Biotechnology Reagents & Kits Market to Reach USD 1155.44 Bn by 2032

Various factors such as increased research activities related to stem cell, growing number of biotechnology companies, and rising investments by the biotechnology firms are the significantly driving the growth of the global biotechnology reagents & kits market. The Government of Australia launched a mission in 2019 and announced to invest around US$ 150 million during the period of 9 years, to support the research activities related to stem cell in order to develop medicines for the incurable diseases. The stem cell research results in the extensive consumption of biotechnology reagents.

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North America dominated the global biotechnology reagents & kits market, garnering around 40% of the market share in 2020. The various developmental activities such as partnerships, acquisitions, and new product launches undertaken by the local key players, significantly influences the market growth in the region. Further, rising government and corporate investments in the development of various medicines and vaccines is boosting the growth of the biotechnology industry in North America, which led to the biotechnology reagents & kits market growth.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. The rapidly growing biotechnology industry in the Asia Pacific, rising demand for the innovative therapeutics, and growing penetration of numerous biotechnology companies in the region is propelling the growth of the biotechnology reagents & kits market in the region.

The growing demand for the synthetic biology, surging usage of molecular biology, increased investments in the R & D by the biotechnology companies are the primary drivers of the global biotechnology reagents & kits market. Further, the rapid spread of the COVID-19 virus across the globe has resulted in the excess demand for the biotechnology reagents & kits for the purpose of research, COVID-19 testing, and vaccine development, which significantly drives the growth of the market.

The high costs associated with the acquisition of reagents coupled with the stringent government regulations for the clinical trials and approvals of the biotechnology reagents is the significant restraining factor that may hinder the market growth in the forthcoming years.

Report Scope of the Biotechnology Reagents and Kits Market

Based on the technology, the cell culture dominated the market, closely followed by the PCR segment. The cell culture accounted for around 25% of the market share in 2020. The growing demand for the cell culture reagents among the researchers is the major factor behind the segment’s growth. The rising investments by the biotechnology companies is further fueling the segment growth. The PCR segment gained rapid traction in 2020 owing to its increased demand for the COVID-19 testing across the globe.

Based on the kits type, the detection segment dominated the market, accounting for around 23% of the market share in 2020. The surged use of detection kits in various end use applications such as healthcare, agriculture, and industrial processing has significantly fostered the market growth. Moreover, the demand for the detections kids has witnessed a rapid surge in 2020 due to the increased demand for the detection of COVID-19 virus among the global population.

Based on the micro-organisms, the bacteria is estimated to be the most opportunistic segment due to its increasing adoption in the cancer treatment. According to the International Agency for Research on Cancer, around 19.3 million new cancer cases and around 10 million cancer related deaths were reported in the year 2020, across the globe. The rising prevalence of cancer among the global population is expected to drive the growth of this segment, as bacteria can be potentially used as an anti-cancer agent.

Based on the tested parameters, the DNA is expected to be the fastest-growing segment owing to the growing applications of DNA in genetic screening, pharmacogenomics, and drug metabolism. Moreover, the rising demand for the DNA diagnostics is expected to drive the segment growth during the forecast period.

Based on the end use, the healthcare segment dominated the market, garnering a market share of around 52% in 2020. The increased demand for the biotechnology reagents in the various research organizations for clinical diagnostics and clinical trials is spurring the growth of this segment. Moreover, the personalized medicines are gaining momentum in the market, which is expected to further drive the market.

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