The growth of this market is mainly driven by growth in 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. On the other hand, the high cost of instruments and shortage of trained and qualified personnel are the major factors restraining the growth of this market.
The consumables segment accounted for the largest share of the oxidative stress assay market, by product, in 2020.
On the basis of product, the oxidative stress assay 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.