Oxidative Stress Assay Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

The Oxidative Stress Assay Market is projected to register a CAGR of 9% during the forecast period.

Amidst COVID-19, the oxidative stress market is expected to grow due to the increasing investment in Research and development activities across the globe. According to Organisation for Economic Co-operation and Development (OECD), Research and development investment continues to grow in 2020, despite the economic impacts of COVID-19. The report stated that the Pharmaceutical and biotechnology industries' investment in research and development increased by around 19% during the pandemic period. However, there are few hindrances in the supply chain due to the sudden imposition of the lockdown across the globe. Although, the major market players picked up the pace and gained a high market share during the post-pandemic period.

The Rapid growth in the biopharmaceutical and biotechnology industries and the increase in chronic disorders are among the major factors expected to drive the growth of the Oxidative stress assay market. The report published by the Center for Disease Control and Prevention (CDC) in 2020 mentioned that six in ten adults in the United States have a chronic disease, and four in ten adults have two or more. Such a high prevalence of chronic disease increased the demand for oxidative stress assays owing to their efficacy and precision of the results. Also, according to the Global use of medicine in 2019 and Outlook 2023 survey, the global pharmaceutical market will exceed 1.5 trillion USD by 2023, growing at a 3-6% compound annual growth rate over the next five years. Similarly, the data published by the Evaluate journal states that the annual investments made by the biopharmaceutical industry in 2020 were 19.9 billion USD. Such a rapid increase in the biopharmaceutical industry plays a crucial role in the growth of the Oxidative stress assays market. Oxidative stress assays are widely used in cell cultures used in biopharmaceutical production. Thus, the biopharmaceutical and biotechnology companies are the largest end-users of oxidative stress assays. Therefore, the rapid growth of the biopharmaceutical and biotechnology industries is expected to propel the market's growth. However, the lack of trained personnel to handle the equipment may hamper the market's growth.

Key Market Trends

The Pharmaceutical and Biotechnology Industries Segment is Expected to Hold a Major market Share in the Oxidative Stress Assay Market.

The sudden outbreak of COVID-19 has increased the demand for the oxidative stress assay market as the equipment plays a major role in the research and development of the pharmaceutical and biotechnology industries. Also, the increase in the research and development investments in the pharmaceutical and biotechnology industries is expected to boost the market's growth as oxidative stress assays are widely used in the product development process. For instance, the data published by the Organisation for Economic Development and Co-operation(OECD) in 2021 published that research and development investment intensity in the pharmaceutical and biotechnology sector in the United States surpassed the 3% milestone, while in China, 2.1% to 2.2% from the past years. The report also states that Europe experienced a more modest increase to 2.1 % in research and development expenditure. Considering these factors, the pharmaceutical and biotechnology industry segment is expected to hold the major market share as they employ a significant amount of oxidative stress assay products for the development of their production process.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

The rapid growth of the biopharma and biotechnology industries in this region is expected to drive the growth of the oxidative stress assay market in this region. The increase in the adoption of technologically advanced equipment and the presence of more experienced professionals is expected to propel the market growth in this region. Also, the increasing launches of new products by the biopharma companies is a contributing factor to the growth of the market as the oxidative stress assays play a crucial role in biopharmaceutical production. According to the IQVIA institute of Global trends, in the United States, emerging biopharma companies originated and launched 40% of all new drugs in 2020, a significant increase compared with five to 10 years ago. Therefore, such a rapid increase in the production of new drugs and increasing their product pipeline may result in increased demand for oxidative stress assays, which further drives the market growth in this region. Also, an increase in the investment in research and development in the biotechnology industry in the United States is a major contributing factor to the growth of the oxidative stress assay market in this region. According to the National center for science and engineering statistics, the United States spent 23.5 billion USD on research and development in FY 2020. Also, the Center for Disease Control and Prevention, in 2020, published that annual health care costs nearly USD 3.8 trillion in the United States. Considering all these factors, North America is expected to hold a major share in the Oxidative stress market.

Competitive Landscape

The Oxidative Stress Assay Market is fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some companies currently dominating the market are Abcam plc, AMSBIO, Biovision Inc, Cell Biolabs, Inc, Enzo life sciences, Inc, and Merck KGaA, Immunochemistry Technologies, Promega Corporation, Qiagen, Thermo Fisher Scientific, and others.

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• The market estimate (ME) sheet in Excel format
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