Biotechnology Reagents & Kits Market Expected to Gain 11.4% CAGR by 2030

The global biotechnology reagents & kits market size is set to grow exponentially. It was valued at USD 338billion back in 2021 and is predicted to hit around USD 890 billion by 2030, according to Precedence Research.

Growth Factors

The rising research and development activities pertaining to stem cell, burgeoning growth of the biotechnology companies across the globe, and surging investments by them are some of the major factors that are driving the growth of the global biotechnology reagents & kits market. The rising government initiatives and support in the activities related to the research study of stem cell is supporting the market growth. For instance, the government in Australia invested about US$150 million under a mission in 2019, during a time period of 9 years that aimed at supporting the activities related to stem cell study.

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The rising demand for the various new and innovative drugs to develop the cure for previously non-curable diseases is supplementing the growth of the biotechnology reagents & kits market. The biotechnology reagents & kits market is indirectly supported by the rapid growing prevalence of various chronic diseases and gene disorders among the global population.

Future of Biotechnology Reagents &Kits Market

The rapid growth of the biotechnology industry across the globe, surging number of research institutes and biotechnology companies, and the rising focus towards the research on the stem cell are expected to remain the prominent drivers that will shape the future of the global biotechnology reagents & kits market.

Report Highlights:

• Based on the technology, the cell culture was the leading segment in the biotechnology reagents & kits market in 2020. This growth is attributed to the high demand for the cell culture reagents among the researchers. Therefore, the increased investments by the biotechnology companies towards the study of the stem cell has significantly fueled the demand for the cell culture reagents that resulted in the dominance of this segment in the global biotechnology reagents & kits market.

• On the basis of kits type, the detection kits was the dominating segment with around 23% of the market share in 2020. The high consumption of the detection kits across the numerous end use verticals such as industrial processing, healthcare, agriculture, and food has propelled the growth of this segment.

• Based on the micro-organisms, the bacteria is expected to exhibit the fastest growth rate during the forecast period. This is owing to the ongoing research and the high potential of the bacteria to be used as an anti-cancer agent. The rapidly surging prevalence of various types of cancer among the population is expected to drive the growth of the segment in the forthcoming years.

• On the basis of tested parameters, the RNA segment garnered a market share of 30% and dominated the global biotechnology reagents & kits market in 2020. There are numerous research institutes and organizations that are involved in the development of RNA therapeutics, which has significantly spurred the demand for the biotechnology reagents & kits across the globe.

• Based on the end use, the healthcare segment was dominant in the market in 2020. The higher demand for the biotechnology reagents & kits in the healthcare sector or the biotechnology industry is solely responsible for the growth of the hospitals segment in the biotechnology reagents & kits market.

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• North America accounted for around 40% of the market share and dominated the global biotechnology reagents & kits market in 2020. The presence of numerous top biotechnology companies in the region, favorable government support, and increasing investments in the research and development are some of the prominent factors that has led to the dominance of the North America in the global biotechnology reagents & kits market. Moreover, the burgeoning demand for the advanced drugs owing to the higher prevalence of chronic diseases is encouraging the companies to invest actively in the research and development of new therapeutics, which significantly drive the demand for the biotechnology reagents & kits.

• Asia Pacific is anticipated to show a strong growth rate during the forecast period. The growing government investments in the development of the biotechnology and pharmaceutical industry are augmenting the market growth. Furthermore, the presence of efficient research professionals and availability of other factors of production at cheaper rates is attracting the investments from the top biotechnology companies in this region.

COVID-19 Impact Analysis:

• The outbreak of the COVID-19 pandemic in 2020 resulted in a sudden spike in the demand for the PCR. PCR technology is an essential technology used for the detection and analysis of gene sequence. Therefore, the COVID-19 pandemic had a positive impact on the market growth.

Key Developments in the Marketplace:

• In December 2020, Stilla Technologies launched its naica multiplex PCR MIX and naica PCR MIX. These are ready to use solutions which offered improved performance digital PCR.

Some of the key players in the global biotechnology reagents & kits market include:

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

Market Segmentation

By Technology

• PCR
• Cell Culture
• LAMP
• Chromatography
• Sequencing
• Flow Cytometry
• Electrophoresis
• Others

By Kits Type

• Amplifications Kits
• Isolation Kits
• Purification Kits
• Detection Kits
• Others

By Micro-Organisms

• Virus
• Bacteria
• Fungi
• Parasites

By Tested Parameters

• RNA
• DNA
• Enzymes
• Proteins
• Others

By End User

• Healthcare
• Food & Agriculture
• Industrial Processing
• Natural Resource & Environment
• Others

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

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