Proteinase K Market Share & Size Worth US$ 33.4 Million by 2026- Future Market Insights
Proteinase K is a million dollar market accounting for a small portion in reagents and enzymes. Proteinase K is mainly used in contract research organisations, biotechnology companies, academic institutes, and diagnostics laboratories. In terms of revenue, the global Proteinase K market is expected to reach US$ 33.4 Mn by the end of 2026, witnessing a CAGR of 6.1%.
A plethora of factors are expected to impact the growth of the global Proteinase K market. A significant rise in research and development activities, lesser production costs, broader application of Proteinase K and good product stability and specificity of Proteinase K will give a massive push to the revenue growth of the global Proteinase K market by the end of the forecast period. A steady rise of chronic diseases and better government backed investment channels to fund advanced research and development are expected to boost the expansion of the global Proteinase K market over the period of assessment. An increasing number of research activities, soaring expenditure on personal healthcare and increasing adoption of gene therapy has been significantly high in the U.S. market in the recent years, making North America the most lucrative regional market for Proteinase K.
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Global Proteinase K Market: Segmental Forecast
- By form, the lyophilized powder form segment is anticipated to account for higher revenue share in the global Proteinase K as compared to the liquid form segment. Lyophilized powder from segment is expected to reach a market value of US$ 19.2 Mn by 2026, reflecting a CAGR of 6.3% over the forecast period. The growth in lyophilized powder form can be attributed to the increasing advantages of powder form over liquid form in case of storage and preservation of samples.
- By application, purification of DNA & RNA segment will account for the highest revenue share in the global Proteinase K market as compared to other applications of Proteinase K. Purification of DNA & RNA segment is expected to reach a value of US$ 19.2 Mn by 2026, reflecting a CAGR of 6.5% over the forecast period.
- By end user, the biotechnology companies segment is expected to project higher demand for Proteinase K as compared to other end user segments such as academic institutes and diagnostics laboratories. The strong growth in biotechnology companies can be attributed to an increasing use of Proteinase K in research and development and new drug discovery. The cost effectiveness of Proteinase K over other reagents is the key factor responsible for its increasing use in biotechnology companies. The biotechnology companies segment is expected to register the highest CAGR of 6.7% over the forecast period.
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Global Proteinase K Market: Regional Market Projections
Demand for research in academics and funding facilities provided by the U.S government to support gene therapy and other activities for drug development is anticipated to boost the North America Proteinase K market. Followed by North America, Western Europe and APEJ are the most lucrative regions in the global Proteinase K market and are anticipated to grow by 5.7% and 6.1% respectively over the forecast period. Increasing demand for drug development, rising hereditary diseases due to changing lifestyles and growing disposable income are some of the factors expected to contribute to the growth of the global Proteinase K market.
Global Proteinase K Market: Vendor Insights
Top companies profiled in the global Proteinase K market report include Thermo Fisher Scientific Inc., Merck KGaA, Qiagen N.V., Worthington Biochemical Corporation, Sisco Research Laboratories Pvt. Ltd, Promega Corporation, Bioline and F. Hoffmann-La Roche AG among others. Leading market players are adopting different strategies such as product launches and acquisitions to maintain their market share. For instance, in November 2015, Merck KGaA acquired Sigma-Aldrich to strengthen and expand its consumable and reagent portfolio.
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