Molecular Biology Enzymes, Kits, and Reagents Market Report – Reach USD 41.10 Billion with 17.8% CAGR during (2022-2028)

The Insight Partners published latest research report on "Molecular Biology Enzymes, Kits, and Reagents Market Growth Report, Size, Share, Trends & Forecast to 2028 - COVID-19 Impact and Global Analysis By Product, Application, and End User”, the global market size is projected to reach USD 41,104.71 million by 2028 from USD 15,715.48 million in 2022. The market is estimated to grow with a CAGR of 17.8% from 2022 to 2028.

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Growth Strategies by the Key Players Operating in the Molecular Biology Enzymes, Kits, and Reagents Market:

April 2021 - Promega Corporation announced the opening of Kornberg Center, the biotech company’s newly constructed research and development facility on its Fitchburg, WI campus. The facility will support core product and technology development in life science research, cellular and molecular biology, genetic identity, clinical diagnostic and scientific applications and training.

Mar-2021 - The partnership of Illumina Inc. and R-Pharm announced registration of secure IVD sequencing platforms in Russia. The new launch of product is expected to boost expansion of sequencing-based clinical diagnostics in Russia.

April 2021 - Agilent Technologies announced investment of US$ 24 million in Molecular Assemblies, Inc. to extend commercialization of Enzymatic DNA Synthesis in international market.

Nov- 2020 - Thermo Fisher Scientific, and the Biopharmaceutical Analysis Training Laboratory (BATL) at Northeastern University, entered into a collaborative agreement to advance analytical capabilities and drive innovation across the biopharmaceutical industry in areas including monoclonal antibodies, personalized medicine, and gene and cell therapies.

Biological enzymes play a prominent role in encouraging chemical reactions in biological systems. Molecular biology enzymes are recommended for the preparation of laboratory samples. These reagents are also utilized during PCR, DNA sequencing, and cell analysis amongst others. Rising investments in life science industry is prominently driving the market growth.

The molecular biology enzymes, kits, and reagents market is witnessing substantial growth amid COVID-19 pandemic. The majority of the healthcare research organizations, market players, and academic centers are actively engaged in the research and development activities to develop new vaccines and therapeutic platforms for novel coronavirus that causes COVID-19. This extensive rise in research and development activities is expected to boost the demand for molecular biology kits and reagents, which, in turn, would drive the growth of the molecular biology enzymes, kits, and reagents market in coming years.

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Global Molecular Biology Enzymes, Kits, and Reagents Market Share Report, Segmentations, Regional & Country Scope:

Browse key market insights spread across 255 pages with 164 list of tables & 91 list of figures from the report, "Molecular Biology Enzymes, Kits, and Reagents Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Enzymes and Kits & Reagents), Application (Epigenetics, Sequencing, Synthetic Biology, Polymerase Chain Reaction, Cloning, and Other), and End User (Biotechnological & Pharmaceutical Companies, Hospitals & Diagnostic Centers, and Academic & Research Institutes)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/molecular-biology-enzymes-kits-reagents-market

Based on application, the molecular biology enzymes, kits, and reagents market is segmented into epigenetics, sequencing, synthetic biology, polymerase chain reaction, and other.

The kits & reagent segment held a larger market share in 2020, and the same segment is estimated to register a higher CAGR during the forecast period. Increasing research and development activities coupled with growing number of product launches drive the market growth for this segment. Moreover, rising utilization of genome sequencing technologies are estimated to propel the demand for reagents & kits, which would ultimately boost the market growth for the reagents & kits segment by 2028.

In 2020, the sequencing segment held the largest share of the market. However, the polymerase chain reaction segment is estimated to register the highest CAGR of 19.3% during the forecast period.

The cost of genome sequencing, as well as next-generation sequencing, has dropped radically in the past 6–7 years. For instance, the whole human genome sequencing cost was ~US$ 3.7 billion in 2000, and the process took more than a decade for the completion. However, the costs of this process dropped down to US$ 10 million in 2006 and US$ 5,000 in 2012; it has further reduced to US$ 1,000 in recent years. Moreover, the process requires a lesser number of days for completion. In 2003, the International Human Genome Sequencing Consortium started the genome analysis by sequencing a complete human genome. The sequencing cost was ~US$ 2.6 billion (EUR 2.3 billion). By 2008, costs dropped to lower than US$ 1.4 million (EUR 1 billion) per genome. However, now, it costs US$ 400–500 to sequence an exome and US$ 1,000–1,200 to sequence a genome. The decline in the cost can be checked by the cost to sequence a genome diverging drastically around 2008, falling from approximately US$ 10 million to nearly US$ 1,000 at the present date. Lowering costs and accelerating the overall process would enable service providers to secure larger profit margins, along with helping them expand their clientele. The latest machines offered by Illumina are a lower priced and are available in two models—NovaSeq 5000 priced at US$ 850,000 and NovaSeq 6000 priced at US$ 985,000. DNA sequencing company, Illumina introduced its first machine for the human genome sequencing for US$ 300,000 in 2006, and in 2014, it unveiled the machine at a cost reduced to US$ 1,000. Thus, the lowered cost of genome sequencing is propelling the number of molecular biology procedures carried out for different purpose, thereby driving the use of enzymes, kits, and reagents.

The World Health Organization, American Cancer Society, American Society for Biochemistry and Molecular Biology, Food and Drug Administration, National Health Service, and Centers for Disease Control and Prevention are among the major primary and secondary sources referred to while preparing the report on the molecular biology enzymes, kits, and reagents market.

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