Life Science Construction Market Size, Share & Trends Analysis Report 2020-2027
Life Science Construction Market Growth & Trends
The life science construction market can be defined as the preparation of construction facilities for laboratories, hospitals, and pharmaceutical companies. The life science market is expected to grow exponentially over the upcoming years owing to the COVID-19 pandemic and extensive requirements of healthcare and life science facilities. The global pandemic is one of the major drivers for the growth of this market along with re-investments in the existing infrastructure of life sciences and building robust facilities to cope with any such future disasters are some of the reasons to support the market growth for life science construction market.
As there is a significant increase in research and development and cGMP (production facility for the manufacturing of pharmaceutical or cellular products) facilities are still high in demand, these are specialized facilities and cannot be supplemented with work from home efforts. The life science construction market is less likely to be impacted by the economic slowdown but on the other hand, it is anticipated to receive huge investments to develop extensive research capabilities by most of the countries worldwide. This will not only favor greenfield sites but would also promote the existing sites to multiply the operations.
It is widely understood that COVID-19 is not only a healthcare crisis but it had great implications for the pharmaceutical and life science industries. The global attempts of developing a vaccine to this pandemic have bought an unparalleled effort together to have better testing facilities and critical research and development centers, countries like Sweden, the USA, and the UK have erected centers to examine and study the virus with significant capabilities. For example, Moderna Inc. a Massachusetts-based pharma company made it to headlines for the promising early trials for coronavirus vaccine and was recognized by the US government for its innovation in the manufacturing capability to achieve the landmark.
Current trends of this market:
The COVID-19 pandemic has urged all the major life science facilities to have clinical trials as early as possible. This has encouraged the demand for cell and gene therapy cGMP facilities. The investment in these facilities is huge and governments across the globe have started putting immense efforts into development so that early trials can be conducted.
The great demand in this market has encouraged the authorities to have built up flexible setups that can be used extensively for the pandemic and also repositioning of existing facilities to maximize the outcome of research followed by trials.
One of the major focuses of governments across the globe is to increase the capacity of existing facilities, which is the major driver for the growth of the life science construction market.
The construction of any facilities like lab or pharmaceutical company is similar to any other construction site. Every site has to obey the local rule set by the governing authority, such authority could be, centers for disease control and protection (CDCP). All the sites are to be away from the residential area but should be in the vicinity of the governing area. The sites should be well versed with the latest technology machines and focus entirely on research and development projects. The staff working in such facilities should be well trained with all know-hows of COVID-19 and similar potential viruses. Boston in the United States, which was severely hit by the crisis is also a hub for research and development facilities and experienced an upward trend in the construction of new facilities. Along with Boston, other parts of the United States faced a major trend in funding and developing these manufacturing capabilities. For example: in the early days of the pandemic, the US healthcare authorities and the government faced a critical shortage of swabs used to test the patients. They heavily relied on importing from a swabs’ manufacturer in Italy. But due to the complete shutdown of Italian markets and exports, a US-based manufacturer, Puritan Medical Supplies located in Maine stepped in to fill the void. With around $75 million of funding, Puritan doubled its manufacturing capacity and the swabs were supplied to the US authorities in less time, effort, and cost than the Italian supplier.
The growth in the life science construction market is entirely dependent on the investment made to grow or multiply the facilities used for research and development. The investments are anticipated to be more by the developed countries and the developing countries. For example, the United States has invested millions of dollars to improvise healthcare facilities which include, life science up-gradation and encourage pharmaceuticals manufacturing. Closely following the US are the UK and APAC markets. A large number of flexible setups are developed and maintained by countries like India, China, Taiwan, and Singapore. These setups use any public vicinity like a stadium, community hall, etc and extensive investments are made to have the latest facilities available for research and development capabilities. By the allotment of INR 20 million relief package by the Indian government, around 20% of which were being utilized by research and development capabilities. An Indian firm named, Serum Institute of India in collaboration with Oxford University is working extensively on clinical trials which are expected to bring positive outcomes very soon.
By extending the manufacturing capacities, the phase 3 trials of Sputnik V are currently underway in Russia, and Dr. Reddy’s Laboratories has also applied to conduct the phase 3 human trials of the vaccine created by the Sputnik V. Europe is not far behind in providing facilities for life science construction and the market is expected to grow rapidly in the upcoming years. Moreover, developed and developing economies across the globe are looking at this market with a holistic point of view and are investing not for a short-term crisis but to enhance and upgrade the healthcare, life science, and pharmaceutical capabilities of the country so that any future pandemics can be stopped at a very early stage without the stake of human lives.
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