According to a recent market study published by Growth Market Reports, titled, "Asia Pacific Life Science Products Market by product types, by applications, by end-users, and by countries: Size, Share, Trends and Opportunity Analysis, 2017-2027", the market was valued at USD 1,702.8 Million in 2019 and is expected to grow at a rate of 6.4% by 2027. Asia Pacific life science products market is anticipated to grow significantly during the forecast period. Rising support for life science products, digital technologies such as artificial intelligence (AI) and machine learning (ML), growing funding in the life sciences sector, and shift in healthcare from volume-based to value-based are some of the factors contributing to the market growth.

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Asia Pacific life science products market has been segmented into products, applications, end-users, and countries. In terms of product types, the market is fragmented into recombinant proteins, cell lines, antibodies, viable tumor samples, and tumor tissue microarrays. Based on applications, the market is segmented into drug discovery and development, basic research, toxicity screening, biopharmaceutical production, drug screening, tissue engineering, and forensic testing.

On the basis of end-users, the market is segmented into biopharmaceutical companies, contract research organizations (CROs), forensic science laboratories, academic & research institutes, food & beverage companies, diagnostic centers, and others. Based on countries and sub-regions, the Asia Pacific life science products market is categorized as China, Japan, South Korea, India, Australia, South East Asia (SEA), and Rest of Asia Pacific.

The life sciences sector has always been motivated by the discovery of new technologies and inventions. Manufacturers are adopting new tools such as artificial intelligence (AI), machine learning (ML), big data, and business analytics to gain profits. These tools have helped businesses in terms of effective marketing, enforcement, and manufacturing capability. AI is assisting doctors in diagnosing and treating patients efficiently, and pharmaceutical companies are relying on it to accelerate drug discovery programs. Machine Learning (ML) plays an important role in lab diagnostics by using advanced algorithms tools and systems. Hence, digital technologies such as artificial intelligence (AI) and machine learning drives the market.

The COVID-19 pandemic has placed immense pressure on healthcare services across the Asia Pacific region, while life science companies strive to do their part in combating this pandemic. Companies in the medical technology industry are putting in more effort to discover more accurate diagnostic tests, and to satisfy the growing need for ventilators and personal protective equipment across all the countries in the region. Biopharmaceutical companies are working around the clock to produce life-saving drugs and vaccines. Beyond the immediate crisis, biopharma, and MedTech are attempting to re-establish themselves in a business and competitive environment that has changed drastically in the recent weeks.

Key Takeaways from the Study

  • The antibodies segment is anticipated to grow at a substantial CAGR during the forecast period, due to rising demand for personalized medicine and structure-based drug design.
  • The biopharmaceutical production is anticipated to account for a significant share of the market during the forecast period, owing to the increasing strategic collaborations among biopharmaceuticals companies and rising prevalence of chronic diseases such as cancer.
  • The CROs segment is anticipated to account for a significant share of the market during the forecast period due to rising cost of drug development and clinical trials.
  • China accounts for a significant share of the market, followed by India, due to increasing adoption of life science products in these countries.
  • On the basis of end-user, the contract research organizations (CROS) segment held 24% value share of the market in 2019. The segment is projected to account for the largest share of the market during the forecast period. In terms of revenue, the contract research organizations (CROS) and biopharmaceutical companies segments were valued at US$ 407 Mn and US$ 391.7 Mn, respectively, in 2019. Furthermore, the biopharmaceutical companies segment is anticipated to expand at a lucrative CAGR of 7.0% between 2020 and 2027. The Y-o-Y growth of the forensic science laboratories segment was impeded by -2.02% due to the impact of COVID-19 pandemic between 2019 and 2020.

Report Scope

Report Metric

Details

Market Value in 2019

USD 1,702.8 Million

Market Growth Rate (from 2020 to 2027)

6.4%

Historical Data

2017 & 2018

Base Year

2019

Forecast Period

2020 – 2027

Market Segments

Product Types, Applications, End-Users, and Countries.

Country Scope

China, Japan, South Korea, India, Australia, South East Asia (SEA), and Rest of Asia Pacific.

Key Companies Profiled

Abcam Plc, Bio-Rad Laboratories Inc., BPS Bioscience, Inc., Crown Bioscience Inc., Genscript Biotech Corporation, Merck KGaA, PerkinElmer Inc., and Thermo Fisher Scientific Inc.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Demand Side: Biopharmaceutical industries, Diagnostic Centers, Food & Beverage Companies, Contract Research Organizations, Academic & Research Institutes, Forensic Science Laboratories, and others.
  • Regulatory Side:, Taiwan Food and Drug Administration (TFDA), Health Sciences Authority (HAS), Drug Controller General of India (DCGI), and other regulatory bodies.
  • Associations and Industry Bodies: Central Drug Standards Control Organization (CDSCO), and others.