Biotech Reagents and Kits Market to Reach USD 987.4 Billion by 2030

The global market for biotechnology reagents and kits is expected to reach USD 987.4 billion by 2030 and grow at a compound annual growth rate (CAGR) of 11.4% between 2021 and 2030.

Ottawa, Nov. 25, 2021 (GLOBE NEWSWIRE) — According to Precedence Research, the global market for biotech reagents and kits was valued at $338 billion in 2021. Several factors such as increased stem cell research activities, growing number of biotechnology companies and rising investment by the biotechnology companies are driving the growth of the global biotech reagents and kits market. The government of Australia launched a mission in 2019, announcing that it will invest approximately $150 million over a 9-year period to support stem cell research activities to develop drugs for incurable diseases. Stem cell research results in an extensive consumption of biotechnological reagents.

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North America dominated the global biotechnology reagents and kits market, taking about 40% of the market share in 2020. The various development activities, such as partnerships, acquisitions and new product launches by the local key players, have a significant impact on the market growth in the region. Furthermore, rising government and corporate investment in the development of various drugs and vaccines is fueling the growth of the biotech industry in North America, leading to the growth of the biotech reagents and kits market.

Size of the Biotech Reagents & Kits Market:

Reporting coverage

Details

Market size in 2021

USD 338 billion

Growth rate From 2021 to 2030

CAGR of 11.4%

Fastest growing market

Asia-Pacific

Largest market

North America

Base year

2021

Regional reach

Named companies

Abbott Laboratories, GE Healthcare, Waters Corporation, Agilent Technologies, Danaher Corp., Siemens Healthcare, Becton Dickinson & Company, Bio-Rad Laboratories, Merck KGaA, Thermo Fisher Scientific Inc.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. The fast-growing biotechnology industry in Asia-Pacific, the rising demand for innovative therapies and the growing penetration of numerous biotechnology companies in the region are driving the growth of the biotech reagents and kits market in the region.

The growing demand for synthetic biology, the increasing use of molecular biology, increased investment in R&D by the biotechnology companies are the main drivers of the global market for biotech reagents and kits. Furthermore, the rapid spread of the COVID-19 virus around the world has created an excessive demand for the biotech reagents and kits for research, COVID-19 testing and vaccine development, which greatly boosts the growth of the market.

The high cost associated with the procurement of reagents coupled with strict government regulations for the clinical trials and approvals of the biotech reagents is the major limiting factor that may hinder market growth in the coming years.

Based on the technology, cell culture dominated the market, closely followed by the PCR segment. Cell culture accounted for approximately 25% of the market share in 2020. The growing demand for the cell culture reagents among the researchers is the main factor behind the growth of the segment. The increasing investments of the biotechnology companies are driving the growth of the segment further. The PCR segment quickly gained popularity in 2020 due to the increased demand for the COVID-19 tests around the world.

Based on the kit type:, the detection segment dominated the market, accounting for about 23% of the market share in 2020. The strong use of detection kits in various end-use applications such as healthcare, agriculture and industrial processing has greatly promoted the market growth. In addition, the demand for the detection of children has increased rapidly in 2020 due to the increased demand for the detection of the COVID-19 virus among the global population.

Based on the micro-organisms, the bacterium is considered the most opportunistic segment due to its increasing acceptance in cancer treatment. According to the International Agency for Research on Cancer, approximately 19.3 million new cancers and approximately 10 million cancer-related deaths were reported worldwide in the year 2020. The rising prevalence of cancer among the world’s population is expected to drive the growth of this segment, as bacteria can potentially be used as an anti-cancer agent.

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

Based on end use, the health segment dominated the market, with a market share of approximately 52% in 2020. The increased demand for the biotech reagents in the various research organizations for clinical diagnostics and clinical trials is driving the growth of this segment. Moreover, the personalized medicines are gaining traction in the market, which is expected to further stimulate the market.

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Market share

by technology

  • PCR

  • Cell culture

  • LAMP

  • chromatography

  • Order in

  • flow cytometry

  • electrophoresis

  • others

By kit type

  • Reinforcement Kits

  • Insulation kits

  • Purification Kits

  • Detection Kits

  • others

By microorganisms

  • Virus

  • bacteria

  • fungi

  • parasites

By tested parameters

  • RNA

  • DNA

  • Enzymes

  • Protein

  • others

By end user

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