The global oxidative stress assay market growth forecasted to transform from USD 836 million in 2020 to USD 1,326 million by 2025, driven by a CAGR of 9.7%. Growth in the oxidative stress assay market is attributed to factors such as the biopharmaceutical industry and increasing public-sector funding for academic research. Other important factors aiding the growth of this market include technological advancements like HCS for drug discovery, increasing R&D expenditure in biotechnology and pharmaceutical industries, and government support for pharmaceutical and biotechnology industries.
Driver: Rapid growth in biopharmaceutical and biotechnology industry
The global biopharmaceuticals market was valued at ~USD 275 billion in 2018 and is estimated to grow at 12–13% annually (Source: 16th Annual Report and Survey of Biopharmaceutical Manufacturing, April 2019). Similarly, the global pharmaceutical market is expected to grow over USD 1.5 trillion by 2023 from the USD 1.2 trillion of 2018, at an annual growth rate of 3–6% (Source: The Global Use of Medicine in 2019 and Outlook to 2023).
A similar growth trend is observed in the biotechnology industry. For example, companies in biotech centers such in the US registered over USD 112 billion in revenue and had a total market capitalization of ~USD 700 billion in 2018. Currently, more than 130,000 people are employed by public biotechnology companies in the US (Source: biotecnika.org, January 2020). According to OECD estimates, in 2018, the total number of biotechnology companies that were active in the US was 2,470. In France, another major biotech market, this number was 2,083.
Oxidative stress assays are widely used in cell cultures used for biopharmaceutical production. Owing to this, biopharmaceutical and biotechnology companies are the largest end users of oxidative stress assays. Rapid growth in these industries is thus expected to drive the growth of the oxidative stress assays market..
Restraint: High cost of instruments
High-content screening and label-free detection technologies for oxidative stress assays offer many advantages over conventional technologies. These instruments are equipped with advanced features and functionalities and thus are priced at a premium. For instance, a confocal microscope used in HCS can cost up to USD 250,000. Thus, owing to their high cost, companies with smaller R&D budgets cannot afford these expensive instruments. On the other hand, pharmaceutical companies require many such systems, and hence their capital cost increases significantly. Furthermore, academic research laboratories find it difficult to invest in such systems as they have controlled budgets. Hence, the high costs associated with technological advancements may hinder the growth of the overall market.
Opportunity: Emerging Economies present significant growth opportunities
Emerging markets such as Brazil, Russia, India, China, and South Africa (BRICS) are expected to present significant opportunities for the growth of the oxidative stress assays market. This can mainly be attributed to increased R&D funding for various research organizations in these countries.
In China, R&D investments by public and private science and technology organizations increased by 12.5% between 2018 and 2019 to USD 322 billion (Source: National Bureau of Statistics); spending on basic research accounted for 6% of the total investments, while applied research and development accounted for 11.3% and 82.7%, respectively.
Emerging economies in Asia are experiencing rapid growth in healthcare expenditure. According to estimates from the World Bank, global healthcare spending increased from 1.995% of the GDP in 2013 to 2.274% of the GDP by 2018. Asian markets, especially China and India, have a large number of CROs that offer drug discovery services to serve the pharmaceutical and biotechnology industries. The global CRO market reached USD 39 billion in 2018 and is expected to exceed USD 44 billion by 2021, as patent expiration, proliferation of generic medications, and technological innovations like mHealth and big data influence product development. This will result in greater outsourcing of work to CROs (Source: Top 10 Contract Research Organisations to Watch in 2019). Growth in the CRO industry is expected to offer potential growth opportunities for oxidative stress assay manufacturers.
By product, the consumables segment of Oxidative Stress Assay Market, is expected to grow at the highest CAGR during the forecast period.
On the basis of product, the market is segmented into consumables, instruments, and services. Consumables is the largest and fastest-growing segment, in 2020. This segment is also projected to register the highest CAGR from 2020 to 2025. The recurring requirement of consumables as compared to instruments is the key factor driving the growth of this segment.
By diseases type, cardiovascular diseases accounted for the largest share of the Oxidative Stress Assay Market in 2020
Based on disease type, the market is segmented into cardiovascular diseases, diabetes, cancer, respiratory diseases, and other diseases. The cardiovascular diseases segment accounted for the largest share of this market in 2020, primarily due to the high and growing prevalence of cardiovascular diseases across the globe.
North America accounted for the largest share of the oxidative stress assay market in 2020, while the Asia Pacific market is expected to register the highest growth during the forecast period
The market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and Rest of the World. North America accounted for the largest share of the global oxidative stress assay market in 2020. However, the Asia Pacific market is expected to register the highest CAGR during the forecast period.
Source–https://www.marketsandmarkets.com/Market-Reports/oxidative-stress-assay-market-223508598.html