European Life Science Tools and Reagents Market expected to grow to $15.4 billion by 2029

From GlobeNewswire: 2024-11-26 12:34:00

The European Life Science Tools and Reagents Market for COVID-19 diagnostics products was $14.7 billion in 2023, expected to reach $15.4 billion by 2029 with a 3.4% CAGR. Market growth is driven by innovations in biotechnology and research activity in countries like Germany, France, and the U.K.

Europe’s life science market is facing declining revenues post-COVID-19. To regain competitiveness, strategic measures supporting innovation are crucial. Factors driving the market include investments in R&D, rising chronic diseases, demand for personalized medicine, genomic research, and technological advances.

Key drivers of the European life science market growth include investments in R&D, rising chronic diseases, demand for diagnostics pathways and in vitro diagnostics, genomic research, and personalized medicine. Technological advances in imaging, automation, and data analysis are also fueling growth.

The European market for life science tools and reagents was valued at $14.7 billion in 2023 and is projected to reach $15.4 billion by 2029 with a 3.4% CAGR. Genomics is expected to dominate the market, with Germany holding the largest share. Leading companies in the market include Thermo Fisher Scientific and Roche.

The European market for life science tools and reagents saw a decline in global clinical trials share in 2020 but increased from 2017 to 2022, especially in oncology. The market is facing competition from developing economies like China and Korea. Key growth drivers include rising chronic diseases and investments in R&D.



Read more at GlobeNewswire: European Life Science Tools and Reagents Market: Strategies