November 04, 2024 06:55 ET | Source: Research and Markets Research and Markets
Dublin, Nov. 04, 2024 (GLOBE NEWSWIRE) -- The "European Life Science Tools and Reagents Market" report has been added to ResearchAndMarkets.com's offering. basic tools of genetic engineering
The European market for life science tools and reagents and COVID-19 diagnostics products was valued at $14.7 billion in 2023. The market is expected to grow from $13.0 billion in 2024 to $15.4 billion by the end of 2029, at a compound annual growth rate (CAGR) of 3.4% from 2024 through 2029.
This report provides a comprehensive analysis of the European market for life science tools and reagents, including the leading companies, their revenues, product portfolios and recent activities. It looks at the competitive landscape, trends and market dynamics, such as drivers, restraints and opportunities. It also analyzes the current and future markets.
The reagents studied are antibodies, enzyme-linked immunosorbent assay (ELISA) kits, protein reagents and probes. The life science tools included are hybridization systems, PCR, Western blotting instruments and ELISA instruments. The countries whose markets are analyzed are Germany, France, the U.K., Italy, Spain, Switzerland and the Rest of Europe. Markets are also analyzed by application.
One of Europe's most significant strategic assets is the life science industry, which produces cutting-edge drugs and vaccines essential to the long-term health and security of European residents. Innovation in the field of life science has transformed the trajectory of a number of diseases. According to the EFPIA article on Competitiveness Strategy for European Life Science, HIV, which was once considered a deadly disease, has now been changed to a manageable disease, significant advances in cancer care have transformed survival rates, 95% of patients can now be cured of hepatitis C, and new tools have been developed to manage cardiovascular diseases and obesity.
During the 1980s Europe was considered the global leader in pharmaceutical discovery, development and manufacturing. However, that position has gradually been ceded to the U.S., which is currently dominating the global healthcare industry. Of the top 50 global pharmaceutical companies, only 10 are headquartered in Europe. As the highest revenue-generating companies will invest more in R&D, U.S. companies are expected to hold a competitive edge in the near future.
A recent report published in 2023, as an initiative of Biomed Alliance in Europe, EuropaBio, and Johnson & Johnson, highlights that by 2021, the public investments in healthcare research in the U.S. reached $43.6 billion (€40 billion), compared to $9.4 billion (€8.4 billion) annually in the Europe. The number of clinical trials conducted in European countries is also lower than in the U.S. In addition, as emerging markets such as China and Korea continue to expand, research activity is moving from Europe to these regions. Therefore, it is imperative for the European government to take certain measures to regain its position in the healthcare industry. Such measures include slowly increasing spending on research and ensuring research and development activities are not moving to other countries in the future.
The European market for life science tools and reagents is expected to grow from $12.5 billion in 2024 to $15.3 billion by the end of 2029, at a CAGR of 4.2% from 2024 through 2029. The European market for life science COVID-19 diagnostics products is expected to decline from $479.6 million in 2024 to $29.4 million by the end of 2029, at a negative CAGR of 42.8% from 2024 through 2029.
European Life Science Tools and Reagents Market Scope
Full List of Company Profiles Included in this Report:
Chapter 4 Emerging Technologies and Developments
European Market for Life Science Tools and Diagnostics, by Product Type
European Market for Life Science Tools and Diagnostics, by Application
European Market for Life Science Tools and Diagnostics, by Country
Chapter 7 Sustainability in Life Science Tools and Reagents in the European Market: An ESG Perspective
For more information about this report visit https://www.researchandmarkets.com/r/xl5cml
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