Increase in usage of novel technologies and investments in life science research are fueling revenue growth of the global life science products market
As per Persistence Market Research, the global life science products market was estimated to be valued at more than US$ 2,500 Mn in 2015 and is projected to grow to approximately US$ 4,200 Mn by 2024 end. This represents a CAGR of 4.3% over the forecast period.
The global market for life science products represents absolute $ opportunity of nearly US$ 120 Mn in 2017 over 2016 and incremental opportunity of approximately US$ 1,500 Mn between 2016 and 2024. The global value of the life science products market is expected to grow 1.4x by 2024 end as compared to that in 2016, primarily due to investments in R&D in the life sciences domain and demand for high quality products and tools for research.
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Latin America Life Science Products Market Analysis, 2016–2024
Brazil is the largest market in the Latin America life science products market, which is estimated to represent more than 60% market share by 2024, registering a CAGR of 4.7% over the forecast period
The Mexico life science products market is expected to register a 5.1% CAGR over the forecast period and be valued at over US$ 40 Mn by 2024 end
Argentina is the fastest growing market, which is expected to be valued in excess of US$ 20 Mn by the end of the forecast period
The Rest of Latin America market is expected to exhibit a 4.3% CAGR over the forecast period and be valued at more than US$ 30 Mn by 2024 end
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Latin America Life Science Products Market Attractiveness Analysis, 2016–2024
By product type, the antibodies segment dominated the Latin America life science products market in terms of revenue in 2015 and is projected to continue to do so throughout the forecast period. The antibodies segment is expected to be the most attractive segment by product type, with a market attractiveness index of 4.3 during the forecast period
By application, the basic research segment dominated the Latin America life science products market in terms of revenue in 2015 and is projected to continue to do so throughout the forecast period. The basic research segment is expected to be the most attractive segment by application in the Latin America life science products market, with a market attractiveness index of 4.3 during the forecast period
By end user, the academic research institutes segment dominated the Latin America life science products market in terms of revenue in 2015 and is projected to continue to do so throughout the forecast period. The academic and research institutes segment is expected to be the most attractive segment by end user, recording a market attractiveness index of 2.7 during the forecast period
Several initiatives by various governments in this region are spurring life science research, including investments by biopharmaceutical companies that are establishing manufacturing plants for producing therapeutic products
The future of the global life science products market lies in focusing on the fast growing Asia Pacific region
According to Persistence Market Research analysts,
There has been a shift in investments in R&D and technology, especially in the life sciences domain, from North America and Europe to Asia Pacific. Developing economies such as India have ample skilled labor and qualified manpower at affordable costs thereby increasing the scope for attracting outsourcing of biotech projects. Additionally, several governments in the Asia Pacific region have started taking initiatives to support growth of the domestic biotechnology industry by offering tax exemptions on R&D initiatives; increasing budgets and funding, creating public and private conglomerates; and attracting foreign direct investments.
Over the past few years, Taiwan’s drug regulatory agency has built a relationship with China, establishing protocols for reciprocal acceptance of clinical trials, leading to several companies investing in programs in these regions. The fifth Science and Technology Basic Plan was adopted in Japan at the end of 2015 and the ‘Grants-in-Aid for Scientific Research’ government funding remained flat for the fiscal year starting April 2016.
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