growth hormone deficiency (GHD) in pediatric patients.

Global Life Science Products Market Cross Sectional Analysis:

In the product type segment, recombinant proteins segment held a dominant position in the North America region due to the increasing number government funding. For instance, in March 2020, the Government of Canada, announced an investment of US$ 44 million for the National Research Council of Canada to establish a Good Manufacturing Practices (GMP) compliant clinical trial material facility at its Royalmount site in Montréal. This facility will be able to produce small-batch clinical trial materials from cell-based biologics production, including platforms such as viral vectors, protein subunits, virus-like particles, and other recombinant proteins.

In the end user segment, Contract Research Organizations (CROs) segment held a dominant position in the Europe region due to the increasing adoption of inorganic growth strategies such as acquisition. For instance, on January 10, 2023, Novotech, a clinical CRO, announced the acquisition of EastHORN, a European CRO with clinical, medical, and regulatory expertise in multiple strategically important locations across the continent.

Global Life Science Products Market: Key Developments

On February 15, 2023, Lantern Pharma Inc., a clinical-stage biopharmaceutical company using its proprietary RADR artificial intelligence ("AI") and machine learning (“ML”) platform to transform the cost, pace, and timeline of oncology drug discovery and development, announced expansions and updates to RADR’s product roadmap, which will further enhance its oncology drug discovery capabilities. These RADR advancements will focus on additional innovative AI and ML approaches to develop Antibody Drug Conjugates (ADCs), which are highly specific cancer-targeted antibodies linked to potent anti-tumor small molecules and designed for the treatment of cancer.

In May 2022, Novotech, a clinical CRO, announced the acquisition of NCGS, a U.S.-based CRO, as part of a service expansion program for its global base of clients.

In August 2022, Amgen Inc, a pharmaceutical company, announced the acquisition of ChemoCentryx, Inc., a pharmaceutical company, to treat autoimmune diseases, inflammatory disorders, and cancer.

In September 2021, Aviva Systems Biology, one of the companies engaged in manufacturing and developing antibodies, immunoassay kits, and recombinant proteins for life science research, launched its new protein-on-demand, semi-custom recombinant protein portfolio for life scientists conducting basic research and preclinical studies

Global Life Science Products Market: Restraint

High cost of life science products

High cost of life science products is expected to hinder the growth of the market. Development of novel products in the life science domain requires complex processes, which lead to expensive products.  For instance, data published in May 2022, on Biomatik, stated that producing a monoclonal antibody can be complicated and more expensive and can cost an average cost of US$ 6000- US$ 15000. Moreover, according to data published in July 2021, on World Health Organization (WHO), stated that the cost of goods to produce monoclonal antibodies is dependent on the amount of mAb(s) per dose, the regimen (how many doses are needed) as well as the demand and production scale. Current production costs are estimated at US$ 95-200 per gram.

Global Life Science Products Market: Key Players

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, Thermo Fisher Scientific Inc., Danaher Corporation, Amgen Inc, Lantern Pharma Inc.