With the presence of a large pool of participants, the global biotechnology reagents market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Water Corporation, Sigma-Aldrich, Thermo Fisher Scientific, Abbott Laboratories, and Agilent Technologies Inc. are some of the key vendors of biotechnology reagents across the world. These players across biotechnology reagents market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the market study.
As estimated in this report, the global biotechnology reagents market stood at US$ 56.4 billion in 2015. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in the biotechnology reagents market is expected to reach US$ 94.6 billion by the end of the forecast period.
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Growing Preference In Pure Research & Education To Prompt Market Surge
“Biotechnology reagents are finding myriad applications in the fields of basic research, biomedical, and therapeutics. In addition, extensive R&D investments by biotech firms will further drive biotechnology reagents market demand,” says the author of this study. Apart from this, emerging techniques such as proteomics, combinatorial chemistry, high-throughput screening, and DNA chips witnessed across the biotechnology sector is expected to promote the expansion of biotechnology reagents market in the near future. Consistent product innovation witnessed in the food & beverages, agro-biotech, and pharmaceuticals sectors is anticipated to further boost biotechnology reagents market expansion in the years ahead.
The elevating costs of biopharmaceutical products along with considerable expenditure on R&D activities, however, are forecast to impede the biotechnology reagents market growth over the forthcoming years. Nevertheless, a large number of environmental applications as well as unexplored business growth opportunities will result in lucrative demand for biotechnology reagents over a couple of years, normalizing the impact of obstructions on the biotechnology reagents market, reports the study.
Favorable Government Initiatives To Help North America Maintain Dominance
Regionally, North America has been leading the worldwide biotechnology reagents market and is anticipated to retain its dominant position in the years to come, states the market study. Favorable government policies, new product development, emerging healthcare sector, and huge investments in R&D activities are the main factor behind the dominance of the North America biotechnology reagents market. The large number of market players being headquartered in North America is another significant factor that is supporting the regional growth. In addition, the U.S. is rapidly emerging as a vital business destination for the products, owing to augmented application of reagents in the field of molecular biology and human genome research. This will further boost the biotechnology reagents market growth in North America.
The global biotechnology reagents market is segmented as follows:
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