Growing demand for synthetic biology is driving the sales of Biotechnology Reagents & Kits Market 2023 | insightSLICE
The revenue of the global market for Biotechnology Reagents & Kits was estimated to be US$ 345 billion in 2021 and to increase at a CAGR of 15% until 2032.
The Biotechnology Reagents & Kits Market Report offers market projections along with key statistics and sales outlooks. This analysis of biotechnology reagents projects market size for the ten years starting from 2023 to 2032.
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The study analyses the major industry trends and divides the biotechnology reagents market into different geographic regions and nations.
The main market drivers, constraints, and opportunities for the market and its submarkets are also covered. The report’s strategy section will include profiles of around 26 companies and provides a competitive landscape with optimum steps to enhance your position or investment in this market.
The key players of the Global Biotechnology Reagents & Kits Market are:
Given the presence of numerous local businesses, the market is slightly fragmented. Several market participants are pursuing methods like investments, collaborations, purchases, and integrations in an effort to increase their market share. Additionally, businesses are investing in the creation of enhanced commodities.
Companies are also concentrating on keeping the prices of their product low. Becton Dickinson & Company, Agilent Technologies, Danaher Corp., Abbott Laboratories, Bio-Rad Laboratories, Waters Corporation, Siemens Healthcare, GE Healthcare, Thermo Fisher Scientific Inc., Merck KGaA, and others are significant market participants in the global Biotechnology reagents & kits market.
The numerous industry growth tactics, including new product introductions, purchases, collaborations, and acquisitions, promote market expansion and present profitable expansion prospects to market participants.
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Driving factors for the growth of Global Biotechnology Reagents & Kits Market
The rapid improvements in the biotechnology area, rising biotechnology company expenditures in R&D, rising demand for technological advancements in the field, and expanding biomolecular technologies are the main factors driving the global industry for biotech chemicals and assays.
The current surge in the use of biotechnology reagents and kits is a result of significant expenditures in cell, molecular and genetic research.
COVID-19 impact on Biotechnology Reagents & Kits market
The recent COVID-19 global pandemic has had a major and favorable effect on the market. Since the RT PCR technique is frequently employed to identify infectious RNAs in individuals, COVID-19 had led to an increase in its utilization. Additionally, nucleic acid extraction is a crucial step in the COVID testing process.
Global Biotechnology Reagents & Kits Market Key Segments:
- Cell Culture
- Flow Cytometry
By Kits Type
- Amplifications Kits
- Isolation Kits
- Purification Kits
- Detection Kits
By Tested Parameters
By End User
- Food & Agriculture
- Industrial Processing
- Natural Resource & Environment
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Rest of South America
The leading market segments of Global Biotechnology Reagents & Kits Market
Cell culture technology dominated the marketplace for biotechnology reagents in 2020, accounting for more than 24% of total revenue. This market is followed by Polymerase Chain Reaction (PCR) products and services sector.
The research community’s rising demand for cell and tissue culture reagents is fueling the expansion of biotechnology reagents and kits. The broad range of cell culture media and reagents that businesses own has contributed to the market’s expansion.
Among the most important methods for identifying and analyzing certain genetic sequences is PCR. Real-time PCR assays that are now on the market have great precision and sensitivity, making them the preferred approach for a variety of genomic research.
Since the PCR method is now thought to be the most reliable for detecting COVID-19, the use of PCR testing equipment and chemicals has significantly increased.
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Today, Next-Generation Sequencing (NGS) is regarded as a trustworthy and effective method for characterizing cell lines that are utilized to make recombinant proteins, vaccinations, and regenerative medicine treatments.
Thus, it is projected that the industry for sequencing reagents would experience a considerable increase throughout the forecast period as a consequence of developments in sequencing procedures.
Regional performance of Biotechnology Reagents & Kits Market
According to geography, North America held approximately 40% of the marketplace in 2020, and it is anticipated that it would continue to dominate during the projected period.
The market expansion in the region is greatly influenced by the existence of numerous major market players, their rising expenditures in biotechnology, and the growing number of developing techniques they employ.
The region’s market is expanding due to the US’s burgeoning biotechnology sector and rising activity mostly in the life sciences market.
During the projected period, the Asia Pacific region is anticipated to see a fantastic CAGR. The industry for biotechnology reagents and kits is expanding in the Asia Pacific area due to a number of factors, including a rise in government efforts to build healthcare systems and a growing preference for sophisticated treatments.
The lack of purifying kits for nucleic acid separation was caused by the lockdown conditions across supplying nations. To address the supply gap and fortify their international competitiveness, several biotechnology companies began to increase their manufacturing capacity, develop new products, and improve their sales channels.
Additionally, advancements in the fields of big data analytics, gene therapy, and genome editing have helped the market expansion during the past few years.
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